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
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.
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
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 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 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. 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.
The U.S. Department of Transportation’s Maritime Administration (MARAD) today released a study on shipping patterns and industry costs that will help the United States prepare for the anticipated impact on its ports, waterways and intermodal freight systems from the Panama Canal expansion
Diana Shipping Inc. has time- chartered out the 75,336 dwt MV Triton to Bunge S.A., Geneva, at a gross charter rate of US$11,000 per day, minus a 5% commission paid to third parties, for a period of up to minimum September 1, 2014 to maximum October 31, 2014
The Panama Canal is experiencing a strong grain shipping season with dry bulkers registering record grain cargoes during the first two months of the current fiscal year. Based on the analysis by the Panama Canal’s Marketing Division, in October, a total of 5
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that yesterday through a separate wholly-owned subsidiary, it entered into a time charter contract with Clearlake Shipping Pte., Ltd., Singapore, a member of the Gunvor Group
Greece-based Safe Bulkers, Inc. report second quarter and first 6 months 2013 losses, but also reveal an increasing market optimism with new ships on order. Highlights from Second Quarter 2013 Results Net revenue for the second quarter of 2013 decreased by 12% to $41.4 million from $47
Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, has announced that the company, through a separate wholly-owned subsidiary, took delivery of the m/v Artemis (formerly Shoyo), a 2006 built Panamax dry bulk carrier of 76
Jones Lang LaSalle is to market Macalloy Port Terminal in Charleston, SC for private investors and operators. The privately-owned, 115-acre Macalloy Intermodal Terminal in North Charleston is being developed to complement South Carolina’s port system
In his State of the Port address, Georgia Ports Authority Executive Director Curtis Foltz reported record cargo volumes, an influx of new business, and more than 1 million square feet of distribution center space leased or developed. “Not only did the ports authority achieve strong
With a family of three yards located along the Gulf of Mexico in Alabama, Mississippi and Texas, Signal International offers new construction, rig and ship repair, offshore and technical services. Marine construction and repair needs are complimented by three dry docks; a 30,000-ton lift rig dock
Significantly rising rates for Capesize vessels began in late September to spread to Panamax vessels, and gradually also to the smaller vessel types. Citing a recent Sydbank market analysis, Maritime Denmark, notes signs of a noticeably better dry cargo market.
Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, announced that yesterday it signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to purchase from an unaffiliated third party the m/v JK Pioneer
Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it took delivery of the MV Myrsini (formerly Stefania Lembo), a 2010 built Kamsarmax dry bulk vessel of 82,117 dwt
United Yacht Transport LLC, a Fort Lauderdale based yacht transport company, says it has committed to building a semi-submersible vessel scheduled for delivery in the second tax quarter of 2015. United Yacht believes that the conversion of a Panamax size bulk vessel will produce the world’s
All four of the super post-Panamax ship-to-shore cranes that arrived at the Port of Savannah in June are now fully operational at Georgia Ports Authority’s Garden City Terminal. The cranes arrived on a specialized vessel June 5. After the cranes were offloaded
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has announced that it has entered into a time charter contract with RWE Supply & Trading GmbH, Essen, Germany, through a separate wholly-owned subsidiary, for one of its Capesize dry bulk vessels