After what turned out to be a strong charter market in first half of the year, the second six-month period was something of a disappointment, both in terms of chartering activity and rate development. The large and handysize vessels benefitted from the combination of a shortage of reefer containers and strong South African citrus and New Zealand kiwifruit seasons as well as regular demand for spot banana cargoes east and west of the Panama Canal. However, there were always more than enough reefer vessels to cover the requirements posted and box rates never yielded more in Time Charter Equivalent (TCE) terms than operating expenses.
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