Asian Panamax Rates Up Slightly

Friday, January 05, 2001
Asian Panamax freight rates for dry bulk cargo edged up slightly this week in slow trade due to New Year holidays, Reuters reported. But the outlook for the Panamax sector remained healthy as activity would pick up momentum after the holiday period and the arrival of new ships was unlikely to affect Panamax rates before April, brokers said. The freight rates for the heavy grain Panamax benchmark route, U.S. Gulf to Japan, were quoted higher at $22.493 a ton compared with $22.208 two weeks earlier, brokers said. Panamax rates for the U.S. Pacific route were indicated at $16.543 per ton, up from $16.325 two weeks ago. Brokers said reported fixtures had been slightly quieter as Christmas and New Year holidays kept chartering businesses slow. They did not expect too much movement in the dry bulk carrier market until next week as grain trade appeared to be subdued. "The market is unlikely to get back to normal trading levels before next week as a limited number of fixtures was reported," said one Taipei-based shipping agent said. On the timecharter front, one shipbroker said rates for the U.S. Gulf to Japan route were quoted at around $11,500 with rates for the Pacific route at $12,000. However, one domestic broker said he expected freight rates to show signs of slight weakness later in the month as the coming Lunar New Year holidays would slow vessel orders. The Chinese New Year falls on January 24 and offices in the Chinese community are likely to remain shut until as late as January 28.

Bulk Carrier Trends

Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects

Fednav Welcomes Innovative Ballast System at Indiana Port

Fednav Limited, the largest international bulk shipowner in Canada, welcomed to the Port of Indiana-Burns Harbor, the Federal Caribou, one of seven new oceangoing

Essar’s Vizag Port Terminal Boost Third Party Business

Post the taking over of Vishakhapatnam Port Trust’s (VPT's) Iron Ore Handling Complex (OHC) on a Build-Operate-Transfer (BOT) basis for a period of 30 years in May’ 15,

Finance

Hellenic Petroleum Profits Rise on Higher Exports

Hellenic Petroleum, Greece's biggest oil refiner, posted a 20 percent rise in second-quarter core profit on Thursday, with higher exports offseting lower refining margins.

China COSCO Falls to H1 Net Loss

China COSCO Holdings Co Ltd fell to a first-half loss hurt by a persistent slump in the global container market, the world's fourth largest container shipper said on Thursday.

Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects

 
 
Maritime Contracts Maritime Security Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage 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: 0.0719 sec (14 req/sec)