Atlantic Panamax Rates Take A Step Back

Friday, June 29, 2001
Sentiment on the Atlantic panamax market turned weaker albeit with unchanged freight rates, while most Pacific rates now appeared to be flattening out, shipbrokers said on Thursday.

Average Pacific prices as reported on the Baltic Panamax Index climbed only marginally, while Atlantic routes were shaved back one point to 1,435.

Shipbrokers said the main panamax activity remained in the Far East with rates for backhaul charter still rising.

With the daily rate for fronthaul trips placed around $11,400 and, by contrast, backhaul charters attracting around $9,000, returns on Pacific routes were likely to stay below those obtained for the Atlantic in the short term.

While the Pacific panamax market had tried hard in recent weeks to approach Atlantic rates, the continued emergence of new tonnage had conspired against a fuller recovery, they said.

Newbuildings entering the market had been attracted to longer timecharters guaranteeing better returns, such as the newly-built 75,000 dwt Leto - chartered at $10,250 daily over a 11-13 month period for Mokpo delivery in late July.

Chinese charterers Cosco have also taken the slightly older 1995-built 70,677-dwt Royal Ocean for a 12-16 month period at a rate of $9,600 daily.

Other short-period charters reported on Thursday included the 75,100-dwt Nordweser, built this year, which was chartered for 3-5 months trading at $9,900 daily, said shipbrokers.

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

Bulk Carrier Trends

Latest Shipbuilding Contracts Include VLCC Order for Philippine Yard

In the latest Clarkson Hellas S&P Weekly Bulletin newbuilding orders are reported in Far East shipyards for a range of vessels as follows: Bulk carriers Clarkson

SC Ports Report Record Pier Container Volumes

Georgetown grows 10 percent fiscal year to date Today South Carolina Ports reported March pier container volumes were the highest since August 2008. Last month the Port handled 85,

West Coast is Key for Exporting Bigger Canada Crops

Canada needs to invest in shipping more grains and oilseeds off the West Coast as harvests get larger, to avoid the massive transportation backlogs that followed last year's record crops,

Ports

Miami Tugboat Oil Spill: Coast Guard Respond

The US Coast Guard says that its crewmembers are responding to a fuel spill in the vicinity of Government Cut in Miami, following a leak discovered aboard the 95-foot tugboat 'Neptune'.

China Homeport for Latest Giant RCI Cruise Ship

Royal Caribbean International says that its latest cruise ship, 'Quantum of the Seas', will make its home port in Shanghai (Baoshan), China The ship will reposition to China in May 2015,

California Port Seeks Public Feedback on Expansion Plans

The Port of San Diego apprises it is to host separate open house events for the public to provide feedback on its long-range vision and 'Integrated Port Master Plan Update' process.

 
 
Maritime Contracts Maritime Security Naval Architecture Offshore Oil Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators 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: 0.1015 sec (10 req/sec)