The influential New ConTex Index provided by the Hamburg Shipbrokers’ Association has lost ground for the first time this year, shedding three points to stand at 407. The index tracks boxship time charter rates.
“Whilst not unexpected because of the current weakness in the old panamax 4,250 teu class, it nevertheless comes as a small shock to those hoping the market would continue its upward trend even at a much slower pace that witnessed recently,” the association noted in its weekly report published today.
Although the 4,250 teu ships have experienced the largest losses, being marked down 2.4% and 3.0% (24 months and 12 months respectively) since last week, all the sizes tracked by New ConTex have been marked lower.
