Jefferies has lowered its outlook for charter rates in the container market as liner operators face the challenges of oversupply and less demand.

The move came after one-year charter rates for narrow-beam panamax boxships averaged $11,000 per day for the 10 years leading up to 2020 and then rose to an average of $79,000 per day in 2021 and 2022, but the US investment bank noted that Clarksons Research has recently assessed them at $19,000 per day.