With import demand flagging, freight rates falling, the container ship orderbook at record highs and ocean carriers canceling voyages, you might think nobody would be chartering more ships. In fact, the container-ship charter market is far from dead.
Charter rates are well off their peaks. Gone are the days when a small container ship could earn $200,000 per day for three months, or a midsize ship could earn $60,000 per day for five years. Yet deals are still getting done.
“It’s not like there is no demand. There is ongoing demand. There is ongoing charter business,” affirmed George Youroukos, CEO of Global Ship Lease (NYSE: GSL), on a conference call Wednesday.
