News / Steam goes out of the charter market as carriers look to off-hire ships

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There are now clear signs that the weak demand for ocean freight is beginning to impact the hitherto insulated containership charter market.

While daily hire rates for larger charter ships remain stable, mainly because of the lack of tonnage coming off hire, brokers are reporting that there is a build-up of open tonnage in the feeder sizes, resulting in a downward pressure on charter rates for smaller vessels.

Ocean carriers were locked into long-term charters by shipowners during the peak of demand ...