Home
FacebookTwitterSearchMenu
  • Subscribe
  • Subscribe
  • News
  • Features
  • Knowledge Library
  • Columns
  • Customs
  • Jobs
  • Directory
  • FX Rates
  • Categories
    • Categories
    • Africa
    • Air Freight
    • BEE
    • Border Beat
    • COVID-19
    • Crime
    • Customs
    • Domestic
    • Duty Calls
    • Economy
    • Employment
    • Energy/Fuel
    • Events
    • Freight & Trading Weekly
    • Imports and Exports
    • Infrastructure
    • International
    • Logistics
    • Other
    • People
    • Road/Rail Freight
    • Sea Freight
    • Skills & Training
    • Social Development
    • Sustainability
    • Technology
    • Trade/Investment
    • Webinars
  • Contact us
    • Contact us
    • About Us
    • Advertise
    • Send us news
    • Editorial Guidelines
Sea Freight

Vessel charter industry surges - not stopping anytime soon

23 Sep 2021 - by Eugene Goddard
0 Comments

Share

  • Facebook
  • Twitter
  • Google+
  • LinkedIn
  • E-mail
  • Print

As multinational retailers like Ikea and Walmart take a bold step into the world of shipping, with plans to charter their own tonnage in the face of severe space constraints and skyrocketing rates on liner services, it’s clearly not going to be a cakewalk.

The vessel chartering market is cresting a wave of sorts, and charterers foresee current volatility playing in their favour until 2024.

One of them is George Youroukos, chair of the London-based diversified fleet owner, Global Ship Lease.

Commenting on strong figures backed by growing demand in the charter industry, Youroukos said the availability of container vessels was heavily constrained.

Moreover, projections indicate that charter prices will continue to climb through the rest of the year, lasting well into 2023, with some in the industry believing that the surge with continue into 2024.

The prediction that non-availability of vessels, and concomitant prolonged charter periods, with rising rates in tandem of course, is here to stay for some time, has also been confirmed by Navios Maritime Partners.

According to the Greek dry cargo shipping platform, charter periods on average surged year-on-year (y-o-y) from 4.3 months in June 2020 to a staggering 30.7 months midway through this year’s second quarter (Q2).

Navios’s Q2 data, and its predictions for charter rates, are supported in the Harper Petersen Charter Rates Index.

The German index has reported that over the last 12 months, charter rates have more than quadrupled y-o-y.

Sign up to our mailing list and get daily news headlines and weekly features directly to your inbox free.
Subscribe to receive print copies of Freight News Features to your door.

Resilience required for air sector disruption – executive

Air Freight

Air traffic in the region is expected to rise by an average of 6.4% annually.

Yesterday
0 Comments

Insight of the week: legally ditching higher duties

The actual practice can be traced back to 1882, when an importer in the United States had sugar coated with molasses.

Yesterday
0 Comments

How to avoid the fear of being evaluated

Freight & Trading Weekly
Logistics
Skills & Training

Lifelong learning has become the norm across all economic sectors, both in the UK and globally.

Yesterday
0 Comments

Skills needed to unfreeze African growth potential

Logistics

Growth in demand for cold chain efficiencies is being driven by economic development and rising income.

Yesterday
0 Comments

Iran seeks full control of Russian Caspian Sea terminal

Logistics

The port handles a broad range of goods, including grain, timber, metal products and fertilisers.

Yesterday
0 Comments

Port of Ngqura to welcome first ultra large container vessel

Logistics
Sea Freight

The ULCV stands nearly three metres taller than vessels typically handled at the terminal.

Yesterday
0 Comments

Global ferry body strikes deal to boost safety

Logistics
Sea Freight

The agreement promotes cooperation between international members and operators in West and Central Africa.

Yesterday
0 Comments

SITA appoints Pedro Alves as senior vice president

Air Freight
Technology

The new VP is taking the reins at a time when the needs of border agencies are fast evolving.

Yesterday
0 Comments

Drivers targeted in latest cross-border scam at Kasumbalesa

Logistics
Road/Rail Freight

The Copperbelt’s most important border has been flagged for another scam aimed at fleecing truck drivers.

01 Jul 2025
0 Comments

Automated multiple entries secure declaration ease on the TKC

Logistics
Road/Rail Freight
Technology

Removing single manifest entries is a major headache for consol cargo clients transiting through Botswana.

01 Jul 2025
0 Comments

Global air cargo demand rises

Air Freight
Logistics

But some trade lanes have experienced a decline despite increased capacity.

01 Jul 2025
0 Comments

Bank launches new SME exporter programme

Imports and Exports
Logistics

The development platform targets black-owned SMEs with turnovers under R50 million.

01 Jul 2025
0 Comments
  • More

FeatureClick to view

Road & Rail 27 June 2025

Border Beat

Forum tightens net against border corruption
25 Jun 2025
Police clamp down on cross-border crime
17 Jun 2025
Zim's anti-smuggling measures delay legitimate freight operations
06 Jun 2025
More

Poll

Has South Africa's ports turned the corner?

Featured Jobs

New

Road Logistics Pricing Specialist

Tiger Recruitment
East Rand
02 Jul
New

Operations Manager

Lee Botti & Associates
Cape Town
02 Jul
More Jobs
  • © Now Media
  • Privacy Policy
  • Freight News RSS
  • About Us
  • Advertise
  • Send us news
  • Contact us