Asian Panamax Rates Move Down Slightly

Friday, February 09, 2001
Asian Panamax freight rates for dry bulk cargo market edged lower this week on slowing demand and brokers said on Friday a recovery was likely to come only in mid-March with the start of the South American export season.

For the benchmark U.S. Gulf to Japan route, freight rates were quoted lower at US$21.42 per ton compared to $22.19 one week ago, while spot freight rates for the U.S. Pacific route were quoted at US$16.83 per ton, down from $17.28. Brokers said the freight market appeared to be depressed by an oversupply of ships as well as slow chartering activities since the Chinese New Year holidays in late January.

Some brokers had expected the freight market to bounce back this month after the end of the Lunar New Year holiday in parts of Asia, but they said such a rebound did not materialize.

One shipping agent based in Taipei attributed the weakness of the Panamax-class cargo market in part to grain importers staying on the sidelines, awaiting South American exports.

"Many grain buyers seem to have covered their near-term demand. A recovery for Panamaxes is unlikely to appear until the South American export season gets underway in March," said the shipping agent.

On the timecharter front, brokers said the market showed no signs of a pick-up with rates for the U.S. Gulf to Japan quoted lower at $10,300-10,500 a day against $10,500-$11,000 a week ago, while the Pacific route edged down to $12,000 from $12,500-$13,000.

Maritime Today


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

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

New Products

Norsafe Debuts New RIB in Gothenburg

Norsafe has released its first RIB, the Marathon 900, to compliment its range of boat models for professional and military customers.  Launched at High Speed

Damen Unveils Multi-role Utility Vessel

Work is due to start shortly on the first of a new class of Damen utility vessel UV2410.   This multi-role platform is the result of extensive consultation with

DLM Launches Container Load Monitoring System

Chant Engineering announced that business partner DLM has introduced a new product for the International Shipping Industry: the Twistlock Load Cell and Container Load Monitoring System.

Bulk Carrier Trends

A Year is a Long Time in Tankers

The latest Gibson Market Report focused on the age profile of the VLCC fleet and the prospects for trading life beyond 15 years of age.    Analysis of the Suezmax fleet shows a similar picture,

Diana Charters Out Two Bulkers

Diana Shipping Inc. today announced that, through a separate wholly-owned subsidiary, it entered into a time charter contract with Bunge S.A., Geneva, for one of its Panamax dry bulk vessels,

Higher Capesize Demand Pushes up Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday buoyed by higher demand for capesize vessels.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Pod Propulsion Port Authority Salvage Ship Electronics Ship Simulators
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: 0.0667 sec (15 req/sec)