The buoyancy detected in the Atlantic Panamax market over the past two weeks has waned, brokers said. Fresh orders from the U.S. Gulf were described as light and the limited opportunities in the area could prompt Panamax owners to accept softer levels, they said. Restricted barge movement along the Mississippi was also said to be contributing to the situation, while a number of Far East participants had yet to return to business after the Lunar New Year holiday. Despite the slowdown, brokers did report a number of fresh enquiries. Grain cargoes seeking Panamax transport included some heading to the Far East from the U.S. Gulf and others heading towards Egypt. Whether the softer Atlantic Panamax undertone would persist, however, or whether the market would bounce back, remained to be seen, brokers said. In the wake of the seven-point drop on the Baltic Panamax Index on Tuesday afternoon, brokers continued to speculate on future developments. - (Reuters)
Freight rates for Panamaxes trading the Atlantic appear to be steadying, Reuters reported. The more stable tone began at the end of last week, as renewed optimism crept into the U.S. Gulf market for nearby positions. By Monday, while the Atlantic routes on the Baltic Panamax Index were lower, losses were greatly reduced. Meanwhile, Pacific Panamax freight rates remained firm, and levels in the Far East sector continued to rise
Freight rates in the Atlantic Panamax sector held steady on Wednesday amid signs that recent rises may be stalling, brokers said. "The Atlantic is holding up well, but the question is not whether the Panamax market will rally further, but when the Atlantic will come off," one said. Until then, Atlantic and Pacific Panamax rates were expected to remain steady. Signs that the market was reaching its pinnacle were heralded by the Baltic Panamax Index (BPI) on Monday
Freight rates for panamaxes trading the Pacific remained firm due to a flurry of business ahead of the Lunar New year, shipbrokers said on Tuesday. In the Far East, owners of larger panamax sizes have been negotiating firm returns recently and continue to do so. Chinese charterers told shipbrokers that business there will grind to a halt between January 24 and 30 in observance of the Lunar New Year celebrations.
Atlantic panamax freight rates are softer in contrast to returns for panamaxes trading the Far East where rates are firmer, shipbrokers said on Tuesday. Atlantic freight rates, however, could stabilize in the days ahead, they added, suggesting that the Pacific panamax rate rise could be reaching a peak. The reason behind the Atlantic stabilization theory is that ice problems in the Mississippi may not be as bad as originally thought.
Conditions on the dry cargo freight market were generally steadier for Capesizes on Wednesday, with the Baltic Cape Index posted at an unchanged 2,171, brokers said. Atlantic Panamax rates rose further and brokers said conditions were also slowly improving for owners in the East for later May positions. The South African sector remained firm. The Baltic Dry Index (BDI) gained two points to 1,611 and the Baltic Panamax Index rose 10 points to 1,522
Freight rates in the Atlantic Panamax market remained under pressure and were expected to move even lower in the near term, brokers said on Monday. While Atlantic rates continued to slide, Pacific business was holding up for the time being but was expected to tail off in due course, brokers said. Fresh cargoes had emerged in the Pacific for Panamaxes, but Japanese and Chinese owners had also started to place their tonnage on the open market.
Pacific Panamax freight rates have dropped sharply in line with weaker Asian Panamaxes, brokers said. Average rates for Pacific round voyages fell to $9,600 daily, down $169 from Monday, and down $217 from last week. Brokers said that the result will make Panamax owners reluctant to trade fronthaul business without negotiating premium rates. The declining rates could deter owners from moving ships into the Pacific, but brokers said that if Panamax owners re-entered the Atlantic
The Atlantic panamax sector remains soft, shipbrokers said, adding that the number of spot ships available for hire is keeping freight rates depressed especially as new business is limited. Subsequently, charterers have the upper hand, as shipowners and brokers wait for fresh orders. Despite the slow start to the week, shipbrokers are hopeful that more business will develop. Until these orders appear, however, shipowners with early tonnage are likely to find softer fixture rates inevitable
Freight rates for Panamaxes trading the Pacific remained firm due to a flurry of business ahead of the Lunar New year, shipbrokers said on Tuesday. In the Far East, owners of larger Panamax sizes have been negotiating firm returns recently and continue to do so. Chinese charterers told shipbrokers that business there will grind to a halt between January 24 and 30 in observance of the Lunar New Year celebrations. Brokers added that the impending holiday will start to affect the Panamax
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