The box ship sector has retreated to post-Lehman lows, with the holidays looming dead ahead. Owners of container charter vessels feel as though they have returned to the dark days of 2008-09 and the collapse of Lehman Brothers as 2015 nears its close. Period market rates for larger vessels exceeding 3,000 teu have fallen to record lows amid slowing fixing activity in the run-up to the Christmas holidays. Supply-side pressure from spot tonnage is widely expected to increase even further. According to French liner shipping analyst Alphaliner, the volume of idle container ship capacity - made up of charter-free tramp vessels and liner-controlled vessels without service assignment - should surpass its previous peak of 1.5 million teu by the end of the year. Although fixing volumes could be even lower given the time of the year, some anecdotal talk among brokers seems to confirm that operators are redelivering more ships than they fix or extend in direct continuation.
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