Asian Panamax rates for dry bulk cargo are likely to ease further this week on soft demand for mineral and grain shipment, with many spot vessels available for hire in the market. "There have been few fresh spot inquiries by charterers," said a shipping broker. "In addition to this, the Panamax market has been under pressure from an oversupply of spot ships." Panamax rates for freights from the U.S. Gulf to Japan were indicated at $21.50-$22.00 a ton for March shipment, against $23.00 from a week ago, he said. The broker also put indication rates for April shipment around $22.50-$23.00 on hopes of a rise in vessel demand, as the South American grain export season starts in the same month. But no fixtures have been reported. In the market, one Japanese trading house was said to have fixed a Panamax vessel last week at $21.25 a ton to carry about 54,000 tons of heavy grain from the U.S. Gulf to Japan for February shipment, another broker said. Freight rates to South Korea and Taiwan were about $1.00 a ton less than those for U.S. Gulf/Japan, reflecting higher port charges in Japan, brokers said. The Panamax rates in the Asian market were also taking their cue from a soft tone in the Atlantic Panamax market, along with weakening freight rates for Capesize and Handysize, said a broker in Tokyo. Timecharter rates for the U.S. Gulf to Japan were at $10,750 a day plus $200,000 ballast bonus, against $11,000 a day plus $230,000 ballast bonus a week earlier, the Tokyo broker said
Conditions on the dry cargo freight market were generally steadier for Capesizes on Wednesday, with the Baltic Cape Index posted at an unchanged 2,171, brokers said. Atlantic Panamax rates rose further and brokers said conditions were also slowly improving for owners in the East for later May positions. The South African sector remained firm. The Baltic Dry Index (BDI) gained two points to 1,611 and the Baltic Panamax Index rose 10 points to 1,522
Freight rates in the Atlantic Panamax sector held steady on Wednesday amid signs that recent rises may be stalling, brokers said. "The Atlantic is holding up well, but the question is not whether the Panamax market will rally further, but when the Atlantic will come off," one said. Until then, Atlantic and Pacific Panamax rates were expected to remain steady. Signs that the market was reaching its pinnacle were heralded by the Baltic Panamax Index (BPI) on Monday
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 owners in the Atlantic have fought off charterers' attempts to push freight rates lower, but panamaxes in the Pacific are weaker due to oversupply, brokers said on Wednesday. "The Atlantic looks to have reached a level, but the Pacific has some way to go yet," one said. The Baltic Panamax Index has eased this week, standing 13 points lower at 922 on Wednesday. Brokers said the increase in the panamax fleet this year was behind the decline in freight rates.
Panamax rates continued to weaken due to oversupply and limited cargoes on Monday, but owners were hopeful that the market was finding a floor, brokers said. The physical market remained in decline, but the forward freight agreement market was holding steady. Buying interest on the Biffex futures market on Friday had suggested a potential bounce this week, brokers said. Panamaxes struggled to find employment and charterers were still using their advantage to push rates lower.
Panamax freight rates are expected to improve this week, although the Baltic Panamax Index rose just one point to 1,626 on March 12. Shipbrokers said Panamax freight rate movement for voyage charters has been tentatively positive recently, and while some timecharter rates have been marginally negative compared with previously done levels, the Panamax sector seems to be stabilizing ahead of an upward move. The only cause for concern was the decline in the Capesize sector
A lower than expected U.S. Gulf to Japan voyage charter has set the tone for the panamax sector, brokers said on Monday. The 1982-built, 60,052 dwt Marienvoy was reported fixed at $21.75 per ton of heavy grains basis no combination destination ports. Loading is scheduled for the end of March to the beginning of April. While the rate no doubt also factors in the age of the panamax, brokers pointed out that the present market level for modern panamaxes of 15 years or younger for this route
Panamax freight rates in the Atlantic have eased with little business to report and a similar situation in the Pacific has led to losses on the Baltic Panamax Indec, brokers said on Monday. The Index fell 21 points on Monday to 1,504 and brokers said they expected further panamax freight rate reductions to be reflected in the Index on Tuesday. But they said the Atlantic market was volatile and may reverse its fortunes.
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.
Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargos, has announced that it has taken delivery of M/V Star Sirius a Post - Panamax bulk carrier of approximately 98,000 deadweight tons carrying capacity.
Greece-based container ship & drybulk ship owners and operators Euroseas have released its results for the three month period and full year ended December 31, 2013, with the following highlights: Full year 2013 Net loss of $103.4 million, or, $2
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, announced that, through a separate wholly-owned subsidiary, it took delivery of the newly built m/v Crystalia, an Ice Class Panamax dry bulk vessel of 77,525 dwt that was contracted in March 2012.
Star Bulk Carriers Corp., a global shipping company focusing on the transportation of dry bulk cargos, announced that it has taken delivery of M/V Star Vega, a Post-Panamax bulk carrier of approximately 98,000 deadweight tons carrying capacity.
Diana Containerships Inc., a global shipping company specializing in the ownership of containerships, announced that it has signed, through a separate wholly-owned subsidiary, a memorandum of agreement to sell to an unaffiliated third party the 1995-built vessel APL Sardonyx (to be renamed
Marine transport advisors, McQuilling Services recently released its 2014-2018 Tanker Market Outlook that forecasts spot freight rates across eight tanker classes and 13 major trading routes. This year’s edition also includes a forecast of asset prices over the same period for
Scorpio Bulkers Inc. announced it has agreed to time charter-in five dry bulk vessels. The chartered vessels will be the first to operate in the Scorpio Bulker fleet, while the company awaits 74 newbuild and purchased dry bulk vessels (28 Ultramax
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, today announced that it has agreed to extend the present time charter contract with Clearlake Shipping Pte. Ltd., Singapore, for one of its Kamsarmax dry bulk vessels, the m/v Myrsini
Navios Maritime Partners L.P., an owner and operator of dry cargo vessels, has announced that the Navios Sun, a 2005-built panamax vessel of 76,619 dwt, was delivered to Navios Partners' owned fleet on January 17, 2014. The Navios Sun has been chartered out to a high quality counterparty
Diana Shipping Inc. Announces Signing and Drawdown of a US$18 Million Term Loan Facility With Commonwealth Bank of Australia; Announces Time Charter Contract for m/v Crystalia With Glencore. Diana Shipping has announced that it has completed a drawdown of US$18 million
Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, signed, through a separate wholly owned subsidiary, a shipbuilding contract with Yangzhou Dayang Shipbuilding Co., Ltd. and Shanghai Sinopacific International Trade Co., Ltd
Diana Shipping Inc., a shipping company specializing in the ownership of dry bulk vessels, has announced that it has signed, through a separate wholly owned subsidiary, a shipbuilding contract with Yangzhou Dayang Shipbuilding Co., Ltd. and Shanghai Sinopacific International Trade Co., Ltd
Navios Europe Inc. announced that it has taken delivery of four additional vessels out of the ten vessel acquisition from HSH Nordbank AG (HSH). Including these four vessels, Navios Europe has taken delivery of nine vessels in total. The remaining vessel is expected to be delivered by the
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
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