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)

Maritime Reporter June 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Star Bulk Takes Delivery of First Capesize from JMU

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the

Ardmore Shipping Secures Newbuilding Finance

Ardmore Shipping Corporation says it has signed agreements to upsize its existing senior loan facility with ABN AMRO Bank N.V., Nordea Bank Finland Plc, and Skandinaviska Enskilda Banken AB ("SEB").

Crowley Christens New DP2 Tugboat 'Ocean Sky'

Crowley Maritime Corp. says that the third of four tugboats in the Ocean-class series, 'Ocean Sky' has been christend  in Houston.  The ceremony served to formally

Bulk Carrier Trends

Star Bulk Takes Delivery of First Capesize from JMU

Athens, Greece-headquartered Star Bulk Carriers says it has taken delivery of 'M/V Peloreus' a 182,000 dwt Capesize built by Japan Marine United (“JMU”) and the

China Issues New Rules on US DDG Imports

China's Import Inspection Authority, AQSIQ, is now requiring U.S. distiller's dried grains imports to be officially certified free of the MIR 162 GMO trait, the U.

Freeport Says Indonesia Exports Could Resume Soon

Freeport-McMoRan Inc said on Wednesday it expects to "imminently" sign an agreement with Indonesia that would enable it to immediately resume copper concentrate

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Pod Propulsion Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1041 sec (10 req/sec)