Prices for sought after panamax boxships have more than doubled in the space of just three months, one of the sharpest vessel appreciations recorded in the history of shipping.

As a result of the increased S&P market and soaring freight and charter rates, 15-year-old 4,250 teu tonnage has leapt from $20m at the end of March to be worth around $48m today, data from VesselsValue shows.

The number of secondhand containership sales is up 780% for year to date compared to the same period to date, according to VesselsValue data.

“With the ever-firming rates across the container sector, we have seen a surge in values,” Olivia Watkins, head cargo analyst at VesselsValue, wrote in a new report yesterday, adding: “Increased US imports, port congestions and a shortage of capacity is pushing freight rates to record levels on key routes from China to the US and Europe. A secondary outbreak of Covid-19 in Southern China has prompted even more delays and congestion across ports which has tightened supply.”

On the global port congestion issue, Danish box shipping consultants eeSea have provided Splash with an updated map today highlighting the worst hotspots around the world.