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Panamax Market

Panamax Market Remains on Road to Recovery

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.


Atlantic Panamax Rates Weaken

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


S&P Lowers Pegasus Rating

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


Atlantic Panamax Earnings Plummet To New Lows

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.


Increased Panamax Rates Boost Market Sentiment

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.


Panamax Rates Slip Slightly

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


TEN Takes Delivery of Latest Newbuilding

Tsakos Energy Navigation Limited (TEN) has taken delivery of the latest vessel in its newbuilding program from Imabari Shipyards in Japan. The Panamax Inca was delivered on March 20, and immediately entered into an accretive repositioning voyage with a major Far Eastern concern at $25,000 per day. The Inca is the second of four new fully coated panamaxes, and joins its sister ship, the Maya, which was received on January 24, 2003


Euroseas to Purchase Drybulk Carrier

Euroseas Ltd. (NASDAQ:ESEA) signed a memorandum of agreement to purchase a Panamax drybulk carrier of 74,020 dwt, built in 2000 in Japan, for approximately $27.5 million. The vessel comes with a time charter back to the seller until January 2010 at a gross daily rate of $25,200 per day and is expected to be delivered to the Company between July 1, 2009 and August 5, 2009. Following the delivery of the vessel, approximately 74% of Euroseas' total fleet days remaining in 2009 and approximately


Diana Shipping Time Charter Contracts

Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the transportation of dry bulk cargoes, announced that it has entered into a time charter contract with Louis Dreyfus Commodities Suisse S.A., for one of its Panamax dry bulk carriers, the m/v Nirefs, at a gross charter rate of $21,000 per day for a period of about 23 to about 25 months. The charter is expected to commence in the middle of February 2010.


U.S. Ports & Inland Waterways Modernization

U.S. Army Corps of Engineers releases the 'U.S. Port and Inland Waterways Modernization: Preparing for Post-Panamax Vessels' report The U.S. Army Corps of Engineers (USACE) has submitted to Congress the "U.S. Port and Inland Waterways Modernization: Preparing for Post-Panamax Vessels" report, an examination of options for future modernization of U.S. ports and inland waterways. The report may be accessed here.


Shippers Eye Trade Boost from El Nino Threat

Source: Reuters

A potential El Nino weather phenomenon, which could wreak havoc on global crops, is set to disrupt shipping patterns and raise freight costs, leaving suppliers and importers to cover their food needs from longer-haul destinations. El Nino, a warming of sea-surface temperatures in the Pacific


W Marine Orders Green Dolphin 84s Design Bulk Carrier

Green Dolphin 84S design

  Greek shipowner W Marine Inc. has ordered a series of post-Panamax bulk carriers based on the Green Dolphin 84S design. The design was developed by the Shanghai Merchant Ship Design & Research Institute (SDARI) with support from DNV GL.


Port Everglades Updates Master/Vision Plan for Future Growth

Map of Port Everglades

  Port Everglades is planning for the year 2033 with an updated roadmap for future growth over the next 20 years that identifies $1.6 billion in capital investments to improve productivity for cargo, cruise and petroleum businesses that operate at the South Florida seaport.


Ship Reportedly Booked for First US Condensate Export

The first condensate cargo for export is due to load in Texas at the end of this week, headed via the Panama Canal to Asia, shipping sources said. Westport Petroleum Inc., the Franklin, Tennessee-based shipping arm of Japanese trader Mitsui & Co


Panama Canal Expansion May Worsen Panamax Surplus: Analyst

Image courtesy of Drewry Maritime Research

The continuous cascading of surplus Panamax vessels into North-South trades is still contributing to over-capacity, and the problem is likely to get worse when the Panama Canal’s widened locks are opened at the end of 2015, according to the latest edition of Drewry Container Insight.


ABS Reports Continued Successes in 2013

ABS Chairman and CEO Christopher J. Wiernicki

ABS hosted its Annual Meeting in New York on April 29, 2014. ABS Chairman and CEO Christopher J. Wiernicki said, "ABS had another strong performance year and achieved several milestones during 2013 as the global economy began to strengthen."  


Scorpio Tankers' Latest Fleet & Financial News

A Scorpio vessel: Photo courtesy of the owners

Scorpio Tankers says it has taken delivery of a new MR tankship, has authorized stock buyback, and declares a quarterly dividend. Details as follows: After delivery, the new tankship vessel began a one year time charter at a rate level consistent with current one year time charter contracts


Payment Problems Disrupting Iran Food Deals

  Payment problems are disrupting commercial food cargoes to Iran, with hundreds of thousands of tonnes of grain and sugar stuck in transit, as Western banking sanctions complicate deals and trade financiers scale back exposure. Iran is not barred from buying food or other


GPA Spends $86.5m on Ship-to-Shore Cranes

Photo courtesy of GPA

The Georgia Ports Authority Board approved Monday $86.5 million to purchase four new ship-to-shore cranes and 20 new rubber-tired gantry cranes (RTGs) used to handle containers at Garden City Terminal.   “Our continued infrastructure investments enable us to work larger vessels and


Konecranes to deliver 4 STS and 20 RTG cranes to GPA

Konecranes

  Konecranes will deliver 4 Super Post Panamax Ship-to-Shore (STS) cranes and 20 Rubber-Tired-Gantry (RTG) cranes to Georgia Ports Authority in the US. The Georgia Ports Authority Board recently approved more than $80 million to purchase the cranes to be used to handle containers at Garden


Biggest Vessel Calls At DP World Vietnam Terminal

NORTHERN_GENIUS

  In another landmark event,the biggest ever vessel to call at the DP World operated Saigon Premier Container Terminal (SPCT) in Ho Chi Minh City, Vietnam, arrived this week.   The NYK owned Northern Genius, with a nominal TEU (twenty foot equivalent container unit) capacity of 4


Panama Canal Pilot Training: ACP to Charter Ship

Miraflores Locks circa 2000: File photo

The Panama Canal Authority (ACP) informs it will charter a Post-Panamax vessel before the opening of the expanded Canal to be used for training pilots and tugboat captains in the Third Set of Locks. The Executive Vice President of Operations Esteban Saenz said the vessel will be used several


Panama Canal To Charter Post-Panamax Ship for Training

  The Panama Canal Authority (ACP) will charter a Post-Panamax vessel before the opening of the expanded Canal to be used for training purposes in the Third Set of Locks. The Executive Vice President of Operations Esteban Saenz reported that the Panama Canal will charter a Post-Panamax


ACP Charters Post-Panamax Ship for Pilot Training

The Panama Canal Authority (ACP) will charter a Post-Panamax vessel before the opening of the expanded Canal to be used for training purposes in the Third Set of Locks. The Executive Vice President of Operations Esteban Saenz reported that the Panama Canal will charter a Post-Panamax ship to


W Marine Orders Green Dolphin 84s Bulk Carriers

Greek shipowner W Marine Inc. has ordered a series of post-Panamax bulk carriers based on the Green Dolphin 84S design. The design was developed by the Shanghai Merchant Ship Design & Research Institute (SDARI) with support from DNV GL.






 
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