Rapid Panamax Expansion Affects Freight Rates

Monday, July 02, 2001
A fast expansion of the fleet in the panamax sector has outpaced trade and affected freight rates, shipbrokers on Monday.

"Panamax freight rates are not weaker due to falling demand, but rather because the fleet is growing faster than trade," a broker said. Rates quoted on the Baltic Panamax Index reflected a negative trend across the board, with average daily rates for transatlantic round voyages and fronthaul charter starting to ease back, brokers said.

They said average panamax freight rates had dropped around 10 percent over the past six months.

Shipbrokers also reported the charter of the 1999-built 72,270 dwt Sea Daisy in early July, for Rotterdam delivery followed by a transatlantic round voyage at a daily rate of $11,250.

Meanwhile, the 1990-built 72,136 dwt C Filyos was booked for early loading in the Mississippi River for a trip via Egypt with redelivery set for Cape Passero at a daily rate of $11,150 and a $205,000 ballast bonus.

The older 1984-built 66,916 dwt Amadeus for prompt Recalada delivery with Continent redelivery had been booked at a daily rate of $10,000 and a $300,000 ballast bonus, brokers said.

Other examples included the 1993-built 69,268 dwt Torm Tekla, booked on a retro basis for Rotterdam delivery. The panamax is set for a trip via the US Gulf and Saudi Arabia.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Diana Charters Out Two Bulkers

Diana Shipping Inc. today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Bunge S.A., Geneva, for one of its Panamax dry bulk vessels,

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

BIMCO: BDI Conducts the Demolition Activity

The Baltic Dry Index (BDI) ’s positive effect on capacity being removed from the fleet did not continue into Q2 2016, as capesize demolition came to a halt. The

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Navigation 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: 0.0640 sec (16 req/sec)