Atlantic Panamax Market Positive

Wednesday, January 24, 2001
Positive sentiment continued to support the Atlantic Panamax market supported, shipbrokers said on Wednesday. The Pacific sector was seen as calm, with any losses to Panamax freight rates seen as ‘marginal.’ As the Lunar New Year holiday continues in the Far East, the Atlantic sector remained generally upbeat, shipbrokers said. Freight rates for the sector continued to improve, and even the slight reductions on some Pacific panamax trades were not considered destructive to the overall market tone. "I would still say that it is an owners market rather than charterers market," one shipbroker said. Current market sentiment is in contrast to those who have voiced concern that the Atlantic would find it difficult to hold on to a gently upward trend throughout the holiday period. So far this week charterers and owners willing to do business have fixed both modern and older Panamaxes. The 1973-built 76,765 dwt Konkar Victory has been fixed for a four to six period charter at $7,500 daily. A 12-month charter for the 1998-built 74,043 dwt Panamax Cosmic Fortune has been noted at $11,100 daily. The freight rate for the 1995-built 73,044 dwt Abidin Pak scheduled for delivery Japan in early February for a north Pacific round voyage has been reported at $13,200 daily, with the level considered reasonable by shipbrokers. The older 1990-built and smaller 68,849 dwt Panamax Oceanic Explorer scheduled for delivery Japan at the end of January for a north Pacific round voyage managed to negotiate $12,750 daily, according to reports. – (Reuters)

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