Asia's Panamax rates for dry bulk cargo are expected to remain firm this week on strong vessel demand for grain and mineral exports and support from a rebound in Capesize, traders said. "Panamax freight rates are holding firm this week," said a shipping trader in Seoul. "The rates are a bit firmer than we expected ahead of the slow summer season."
Active grain and oilseed exports from South America were providing support to the Panamax market
, along with steady exports of coking coal from China, Indonesia and Australia, he said.
The Panamax rates were
also supported by a rebound in Capesize rates since
late last week, he added.
Spot freight rates for U.S. Gulf/Japan for Panamax cargoes were unchanged at about $23.25-$23.50 per ton from last week, a shipping broker said.
The timecharter rate for hiring modern Panamax vessels
to transport cargo from the Atlantic to the Far East stood
at around $11,500 a day, plus a $250,000 ballast bonus, barely changed from last week, he said.
U.S. Gulf/Japan freight rates for Panamax shipments for late July/early August remained around $22.50-$22.75 a ton since a week ago, he said.
Freight rates to South Korea and Taiwan are expected to be about $0.50 a ton less than spot and forward rates on the U.S. Gulf/Japan route, traders said.
They said spot timecharter rates for the Pacific round for modern Panamaxes were at $12,000-$12,250 per day, against $12,000 per day a week ago.