Asian Panamax Rates Move Down Slightly

Friday, February 09, 2001
Asian Panamax freight rates for dry bulk cargo market edged lower this week on slowing demand and brokers said on Friday a recovery was likely to come only in mid-March with the start of the South American export season.

For the benchmark U.S. Gulf to Japan route, freight rates were quoted lower at US$21.42 per ton compared to $22.19 one week ago, while spot freight rates for the U.S. Pacific route were quoted at US$16.83 per ton, down from $17.28. Brokers said the freight market appeared to be depressed by an oversupply of ships as well as slow chartering activities since the Chinese New Year holidays in late January.

Some brokers had expected the freight market to bounce back this month after the end of the Lunar New Year holiday in parts of Asia, but they said such a rebound did not materialize.

One shipping agent based in Taipei attributed the weakness of the Panamax-class cargo market in part to grain importers staying on the sidelines, awaiting South American exports.

"Many grain buyers seem to have covered their near-term demand. A recovery for Panamaxes is unlikely to appear until the South American export season gets underway in March," said the shipping agent.

On the timecharter front, brokers said the market showed no signs of a pick-up with rates for the U.S. Gulf to Japan quoted lower at $10,300-10,500 a day against $10,500-$11,000 a week ago, while the Pacific route edged down to $12,000 from $12,500-$13,000.

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

New Products

DMW Marine Takes the Lead in Military Cranes

DMW Marine Group, LLC. has completed a number of projects for the U.S. Navy and foreign Navies in recent years, claiming a place as a go-to supplier for Navy departments globally.

Torqeedo Introduces New Deep Blue Inboard

Torqeedo now offers a shaft drive version of its 40 and 80 horsepower Deep Blue motor. An electric drive designed for marine use from the ground up, the Deep Blue inboard shares the safety,

Protea to Launch Heavy-Lift Cranes at Nor-Shipping

Protea, a global manufacturer of offshore handling equipment, will launch two types of heavy lift cranes at Nor-Shipping 2015 in Oslo, June 2-5. Tomasz Paszkiewicz,

Bulk Carrier Trends

Asia Dry Bulk-Capesize Rates Mixed on Uncertainty

Capesize rates slide after hitting 5-month high. Rates for capesize bulk carriers eased this week after hitting their highest since December, and could come

HSH Bank to Split Off Bad Shipping Loans

German lender HSH Nordbank could split off a "bad bank" for non-performing shipping loans as part of a plan to create a sustainable business model, according to a person familiar with the matter.

CSD, Cosco JV to Buy Vale's Bulk Carriers

China Shipping Development (CSD) and Cosco have established a joint venture (JV), China Ore Shipping Pte., in Singapore to purchase four 400,000 dwt ore carriers from Vale and operate them.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Navigation Port Authority 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: 0.1598 sec (6 req/sec)