Market Report

Former Reports:

Container update 17th November, 2003

Despite the late autumnal weakening in volumes and a quiet last fortnight, there has been no headlong plunge in rates, but a more gradual decline reflecting the pre-Christmas period. This has been more pronounced within the medium sized sector than the larger size, but this former group has in itself seen the introduction of US Lines services which will help levels somewhat.

Although quieter than of late, the 2000teu+ sizes have continued to keep Charterers interested for longer term charters well in advance of redelivery dates, and will continue to demand steady enquiry to secure against the paucity of available tonnage. Indeed this last couple of weeks has seen MSC amongst others take a rumoured six vessels from the market for at least 2 years apiece, the James is now believed taken along with her sister the Joseph at $20,000 level, the America & Japan Senator are believed to have gone for similar period at slightly better than $21,000, and finally the Keelung and Hong Kong are further thought extended at similar levels. The demand and supply balance remains positive for Owners in this sector, even with the seasonal downturn effecting other sizes.

The medium size of about 1700teu has seen a continued rise in available tonnage, which attached to the drop in volumes, have seen levels dropping to about $16,000, and even with the arrival of US Lines having taken 2 and looking to take 5 vessels in total, expectations are that rates will continue to fall. Short period and round voyages that were achieving mid and even high 17’s are now showing under 16,500 as Owners accept reductions to bring vessels back into the market when rates have risen again in the New Year. Longer term prospects still remain positive, and although relatively few longer term fixtures were achieved, Owners continue to try to hold out as shown with the Samaria fixture with Costa at a reported $17,200.

FIXTURES

Gearless

Phoenix Tower	Norasia
58,110dwt 4389teu (3100 at 14t) 24kn on 155 celled for 5 years wwide trade	usd 26,000

Saturn	extn MSL
39,579dwt 3152teu (2278 at14t) 22kn on 94 celled for further 36 mos Feast/S African trade	usd 23,000

Keelung & Hong Kong	extn MSC
43,900dwt 3032teu (2450 at14t) 22kn on 92 celled for further 24 mos	usd 22,000

Mare Africum	extn PIL
34,630dwt 2959teu (2031 at 14t) 22kn on 82 celled for further 36 mos Feast/Aussie	usd 23,250

America & Japan Senator	MSC
45,700dwt 2680teu (2415 at 14t) 19kn on 60 celled for 24 mos wwide trade	usd 21-22,000

Pommern & Potsdam	extn PIL
38,650dwt 2672teu (2155 at 14t) 22kn on 95 celled for further 36 mos Feast/Mid East trade	usd 22,975

Merkur Star	Zim
39,528dwt 2638teu (2020 at 14t) 20kn on 64,5 celled for 24-26 mos mos wwide trade	usd 21,400

Nordmed	CMA/CGM
40,000dwt 2480teu (2080 at 14t) 19kn on 74 celled for 60 mos wwide trade	usd 17,400

Joseph	extn MSC
41,500dwt 2480teu (2100 at 14t) 20.5kn on 72 celled for further 24 mos Cont/Aussie trade	usd 20,000

James	MSC
41,500dwt 2480teu (2100 at 14t) 20.5kn on 72 celled for 24 mos wwide trade	usd abt 20,000

Howrah Bridge	extn K Line
35,373dwt 2257teu (2037 at 14t) 20.5kn on 57.5 celled for 22-26 mos Feast/India trade	usd 19,000

CMC Pearl	extn APL
36,377dwt 2245teu (2051 at 14t) 20kn on 57.4 celled for India/USEC round	private

Brazilian Express	Dongnama
21,420dwt 1679teu (1230 at 14t) 21kn on 61 celled for 3-6mos Feast trading	usd 14,500

Masovia	US Lines
22,800dwt 1550teu (1180 at 14t) 21kn on 61 celled for 12 mos Transpac trade	usd 14,900

Montania	Dongnama
22,148dwt 1504teu (1180 at 14t) 21kn on 61.3 celled for 6 mos S Korea/Indon trade (relet)	usd 16,500

Cape Fox	TS Lines
18,400dwt 1200teu (870 at 14t) 19kn on 41 celled for 12 mos Feast trading	usd 12,300

Geared

Heinrich S	EMC
33,588dwt 2474teu (2080 at 14t) 21kn on 66kn celled for 23-26 mos wwide trade	usd 21,500

Nordfalcon	CSCL
27,000dwt 2105teu (1465 at 14t) 20kn on 59 celled for 10 mos Feast trade	usd 18,000

Oder Trader	MISC
30,300dwt 2008teu (1628 at 14t) 21.5kn on 72 celled for 12 mos Feast/Aussie trade	usd 19,700

Gluecksberg	CSAV
26,152dwt 1797teu (1303 at 14t) 18kn on 40.5 celled for 1 Feast/WCSA round	usd 16,250

Samaria	Costa
25,400dwt 1716teu (1295 at 14t) 21kn on 64 celled for 12 mos Cont/Caribs trading	usd 17,200

Iwato	US Lines
24,376dwt 1613teu (1258 at 14t) 30kn on 53 celled for 12mos transpac trade	usd 16,500

Pacific Trader	MSL
22,525dwt 1600teu (1124 at 14t) 21kn on 60.5 celled for 2 mos Algeciras/W African trade	usd 16,500

Estetrader	MSL
20,150dwt 1452teu (1000 at 14t) 19kn on 46 celled for 2-3 mos Med/W African trade	usd low 13’s

Rio Branco	PIL
20,500dwt 1300teu (1000 at 14t) 16.5kn on 30 mpp for 4-6 mos Feast/Mid East trade	usd 11,000

Rio Grande & Mellum	HMM
20,500dwt 1300teu (1000 at 14t) 16.5kn on 30 mpp for 4-6 mos Feast trade	usd 11,100

Rahana	extn CMA-CGM
16,500dwt 1122teu (817 at 14t) 18.5kn on 41 celled further 6 mos Med/Black Sea trade	for usd 10,750

Weser Trader	Melfi
14,700dwt 1122teu (762 at 14t) 19.8kn on celled for 12 mos Med/Cuba trade	usd 10,900

Bernhard S	ICL
14,454dwt 1104teu (765 at 14t) 19kn on 39 celled for 1 Cont/W African round	usd 12,000

Pirsos	Melfi
12,920dwt 1096teu (675 at 14t) 20kn on 42 celled for 12 mos Med/Cuba trade	usd 10,250

Wild Eagle	Yang Ming Line
13,300dwt 1022teu (690 at 14t) 17.5kn on 30t celled for 12 mos intra Asian trade	usd 10,000

Plovdiv	Seaconsortium
14,000dwt 1020teu (666 at 14t) 16kn on 30.5 celled for 3/3 mos Med trade	usd 8200

Cape Brett	CMA-CGM
10,200dwt 930teu (590 at 14t) 17kn on 26 celled for abt 30 days feast trade	usd 10,500

Sayinur Yardimchi	MSL
9650dwt 875teu (480 at 14t) 16.5kn on 23 celled for 6 mos Med trade	usd 8300

Cape Charles	New Econ Line
11,400dwt 834teu (600 at 14t) 18.5kn on 33 celled for 6 mos Feast trading	usd 9,450

Sirius	Marguisa
11,640dwt 802teu (555 at 14t) 17kn on 34 celled for 6 mos Med/W African trading (relet)	usd 7300

This report reflects information given in good faith to the best of our knowledge, but without guarantee.