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NOOs target higher rates as ships come off ter
American Shipper
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Non-operating owners (NOOs) have yet to fully share in the industry’s recent financial windfall but, in stark contrast to six months ago, owners should now benefit from ships coming off ter in the coming months. With market players assuming the boom will continue for at least the current and next quarter, NOOs with ships ing up are poised to take advantage:

Costamare could see more than 100,000 teu, or a fifth of its fleet capacity, coming off ter in Q4 and Q1 2021 based on the ters’ earliest expiry date. Similarly,

Danaos has more than 80,000 teu potentially falling between now and March, equivalent to some 25 ships.

Global Ship Lease’s cover is weighted more towards the back of next year and beyond, however the owner has a potential 15% of its fleet coming in the current and next quarter.

Seaspan, meanwhile, has relatively short average coverage on its smaller ships in the 2,500-3,500 teu and 4,250-5,100 teu ranges.

Financially, the NOOs have yet to book the economic gains seen by the carriers, reflecting the time lag in ter rates. Of the publicly listed NOOs, only Seaspan recorded a substantial increase in net earnings in the third quarter. Danaos and Global Ship Lease reported more modest increases of 25%, while Costamare and Navios Maritime Containers saw revenue and net earnings decline from a year ago.

The fourth quarter may be different. After bottoming out in July, time ter rates have surged across all vessel sizes to multi-year highs. The booming market and tight supply of tonnage are already helping NOOs secure longer-term ter contracts, despite some terer resistance.

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