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)
The panamax market remained on track for a recovery from the recent slump, despite various public holidays, brokers said on Wednesday. Although South Korea, India and several European countries were absent from the grain market on Wednesday, brokers said that the outlook was positive. This was particularly true of the Atlantic panamax trades, where deals continued to be concluded off market at firmer levels, they said.
Panamax freight rate ideas for the immediate future have slipped back slightly, shipbrokers said. Overall, Panamax freight rates in the Atlantic are seen as softer, while the Pacific market is deemed relatively steady. However, shipbrokers are eager to see some sign this week that the Panamax market will stabilize. The start of the week saw a three to five month period charter fixed at $11,000 daily for the 1990 built 68,789 dwt Antwerpia, but the latest booking, for the 1989 built 69
Dry bulk asset values dropped sharply in November and have reached 16-year lows, partly driven by very weak sentiment over the near-term future for vessel earnings, according to the latest Dry Bulk Freight Forecaster from shipping research and consultancy firm Maritime Strategies International (MSI). However, despite a bearish forward view of dry bulk fundamentals, MSI is more positive than the freight futures market’s forward curve for Capesize and Supramax spot rates in Q2
Owners seeking to push rates higher, close to year-long highs; dry bulk sector to see greater consolidation - BIMCO. Freight rates for large capesize dry cargo ships on key Asian routes are likely to remain steady next week even as owners try to push rates up close to year-highs, ship brokers said. That came as charter rates stayed firm despite China's week-long National Day holiday which ends at the weekend.
Capesize market "absolutely dead" on Thursday - broker. Vale says no new cargoes but owners sail empty vessels to Brazil. Freight rates for large capesize dry cargo ships on key Asian routes will continue to fall next week as too many ships chase available cargoes, brokers said on Thursday. "The market is absolutely dead today - it's all very doom and gloom," said a Singapore-based capesize broker on Thursday.
Standard & Poor's lowered its corporate credit rating on Pegasus Shipping (Hellas) Ltd. (Pegasus) to triple-'C'-minus from single-'B'-minus. At the same time, Standard & Poor's lowered its foreign currency senior secured debt rating to triple-'C'-minus from single-'B'-minus. All ratings are placed on CreditWatch with negative implications. The rating actions reflect Pegasus' rapidly diminishing financial flexibility owing to weak market conditions
Average Atlantic panamax earnings sank to new lows on Monday, quashing hopes that the market had bottomed out, brokers said. "We've given up predicting when the market will stop falling," one Norwegian broker said. "It's not so much of a summer slowdown, (it is) more of a summer shutdown," he added. Brokers said that charterers' offered levels for transatlantic panamax round voyages had now fallen through the $7,000-a-day barrier.
Higher panamax freight rates have boosted sentiment in the market amid hopes for further rates increases during the week, shipbrokers said on Monday. They gave as prime example the latest U.S. Gulf to Japan fixture at a rate of $23.25 per ton of heavy grain for mid-July loading dates, this compared with the present Baltic Panamax Index showing an average $22.86 per ton. Firmer fixtures had been also reported for both the Pacific and the Atlantic, brokers said.
Chinese iron ore and coal imports to fall in 2016 - Clarkson Freight rates for capesize bulk carriers on key Asian routes are likely to stay flat as vessel volumes outpace cargo demand and the approaching Chinese New Year holiday further dampens chartering activity, ship brokers said on Thursday. There is little hope of any improvement in rates, which remain at near 16-1/2-year lows, even after the Chinese New Year holiday which starts on Feb. 7, brokers said.
Australia-China rates could climb on improved weather. Brazil-China rates to hold steady, fall on lack of charters. Freight rates for large capesize dry cargo vessels on key Asian routes could diverge next week with rates from Australia to China rebounding on improved weather
The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose for the third straight session on Friday, buoyed by stronger capesize and panamax vessel rates. The overall index, which factors in rates for capesize, panamax
Last year saw a record level of boxship demolition, and this rapid pace of scrapping was sustained into early 2017 with a record monthly level of boxship recycling recorded in January and nearly 0.2m TEU scrapped so far this year, Clarksons Research reported.
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, continued its gaining streak on Tuesday with a fresh more-than-two-year high, driven by strong demand for large iron ore vessels. The overall index, which factors in rates for capesize
In the containership market today, Panamax sector, the charter rates rest at rock-bottom rates and the fleet is in steady and perhaps terminal decline, with scrapping at record levels. Is the battle now lost? A report by Clarksons Research.
Diana Containerships Inc. said that it has reached an agreement to sell the 2006-built Panamax vessel Angeles (formerly YM Los Angeles) for demolition, with delivery due to the buyer by mid-November 2016. The vessel was sold through Diana’s separate wholly-owned subsidiary to an
Maritime Strategies International (MSI) is forecasting a firm festive season for the dry bulk market, swiftly followed by a New Year comedown. In its latest Dry Bulk Freight Forecaster* MSI notes that after a steady fall in average daily TCE spot earnings in October
Today in the containership industry a landmark deal has occurred with the youngest ever containership sent for demolition by Rickmers Marine Trust. The vessel was a seven year old panamax boxship (4250 TEU, 2009 Blt, Built China). She is valued just above scrap at USD 5.87m
Four new Super Post Panamax ship-to-shore cranes arrived at Garden City Terminal yesterday, bringing the Port of Savannah's total to 26, more than any other terminal in the U.S. "For customers, it means the capacity to move up to a thousand containers per hour across a single dock at
Chartering activity falls as holidays loom; Rio Tinto offering rates 5.5 pct lower than index level. Freight rates for large capesize dry cargo ships on key Asian routes will slide further next week in a lacklustre chartering market ahead of Christmas, ship brokers said.
Just handful of ships for Brazil loading in early January; coal, South African iron ore cargoes support rates. Freight rates for large capesize dry cargo ships on key Asian routes could diverge with rates from Brazil to China nudging higher on a shortage of tonnage and those from
Brazil-China rates climb to a 15-month high; about 80 capesize, panamax ships waiting to unload around Tianjin. Freight rates for large capesize dry cargo ships on key Asian routes are likely to remain firm for at least two more weeks as bad weather conditions in China and Australia help
Kicking off the New Year, VesselsValue has put together a list of the top 10 ship owning nations by fleet value in 2017. Greece - $84.079 billion Japan - $80.169 billion China - $68.333 billion Singapore - $38.052 billion
As widely expected, the opening of the new, expanded locks at the Panama Canal in June 2016 has considerably impacted the ‘old Panamax’ containership sector, says a report by Clarkson Research Services. The displacement of these narrow beam vessels
Diana Shipping has announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Caravel Shipping Limited, Hong Kong, for one of its Panamax dry bulk vessels, the m/v Dione, for a period of minimum nine (9) months to about twelve (12) months