Panamax Operators Move Past Seasonal Freight Rate Slump

Tuesday, August 14, 2001
Panamax operators are poised for an improvement in freight rates after receiving indications that the seasonal slump has passed, shipbrokers said on Tuesday.

Reports emerged of off-market trips done at firmer levels than of late, at some $8,000 daily for bookings on the key U.S. Gulf to Far East route, giving the market some confidence that prospects for the panamax sector were brightening, they said.

This was the first sign of an upturn since the summer slowdown dented panamax trade at the start of July, they added, with the rise in modern panamax bookings at stable levels giving a solid indication that the market may have reached its bottom.

South African panamax movements held steady at $6,000 daily for Continent discharge, providing another sign that the summer slide had been halted, shipbrokers said.

London broker Galbraiths reported that at least one major charterer was still looking for tonnage from the U.S. Gulf to Egypt for a nearby heavy grains cargo.

However, shipbrokers cited one note of negativity in the day's trading with reports that steam coal stocks in Europe and Richards Bay were at dangerously high levels.

"Panamaxes have been effectively feeding off the capesize market from Richards Bay but the stockpile situation in Europe could ruin this cozy set-up," said a broker.

"The Chinese are offering competitive prices which could be enough to reduce Richards Bay to Europe panamax trading opportunities," he added. - (Reuters)


Shipbuilding

MV WERFTEN, Foreship Sign Design Agreements

MV WERFTEN signed a letter of intent with the engineering company Foreship in Stralsund today. The agreement includes parts of the basic design as well as design,

Zumaia Offshore Acqires MPP Workboat Aitana B

In April 2016 Zumaia Offshore, S.L., leading workboat owner and operator based in the Basque Country, took delivery of the Cummins-powered MPP workboat “Aitana

How Rapid is the Fleet Growth?

During July 2016, the containership fleet reached a landmark 20 million TEU in terms of aggregate capacity, says Clarksons Research.   To many it only seems

Bulk Carrier Trends

Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects

Fednav Welcomes Innovative Ballast System at Indiana Port

Fednav Limited, the largest international bulk shipowner in Canada, welcomed to the Port of Indiana-Burns Harbor, the Federal Caribou, one of seven new oceangoing

Essar’s Vizag Port Terminal Boost Third Party Business

Post the taking over of Vishakhapatnam Port Trust’s (VPT's) Iron Ore Handling Complex (OHC) on a Build-Operate-Transfer (BOT) basis for a period of 30 years in May’ 15,

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Pod Propulsion Salvage Ship Electronics Ship Repair 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: 0.0710 sec (14 req/sec)