Word: gearless
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Dates: during 2000-2009
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...maxing out at a paltry $500. Though the pace of the drop in rates has slowed, there are signs that charter prices have still not bottomed out, having dipped below the record lows of the 2002 stock-market crunch. According to London ship broker Clarkson, a 3,500-TEU gearless Panamax vessel - the largest vessel that can go through the Panama Canal - pulls in $6,500 a day, down 34% on the $9,500 it was charging in February...
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