Panamax Freights Rise, Pacific Rates Hold

Panamax freight orders picked up for Atlantic tonnage on Tuesday while Pacific rates continued to hold strong, shipbrokers said.

In the short-period market, the 75,000 dwt newbuilding APJ Jit was chartered for June 20-25 South Korea delivery, booked for 3-5 months trading at a rate of $9,750 daily, they said. Brokers reported the chartering of North Friendship, a 1999-built 74,732 dwt panamax, was chartered for end-June U.S. Gulf delivery. The timecharter included a trip to Indonesia at a rate of $11,250 daily plus a $225,000 ballast bonus, they said.

Hanjin was said to have chartered the 1989-built 68,779 dwt Achilles for early July U.S. Gulf delivery and the panamax is set for a trip to the Far East at a rate of $11,100 daily plus a $210,000 ballast bonus.

Transfield was reported to be involved in a fixture for the 66,908 dwt Panayia Moutsaina panamax, built in 1984, which is due for prompt Gibraltar delivery followed by a trip via east coast South America and then redelivery to the Continent at a daily rate of $10,250.

Shipbrokers said ships under 15 years of age and with tonnage of 70,000 dwt currently attract an average of $11,100 daily for an Atlantic round voyage.