News / We are 'well insulated' from this charter market crash', says Danaos CEO

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Short-term containership charter rates have plunged by up to 40% since the beginning of the year, as ocean carriers rush to off-hire surplus tonnage.

Shipowners are again coming under pressure to adjust charter party daily hire rates for long-term fixtures, in a repeat of the abnormal discounts seen before the 2016 Hanjin bankruptcy.

“Liner companies have addressed the drop in volumes brought on by the pandemic by cancelling sailings and idling capacity. As a result, short-term charter rates have dropped by between ...