Atlantic Panamax Earnings Plummet To New Lows

Monday, August 13, 2001
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.

Commodities trading house Cargill booked the 1999-built Alpha Future for a transatlantic trip at $7,000 a day and this deal was expected to be one of the last concluded at this level, brokers said.

The outlook for Pacific panamaxes was also bleak, London brokers said.

Pacific panamaxes have fallen below $6,000 a day, well below the levels seen in 1999, brokers said.

"This is extremely bad. Up until now we have been able to be optimistic that no matter how bad it got, earnings were still above 1999's," one said.

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

US Crude Oil Exports Hit 15-year High

U.S. crude oil exports reached 288,000 barrels per day (bpd) in May, the highest levels since April 1999, data from the U.S. Energy Information Administration showed on Wednesday.

Iraqi Kurdish Pipeline Stopped; Tanker in Limbo off Texas

Iraqi Kurdistan's attempts to export oil independently of Baghdad hit another obstacle on Wednesday, as a Turkish energy official and industry sources said the

Iraq's Kurds Have Right to Sell Oil While Squeezed by Baghdad

Iraq's Kurdish region has the right to keep selling oil as long as the Baghdad government keeps cutting its budget, the head of the Kurdish parliament's energy committee said on Tuesday,

Bulk Carrier Trends

Egypt Buys 175,000mt of Russian Wheat

Egypt's state grain buyer, the General Authority for Supply Commodities (GASC), said on Wednesday it had bought 175,000 metric tons of Russian wheat for shipment Sept.

Rio Tinto Pulls Plug on Mozambique Coal Venture

Rio Tinto has agreed to sell coal assets it bought through a $4 billion acquisition of Riversdale in 2011 for just $50 million to an Indian joint venture, ending

MOL Ship Management Earns Energy/Enviromental Certifications

First company to receive ISO50001 certification from Nihon Kaiji Kyokai.   MOL Ship Management Co., Ltd. (MOLSHIP), a core ship management company in the corporate group headed by Mitsui O.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Ship Electronics Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0966 sec (10 req/sec)