Lackluster U.S. Gulf to Japan Charter Is to Blame for Panamax Rates

Monday, April 02, 2001
A lower than expected U.S. Gulf to Japan voyage charter has set the tone for the panamax sector, brokers said on Monday.

The 1982-built, 60,052 dwt Marienvoy was reported fixed at $21.75 per ton of heavy grains basis no combination destination ports. Loading is scheduled for the end of March to the beginning of April.

While the rate no doubt also factors in the age of the panamax, brokers pointed out that the present market level for modern panamaxes of 15 years or younger for this route is around $22.35 per ton, according to the Baltic Panamax Index (BPI).

While the Pacific time and voyage charters ease back, however, the fronthaul panamax market is showing signs of marginal improvement. Shipowners, it seems, would prefer to take their chances in the Atlantic at the moment, brokers said, adding that charterers are starting to consider paying a premium in order to charter a panamax to enter the Pacific.

Freight rates for Atlantic panamax trading in general appear to be holding, although some levels have been shaved. Activity in the Atlantic remains focused on the South American market, with both panamaxes and handies finding trade in the area., brokers said.

For handies of 30,000 dwt, charterers are willing to pay between $20.50 and $22 a ton to transport different grain cargoes in mid-April from South America to the Continent and Mediterranean. On the timecharter front, older panamaxes of late-1970s build have attracted around $9,000 for South America round voyages, with newer ships securing higher rates

The 1994-built, 73,236 dwt Thalassini Niki was been chartered at $11,500 daily plus $230,000 ballast bonus for delivery Paranagua on April 15-20, with redelivery scheduled for the Continent, by grain house Bunge.

For contrast, the 1987-built, 42,620 dwt Irene set for delivery east coast of South America in early April for a trip to the Continent has also been reported fixed at $10,000 daily plus $165,000 ballast bonus, brokers said.

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

People & Company News

Costa Concordia: Operations to Tow the Wreck Begin

Maneouvres began early on Wednesday to remove the rusty hulk of the Costa Concordia cruise liner from the Italian island where it struck rocks and capsized two years ago, killing 32 people.

Thai Resort Owners Sue State Owned Company for Oil Spill

Business owners on Koh Samet island are suing a state-owned petroleum enterprise for the oil spill that polluted the resort island's beaches last year. More than 50,

Bahrain US$35-M Land Reclamation Contract for GLDD

Provider of dredging services in the United States and a major provider of environmental & remediation services, Great Lakes Dredge & Dock Corporation (GLDD) says

Bulk Carrier Trends

Global Ocean Trade: Latest Shipbuilding Orders

No tankship orders noted the past week by Clarkson Hellas in their latest S&P Weekly Bulletin, but no lack of orders in the dry bulk carrier market, all from Far East shipbuilders.

Scorpio Bulkers Gets $540m Loan for Newbuilds

Scorpio Bulkers Inc. announced that it has received a commitment for a $540 million loan facility and provides an update on the financing of its fleet. On July 21,

Ivory Coast Rain Fuels Hopes for Strong Cocoa Main Crop

Rain mixed with sunny spells last week in most of Ivory Coast's main cocoa regions helped the development of plentiful small pods, suggesting a strong start to

 
 
Maritime Contracts Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction 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: 0.1270 sec (8 req/sec)