Pacific Panamax Rates Remain Steady

Tuesday, January 16, 2001
Freight rates for panamaxes trading the Pacific remained firm due to a flurry of business ahead of the Lunar New year, shipbrokers said on Tuesday. In the Far East, owners of larger panamax sizes have been negotiating firm returns recently and continue to do so.

Chinese charterers told shipbrokers that business there will grind to a halt between January 24 and 30 in observance of the Lunar New Year celebrations.

Brokers added that the impending holiday will start to affect the panamax markets by the end of the week and added that demand during the following week could be limited.

Meanwhile, despite a firmer tone in the Atlantic panamax sector, many shipbrokers believe that in the near term, the sector will be at best steady, due to a recent sentiment that Atlantic rates could see a revival was based more on optimism than fact.

Brokers pointed out that only limited orders were emerging in the U.S. Gulf due to a long weekend in the U.S. and saw no reason to hint that rate trends would change sharply for the better. However, severe weather patterns on Atlantic trading routes could cause disruption and delays in the weeks ahead for the panamax market, thus pushing rates up on a positional basis, brokers added.

The Baltic Panamax Index saw fractionally better rates for Atlantic trades on Tuesday, hinting the sector is tending towards a more stable position.

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

People & Company News

Cutter Diligence to Return

The crew of the Coast Guard Cutter Diligence is scheduled to return to their homeport in Wilmington Saturday following a 45-day patrol in the Caribbean Sea. During their patrol,

Zarmati joins Fathom

Fathom has engaged 44-year cruise industry veteran Maurice Zarmati to work with the burgeoning company. Fathom, which provides a different kind of cruise that

HMS Protector Deployed to Antarctic

Ice ship HMS Protector is heading for waters no Royal Navy vessel has visited in 80 years as she begins a marathon deployment to Antarctica. The Plymouth-based

Bulk Carrier Trends

Commodity Surge Boosts World Equities; Dollar Falls

Major world stock markets were poised for their biggest weekly advance since 2011 on Friday, as greater investor appetite for riskier assets propelled gains in

Commodities See Biggest Price Jump in 3 Years

Commodities jumped on Friday, headed for their largest weekly gain in more than three years as base metals roared higher after Glencore pledged to slash zinc output

Dry Bulk Shipping Turmoil Set to Extend into 2016

Dry bulk shipping faces more earnings pain as a slowdown in commodities demand and a glut of ships are expected to pile on the pressure well into 2016, ship industry players said on Wednesday.

Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Ship Simulators Sonar
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: 0.1465 sec (7 req/sec)