Added Panamax Cargo Inquiries Have Little Effect On Rates

Wednesday, December 06, 2000
While panamax cargo Inquiries from the U.S. Gulf have increased, the additional business was not expected to have much effect on freight rates, brokers said on Tuesday.

Fixtures for the benchmark U.S. Gulf to Japan heavy grain route were noted in the $22 per ton region last week, but shipbrokers now suggest that a rate within $21 per ton is more likely. Evidence for this is seen in the latest U.S. Gulf to Taiwan fixture, for which charterers were reported to have paid $21 per ton of heavy grain on a fixture that specified loading between December 28 and January 8 for a 56,000-ton cargo. As the U.S. Gulf to Japan market tends to follow a $.50 premium basis shipments destined for Taiwan, a $21.50 per ton fixture for heavy grain shipments heading for Japan is becoming an increasing possibility, brokers said.

Moreover, the latest Baltic Panamax Index saw the relevant route 2 figure ease back $.30 to $21.97 per ton on Tuesday afternoon.

The reported charter of the 1995-built 75,484 dwt Golden Nerina illustrated the weaker Atlantic panamax market.

Brokers reported that Transfield has chartered the ship for a 60,000 ton heavy grain cargo. The grain is scheduled to load in the Mississippi between December 18 and 21 and is destined for Hamburg at a freight rate of $12.25 per ton.

While short-term forecasts remain depressed for the Atlantic Panamax grain trades, however, Pacific rates appeared to be finely balanced, brokers said.

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Offshore

Norwegian Unions Say 755 O&G Workers Could Strike

About 755 Norwegian workers on seven oil and gas fields could go on strike from Saturday, hitting output from western Europe's top producer, if a new wage deal is not agreed before a Friday deadline,

POSH Bags Shell FLNG Contract

Singapore’s offshore marine services provider PACC Offshore Services Holdings Ltd. (POSH) has been awarded a contract to support Shell’s Prelude floating liquefied

US Oil Drillers Cut Rigs after 3 Weeks of Additions

U.S. oil drillers cut rigs this week for a 20th week this year after three weeks of additions, according to a closely followed report on Friday, as crude prices

Finance

Morocco Sells 40% Stake in Port Operator in IPO

The Moroccan government raised 1.94 billion dirhams ($197 million) by selling a 40 percent stake in state-owned port operator Marsa Maroc in the country's first initial public offering this year,

Panamax Vessel Demand Keeps Baltic Index Up

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Monday for a fourth straight session as higher demand

Panama Opens Canal Extension Amid Risk, Cost Issues

Panama opened the long-delayed $5.4 billion expansion of its shipping canal amid cheering crowds on Sunday, despite looming economic uncertainty in the shipping

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair 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: 0.0801 sec (12 req/sec)