Atlantic Panamax Rates Ease, Pacific Reports Losses

Monday, May 21, 2001
Panamax freight rates in the Atlantic have eased with little business to report and a similar situation in the Pacific has led to losses on the Baltic Panamax Indec, brokers said on Monday.

The Index fell 21 points on Monday to 1,504 and brokers said they expected further panamax freight rate reductions to be reflected in the Index on Tuesday.

But they said the Atlantic market was volatile and may reverse its fortunes.

"It would react to anything. If one or two fresh orders emerge, then panamax freight rates could rally," one broker said.

"Potential freight rate movement in the Atlantic panamax market is difficult to forecast. In reality it could move in either direction." Brokers said the 1999-built 72,891 dwt Ad Astra had been fixed on a retro May delivery Passero basis for a trip via the east coast of South America with redelivery Far East at $13,500 daily.

The 1998-built 73,798 dwt Royal Cosmos had been fixed for June delivery on the east coast of South America to be followed by a trip to the Far East for $12,750 daily plus a $280,000 ballast bonus, brokers said.

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