Panamax boxship rates hit 16-year high at $35,000 per day

Charter rates for traditional panamax boxships have hit their highest levels in 16 years.

The move reflects a scramble for tonnage as liner operators led by Maersk, Mediterranean Shipping Co (MSC) and Zim look to secure tonnage for longer periods.

The Danish giant has taken five vessels of 4,200 teu to 4,600 teu for periods of up to 30 months at rates up to $35,000 per day — the highest level since 2005, according to Alphaliner.