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Wan Hai extends charters at rates five times higher

Wan Hai is extending the charters of three 1,700 TEU ships by up to three years, paying rates more than five times higher.

The Taiwanese liner operator announced that the vessels are owned by HK Queen Shipping, which according to vessel databases, owns two ships, 2007-built Sunrise Dragon and 2008-built Anderson Dragon. Information about the third ship was not disclosed.

VesselsValue shows that Wan Hai had been chartering the Sunrise Dragon since November 2017, initially at a daily rate of US$7,500. Other databases indicate that Wan Hai began chartering the Anderson Dragon in June 2021, but the charter rate was not disclosed.

Wan Hai said that the total charter fees for each ship could come up to US$38.4 million, working out to around US$35,000 per day.

Brokers also reported that Wan Hai has chartered for the 1,440 TEU Cape Flint, at US$70,000/day for a year.

Ship broker Banchero Costa said that after rising through the roof in January, charter rates and second-hand values are heading for a correction, as port congestion is expected to ease from Q2 onwards.

Martina Li
Asia Correspondent

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