The containers segment looks very healthy.
…the world continues its march towards progress and prosperity unabated.
Although a healthy worlwide market for finished good does not necessarily equate to prosperous nations, it does reflect that international commerce is alive and well. The steady upward rise in the ConTex index (Container Ship Time Charter Assessment Index) tells this story. The index is updated twice a week by a group of international operating brokers and is published by the Hamburg Shipbroker’s Association. It has been in a transition from the Old ConTex to the New Contex which -after a year long test- now includes 3 more vessel types for a total of six.
Looking at the rates published in the old index it is pretty easy to spot a giant turnaround starting at the beginning of this year. While for the years 2008 and 2009 the table that comprises its data shows almost entirely “red arrows” as the financial crises unfolded across the planet. The index is a good representation of different segments of the container chartering market and relies on the assessment of shipping rates (the comparative parameter is the US dollar rate per 14t/slot) for vessels that range from 1100 TEU to 4250 TEU.
ConTex way up for 2010. US indexes next?
The health of the container’s market, unlike the tankers and bulkcarriers segments, has a direct correlation to the health of consumers worldwide. About 50% of the world’s container ships are operated by german-based companies and the vast majority of the freight brokers have offices in Hamburg. Its brokers control 75% of the container ship charter market, therefore the data obtained to prepare the information that goes into the New ConTex is highly reliable. The panel in charge of digging for the information is comprised of 16 brokers from well known houses not just from Hamburg, but Copenhagen, London and Paris.
So there you have it, a ray of hope among all the gloom.
