Box Ships fixtures show improving panamax market

Box Ships has confirmed details of its two latest fixtures, which the NYSE-listed company said shows improving freight rates for panamax containerships.

The panamax Box Trader (3,426 dwt, built 2010) commenced a timecharter to Zim Integrated Shipping Services on August 3 for a period of 50 to 115 days. The gross daily rate was fixed at $12,400.

The vessel was previously earning $8,000 daily on an eight-month timecharter to Hapag Lloyd, which expired in mid-May this year.

CMA CGM has extended its existing timecharter of CMA CGM Kingfish (5,095 dwt, built 2007) by five to eight months at a gross rate of $15,000 per day. The extension period, which commenced on August 15, will terminate between January and April 2016.

The boxship was earning $7,000 per day during the second quarter of 2014.

The two vessels were fixed at rates that were 46% and 63% higher than their previous charter contracts, which Michael Bodouroglou, chairman, president and CEO of Box Ships, said “illustrates the continued market improvement”.


Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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