Panamax Rates Hold Strong

Tuesday, April 24, 2001
Freight rates for Panamaxes trading the Atlantic are holding strong but the Pacific market is now starting to weaken, shipbrokers said. "Prospects for May in the Atlantic are very good as South American business is expected to accelerate," said a shipbroker, adding that the strength in the Atlantic Panamax market was likely to continue into next month. South America's grain export season started later than expected this year and should therefore produce further opportunities for the Panamax sector in late spring, he said. One fixture was reported for this market on Tuesday, the 1981-built Golden Glow, 63,990 dwt, for prompt delivery Piraeus to be followed by an east coast of South America round voyage for at a daily rate of $10,250. However, in the Pacific market shipbrokers reported that the approaching holidays in the Far East have already affected Panamax freight rates. "Potential charterers for the Far East Panamax market are already clearing their desks ahead of Japanese Golden Week and subsequently fixtures have been done at lower rates," one London-based shipbroker said. The result, brokers say, has been a fall in the Baltic Exchange's Panamax Index which slipped 17 points on Tuesday to 1,535 -- mainly on the weakness in the Pacific outweighing strength in the Atlantic market, they say. The fixture of the 72,500 dwt Nordweser, built this year also caught the interest of shipping sources who reported its charter for mid-May loading in the U.S. Gulf followed by a trip to the Far East at $11,800 daily plus a $265,000 ballast bonus. - (Reuters)
Maritime Reporter April 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Suspected Migrant Smugglers Arrested

German police arrested three men on Wednesday suspected of belonging to an organised criminal group that smuggles people from Africa to the European Union.   Around 7,

US Navy Settles Environmental Violations

A settlement between the U.S. Environmental Protection Agency and U.S. Navy will help reduce potentially harmful discharges of ozone-depleting substances and ensure

Maersk Issues 'letter of undertaking' to Iran

Maersk Line said on Wednesday it had provided a letter of undertaking in relation to uncollected cargo that has led to the seizure by Iranian authorities of the vessel Maersk Tigris.

Bulk Carrier Trends

April Ice Hinders Great Lakes Ore Trade

Shipments of iron ore on the Great Lakes and St. Lawrence Seaway totaled 4.3 million tons in April, nearly 15 percent below the month’s long-term average, the

Argentine Soyoil Exports Slowed by Strike

Argentina soyoil shipments were slowed on Tuesday by the start of a wage strike by a union representing 20 percent of the country's crushing workers, while the

Hamburg Süd Eyes Ocean Three Membership

UK- based shipping consultants Drewry said that it was only a matter of time before these carriers make the formal announcement that Hamburg Süd is to become a fully-fledged member of Ocean Three,

 
 
Maritime Contracts Maritime Security Navigation Offshore Oil Pod Propulsion Ship Repair Ship Simulators 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: 0.0939 sec (11 req/sec)