Transatlantic Panamax Rates Hit Six-Week Lows

Wednesday, May 30, 2001
Panamaxes for transatlantic round voyages fell to six-week lows on Wednesday as trade was limited by a series of European holidays in the month of May, brokers said.

"It's not looking good, every region is down. To say it's a disaster for owners would not be an understatement," a broker said.

Transatlantic round voyage returns are edging closer to the $11,000-a-day mark.

Brokers said that commodities trading house Cargill booked a 1997-built panamax at $11,500 a day, which underlined the weaker Atlantic market. Another broker said the panamax market would remain under pressure in the short-term unless charterers had some surprise cargoes to cover. But this seems unlikely as on Monday public holidays in most of Europe will take a number of European operators out of the market again, brokers said.

Shipbrokers said that the number of one-day holidays in Europe meant that the panamax market will struggle to recover before the summer lull fully hits the market.

They added that without a strong foundation, autumn freight rates would fall short of last year's levels.

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

Bulk Carrier Trends

Stena Sonangol Suezmax Pool Rings in 10 Years

Stena Sonangol Suezmax Pool celebrates 10 years of collaboration and trading.   The 10th anniversary celebrations took place in London on May 20. Today on May 26 it is Houston’s turn and,

Avance VLGCs Fixed

Avance Gas said repairs of two very large gas carriers (VLGCs) are complete, allowing the delayed ships to get to work.   Both new build VLGCs recently dry-docked - Breeze (83,

Bahri Inks Contracts with Hyundai to Build 5 VLCCs

The National Shipping Co. of Saudi Arabia (Bahri) signed contracts on Thursday with Hyundai Samho Heavy Industries (HSHI) to build five very large crude carriers (VLCCs),

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Offshore Oil Port Authority Salvage Ship Electronics Ship Simulators 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: 0.1464 sec (7 req/sec)