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
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.
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.
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
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.
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
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 Canadian Coast Guard (CCG) authorizes the passage of vessels up to 44 metres wide in the Quebec-Montreal section of the St. Lawrence navigation channel. The previous authorized width was 32.1 metres without restrictions. The CCG has made the provisions following a study commissioned by
Georgia Ports Authority (GPA) moved 2.4 million tons of cargo in April, a 4.7 percent increase – or 108,532 tons – over the same month a year ago. This figure was boosted by a strong performance in containers, bulk and Roll-on/Roll-off cargo.
Panama City, Panama, May 14, 2013 – Maersk Line CEO Søren Skou visited the Panama Expansion construction site accompanied by Panama Canal Administrator Jorge L. Quijano during his recent trip to Panama. Skou and other Maersk Line executives had the opportunity to see the
Diana Containerships Inc., a global shipping company specializing in owning and operating containerships, announced that it signed, through a separate wholly-owned subsidiary, a Memorandum of Agreement to sell to an unaffiliated third party the 1989-built vessel Maersk Madrid (to be renamed
Diana Shipping Inc. signs up to buy the 'M/V Tamou', a 2005 built Capesize dry bulk carrier of 177,243 dwt. The purchase price is US$27,020,202, less one percent address commission to the buyers. The vessel, to be renamed "Baltimore
New report examines evolving trade patterns resulting from the upcoming 2015 Panama Canal expansion The Colliers International report, "CapEx or Capsize," underscores the idea that cities need to spend the capital to upgrade their ports, or risk "capsizing" their economies
Diana Shipping Inc. (NYSE:DSX), a global shipping company specializing in the ownership and operation of dry bulk vessels, has announced that it has entered into a time charter contract with Rio Tinto Shipping Pty, Ltd., Melbourne, Australia
A dry bulk carrier has been delivered to the buyers & the contract for sale of a product carrier tankship has also been signed. The Great EasternShipping Company Ltd. (G E Shipping) has delivered its 1995 built Panamax dry bulk carrier Jag Arnav (about 71,000 dwt) to undisclosed buyers.
A decline in demand for Capesize vessels has been countered by an improvement in demand for Panamax vessels, according to the latest Dry Bulk Insight published by Drewry Maritime Research. This left the Drewry Hire Index unchanged from January’s level.
Diana Containerships Inc. has taken delivery of the m/v “Hanjin Malta”, a 1993-built Panamax container vessel of 4,024 TEU capacity. The Hanjin Malta is time chartered to Hanjin Shipping Co. Ltd., Seoul, for a period of minimum thirty-six and a half months to maximum thirty-eight
Greece-based Tsakos Energy Navigation Limited (TEN) fix 3-year charters for 5 Panamax LR1 product tankers with a major national end-user. These fixtures are expected to generate close to $80 million in gross revenues over the duration of their contracts
Diana Shipping Inc., a global shipping company specializing in the ownership and operation of dry bulk vessels, announced it has entered into a time charter contract with Cargill International S.A., Geneva, through a separate wholly-owned subsidiary, for one of its Capesize dry bulk carriers
Greek-based Euroseas Ltd., drybulk and container ship owners and operators, publish their Q4 & full year 2012 financial results. Full year 2012 Highlights: Net loss of $13.2 million or $0.34 net loss per share basic and diluted on total net revenues of $52.5 million
Diana Shipping Inc. (NYSE:DSX), was the successful bidder at an auction that took place in France, for the m/v Valeria Della Gatta (to be renamed Maia), a 2009-built Kamsarmax dry bulk carrier of 82,193 dwt, built by Tsuneishi Shipbuilding Co. Ltd
Greece's DryShips Inc. is to offer the public 5-million of the common shares it holds in Ocean Rig UDW. Following the completion of the offering, DryShips is expected to own approximately 61.3% of Ocean Rig’s outstanding shares (Ocean Rig is a provider of offshore deepwater drilling