Pacific Panamax Market Gets Ugly

Thursday, August 02, 2001
The Pacific panamax sector was set to weaken further after the Baltic Panamax Index fell under 1,000 due to a lack of orders, brokers said on Thursday.

"There are no orders. The Baltic Panamax Index is now under 1,000 and the Pacific panamax market looks ugly," one said.

The Baltic Panamax Index was at 987, down 33 points on Thursday, and both the trans-Pacific round voyage and backhaul timecharters saw $400 cuts from the index.

Brokers said Pacific round voyage charters were being reported around $5,000, with the Atlantic equivalent seen just under $7,000 daily.

In the Atlantic, brokers said fresh orders from South America, among others, were giving some support to the market.

They said fixtures included one for the 1999-built 72,891 dwt AD Astra for mid-August north Pacific delivery followed by a trip to China at $6,000 plus $80,000 ballast bonus.

They also reported the 1998-built 73,729 dwt Global F had been booked for late August Santos or Paranagua delivery followed by a trip to the Continent at a rate of $8,000 daily plus a $120,000 ballast bonus.

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

Bulk Carrier Trends

Freeport Says Indonesia Exports Could Resume Soon

Freeport-McMoRan Inc said on Wednesday it expects to "imminently" sign an agreement with Indonesia that would enable it to immediately resume copper concentrate

Global Ocean Trade: Latest Shipbuilding Orders

No tankship orders noted the past week by Clarkson Hellas in their latest S&P Weekly Bulletin, but no lack of orders in the dry bulk carrier market, all from Far East shipbuilders.

Scorpio Bulkers Gets $540m Loan for Newbuilds

Scorpio Bulkers Inc. announced that it has received a commitment for a $540 million loan facility and provides an update on the financing of its fleet. On July 21,

Finance

Legislation Grants Funding for EU's EMSA

EU Council Adopts Regulation on EMSA Funding The European Union Council adopted a regulation yesterday to finance the actions of the European Maritime Safety

Wärtsilä to Divest its Shares in Two-stroke JV

Wärtsilä to divest its shares in QMD two-stroke joint venture Wärtsilä announced that it will divest its shares in the Qingdao Qiyao Wärtsilä MHI Linshan Marine Diesel Co.

SFL Announces Sale of Three Older VLCCs

Ship Finance International Limited (SFL) announced that it has agreed to sell the 1999 built VLCCs Front Opalia, Front Comanche and Front Commerce to an unrelated third party.

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Shipbuilding / Vessel Construction 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: 0.1695 sec (6 req/sec)