News / Box lines being forced into costlier, longer-duration vessel charters

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Containership owners are playing hard ball with liner operators desperate to plug holes in their networks as a result of the Red Sea crisis, demanding increased daily hire rates and insisting on longer charter periods.

However, ocean carriers risk committing to charter parties well beyond the duration of the current network disruptions, as that will exacerbate the oversupply challenges they already face as a consequence of their excessive ordering of new ships.

In the wake of the Suez Canal omissions and diversions ...