The New ConTex – a Benchmark for the Container Market

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The ConTex (Container Ship Time Charter Assessment Index) has been published by the Hamburg Shipbrokers’ Association (VHSS) since October 2007. In May 2010 the Index has been expanded and renamed to New ConTex.

The New ConTex is a company-independent Index of time charter rates for container ships. It is based on assessments of the current day charter rates of six selected container ship types, which are representative of their size categories: Type 1.100 TEU and Type 1.700 TEU with a charter period of one year, and the Types 2.500, 2.700, 3.500 and 4.250 TEU all with a charter period of two years. Further details for all types are published on the Association´s webpage: www.vhss.de.

The day charter rates are determined twice a week (Tuesday and Thursday). The Index is calculated from these data and published. The Index is also calculated as the equivalent weight of the percentage change from the six New ConTex Assessments, namely for the Types 1.100, 1.700. 2.500, 2.700, 3.500 and 4.250 TEU.

The Hamburg Shipbrokers’ Association set high requirements for the participating ship brokers. It accepts only companies which ensure absolute neutrality, and have demonstrated their high professional standard. Compliance with these criteria was monitored by an internal monitoring system under the control of an independent supervisor who has great experience in the container ship time charter market.

The New ConTex is an additional service for the members of the Hamburg Shipbrokers’ Association and for the market. It gives a market overview which is accurate for the reference date in question, and is neutral. At the same time, the New ConTex is intended to show the market situation in a more transparent and understandable form and not least to underline the high degree of expertise of the Hamburg freight brokers.

Since its inception in 2007, the New ConTex index has evolved into one of most recognized indicators for measuring the development of the Containership Chartering markets.

Modeled on other successful indices that represent the chartering markets for other ship types like Bulkcarriers and Tankers, the New ConTex is the only index worldwide for Containership Chartering, being computed from the input of a panel of international brokers, who have an extensive coverage of the Container Markets. The current panel of sixteen brokers is made up from recognized broking houses not only from Hamburg but from Copenhagen, London and Paris. The VHSS is in constant discussions with the panel brokers as well as other international shipbrokers active in containership chartering, to vet the suitability of the existing members of the panel as well as constantly evaluate the eligibility of possible new members.

Since August 2011 the New ConTex includes not only the present, well-known data but also market estimates of the participating panelists on ship types 2.500 TEU (geared), 2.700 TEU (gearless), 3.500 TEU (gearless) and 4.250 TEU (gearless) on the basis of 12 monthly results. This is an additional service on top of the original composition and assessment basis of the New ConTex Index, which will continue to be published in its present form. The purpose of this wider coverage is to give an even more accurate picture of market development.

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Source: VHSS

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