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

Offshore

Hercules Offshore Shares Fall 33%

Drilling contractor Hercules Offshore Inc's shares fell as much as 33 percent to a record low on Friday, a day after Deutsche Bank cut its price target on the company's stock to $0.

Brightoil Reports Steady Growth in Interim Results

Brightoil Petroleum (Holdings) Limited announced its interim results for the six months ended December 31, 2014, reporting steady growth over the period.   During the period,

Mexico Approves 5 Shallow Water Areas in Round One Oil Tender

Mexico has approved the terms for five shallow water areas containing around 355 million barrels of oil equivalent as part of its Round One tender to open up the country's oil fields,

Finance

Indian Ports to Set Sail on Corporatization

Indian Finance Minister Arun Jaitley said in Union Budget 2015 that government-run ports in India will be encouraged to corporatize and become companies under the Companies Act.

Zvezda Shipyard Comes Up Despite Western Sanctions

German and Finnish partners continue to build Russia’s Far Eastern “Zvezda” shipyard for Arctic oil exploration ships, in spite of Western sanctions, reports Sputnik.

ADB Okays $30mln for Pak LNG Terminal

The Asian Development Bank (ADB) has approved a $30 million project loan to Engro Elengy Terminal Private Limited, a special purpose company which will build Pakistan’s

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair Ship Simulators
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1262 sec (8 req/sec)