Oversupply Leads Pacific Panamax Rates Tumble

Wednesday, August 08, 2001
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. The fleet has added around 40 panamaxes and brokers expect a similar amount to be delivered during the second half of 2001.

Brokers said the trend was reflected in the fixture of the 1994-built 70,196 dwt Eastern Queen, which was due for late August North Pacific delivery followed by a trip to Japan at a rate of $6,000 plus a $60,000 ballast bonus.

Maritime Reporter July 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

M/V "Georgiana H" refused access to the Paris MoU region

On 17th July 2015 M/V “GEORGIANA H” with IMO number 8911413 was detained in Marina di Carrara (Italy). This is the third detention in the Paris MoU region within the last 24 months.

G6 Alliance Modifies Asia-Europe

The G6 Alliance has strengthened its Asia-Europe service by adding additional ports.    The G6 alliance, consisting of APL, Hapag-Lloyd, Hyundai Merchant Marine, Mitsui O.

Mozambique Port Accident Deals Blow to Vale Coal Project

A coal stacker has collapsed at the Mozambique port of Nacala, dealing a blow to Brazilian miner Vale's effort to start coal shipments from the African nation in the third quarter,

 
 
Maritime Standards Naval Architecture Navigation Pipelines Pod Propulsion Port Authority Salvage Ship Repair Sonar Winch
rss | archive | history | articles | privacy | 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: 0.0987 sec (10 req/sec)