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. Brokers cited Korea Line's booking of the 1984-built Ethnos for US Gulf delivery and Far Eastern redelivery, which bettered last-done levels. The fixture was done at $6,700 per day, up $400 daily from early week indications. But other London brokers played down the gains. "Panamax rates dropped so suddenly that there's a chance that this is just a reaction to the falls rather than an actual recovery," one said. Another doubted that the current lackluster demand would be enough to kick start the panamax recovery. Those brokers were also reluctant to be positive on the state of the Pacific panamax trades but they conceded that the dramatic slide in earnings had at least been arrested. "Nothing's happening on the rates side, but at least the market has stopped falling," one said.
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
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.
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.
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
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.
Alibra Shipping Research Weekly Market Report takes a look on current market scene of bulk carriers. For a little while now, the story has been “Now’s a great time to buy bulk carriers, asset prices are low…” We’re cautious of following the herd mentality so we wondered: is that still the case or has the moment passed? On Monday, the Baltic Exchange assessed the price of a five-year-old, 74,000-dwt Panamax at $13.6m
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.
Many vessels available for charter put pressure on freight rates. Freight rates for large capesize dry cargo ships on key Asian routes are set to slide next week as the number of ships available for charter outpaced cargo demand, ship brokers said on Thursday.
Capesize rates slip from year-long highs as miners absent; owners still optimistic of Q4 rate bounce. Freight rates for large capesize dry cargo shippers on key Asian routes, which hit the highest in about a year last Thursday, are set to remain buoyant during China's week-long National Day
Depressed dry bulk market conditions have put severe financial pressure on owners in recent times, triggering a slump in bulkcarrier contracting, observes Clarksons Research. This has helped drive a significant contraction in the bulkcarrier orderbook
Drewry expects the Baltic Dry Index (BDI) movements to moderate in September on the back of steady grain, minor bulk and coal trades. However, the iron ore trade is likely to lose its momentum in coming months. The BDI continued its rollercoaster ride into August first falling then
The Q4 bounce – a seasonal staple of the dry bulk markets – looks likely for Capesize and Panamax segments, but the effects may be limited. Independent research and consultancy firm Maritime Strategies International (MSI) is forecasting a fourth quarter bounce in dry
Port of Hueneme’s first Post-Panamax ship was greeted by Wallenius Wilhelmsen Lines (WWL) company leaders and Port officials during an occasion marking a paradigm shift in how the widened Panama Canal will bring a new class of vessels to the Port of Hueneme.
Danaos Corporation, one of the world's largest independent owners of containerships, has reported net income of $47.7 million for the three months ended June 30, 2016 compared to $38.0 million, for the three months ended June 30, 2015, an increase of 25.5% for the period ended June 30, 2016
FSL Trust Management Pte. Ltd. (“FSLTM”), as trustee-manager of First Ship Lease Trust (“FSL Trust” or “the Trust”) announced today that the Trust reported a stable and positive performance for the second quarter ended 30 June 2016 (“2QFY16”).
As the leader of customer-focused terminal operations in North America, GCT USA has welcomed the Hyundai Saturn to GCT Bayonne. The Saturn is the first of five Hyundai ships in the G6's New York Express (NYX) service calling the port of New York and New Jersey through the
The Athens, Greece-based Safe Bulkers Inc. (SB) has reported a loss of $9 million in its second quarter. It had a loss of 15 cents per share. Net revenue for Q2 of 2016 decreased by 18% to $26.2 million from $31.8 million during same period in 2015.
It has been a year full of turmoil and poor market performance in the shipping markets, yet over the past couple of months both sentiment and real market direction has shifted and along with this so have asset prices of secondhand tonnage, says Allied Shipbroking Weekly Market Report.
Upward moves in the Capesize index are now starting to stall, according to Freight Investor Services (FIS). "Last week we witnessed some short covering in the market which was supported by the technical picture, and this appears to be now drawing to a close," says FIS.
Freight rates for large capesize dry cargo ships on key Asian routes could move higher next week on a potential ship shortage, higher cargo volumes and storms in China that could disrupt sailing schedules leading charterers to scramble to fix replacement tonnage, ship brokers said.
The newly inaugurated Panama Canal may not be as beneficial as it seems for container ship carriers, says Xeneta, a benchmarking and market intelligence platform for containerized ocean freight. Although the new sets of locks and deeper