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 Today


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

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

Shipbuilding

Crowley Christens 2nd LNG-ready Product Tanker

Crowley christens second of four newly built, LNG-ready product tankers for use in U.S. coastwise trade   Crowley Maritime Corp. has christened the second of

VT Halter Delivers ATB Tug to Bouchard

VT Halter Marine, Inc. announced the delivery of the M/V Morton S. Bouchard Jr., the first of the two 6,000 horsepower Twin Screw Articulated Tug Barge (ATB) tugs to Bouchard Transportation Co.

Damen Builds Cable Installer For Maersk Supply Service

New Damen-built vessel for Maersk Supply Service to undertake long-term charter with DeepOcean   A newbuild DP2 cable installation vessel, Maersk Connector, was

Bulk Carrier Trends

Globus Maritime Reclassifies Board Member

Globus Maritime Limited, a dry bulk shipping company, announced today that when Georgios Karageorgiou, a Class I director of Globus Maritime Limited  resigned on December 28,

Baltic Index Records New Low

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying industrial commodities, registered a new all-time low for the ninth straight

Dry-Bulk Shipping: Hitting the Bottom

Dry bulk shipping companies being hit the hardest on account of the deteriorating business climate are likely to be swept by a new wave of bankruptcies, reports Nikkei.

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction 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: 0.0694 sec (14 req/sec)