BFI Increase Reflects Rise In Panamax Rates

Monday, September 20, 1999
Panamax vessels continued to attract higher rates last week, which was reflected in gains by the Baltic Freight Index (BFI) and the Baltic Panamax Index. The BFI jumped 19 points to 1,143, while the Baltic Panamax Index rose 25 points to 1,105. Quieter conditions for caper and handies were responsible for a modest two point rise in the Baltic Capesize Index to 1,377 and a four point increase on the Baltic Handy Index to 871, brokers said. Fresh grain business was confined to just one fixture from Cargill, who took the 1980 built Elikon to ship 25,000 tons wheat Hamburg/Algeria September 20/25 at $15.25. Panamaxes involved in period business were said to be making consistent gains, as seen by all the timecharter component rates of the BFI, which have been on the rise for the last one to two weeks. United took the 1998 built 73,700 dwt Global F (ex-Global Faith) delivery Japan September 20/25 for 12 months trading redel worldwide for approximately $9,000 daily. United also booked the 1997 built 72,800 dwt New Herald delivery Flushing September 20/25 for 3-5 months trading at $9,700 daily, while the 1999 built 73,786 dwt Global Guardian was fixed by Kleimar delivery Philippines September 20/25 for 5-7 months trading at $8,800 daily. Caper chartering was subdued with only two vessels reported taken on a timecharter basis, and one on a straight voyage basis by Cetragpa for 140,000 tons ore Port Cartier/Dunkirk east and west October 5/20 at approximately $4.85. BIFFEX saw just three lots traded by the end of the day. Values finished five points down to five points up on Monday's close.

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