Already facing higher fuel costs, ocean carriers could now be hit by a rise in charter hire rates.

Container shipping lines are being obliged to pay higher daily hire rates for chartered vessels as the availability of tonnage falls to a new low.

Speaking during Maersk Group’s 2017 Q4 earnings call last week, Maersk Line COO Soren Toft conceded that shipowners were finally beginning to regain the upper hand in charter party negotiations.

“We are seeing some pressure on the time charter rates, mainly as a result of the idle fleet being low,” he said.

Read the full story below