Atlantic Panamax Earnings Plummet To New Lows

Monday, August 13, 2001
Average Atlantic panamax earnings sank to new lows on Monday, quashing hopes that the market had bottomed out, brokers said.

"We've given up predicting when the market will stop falling," one Norwegian broker said.

"It's not so much of a summer slowdown, (it is) more of a summer shutdown," he added.

Brokers said that charterers' offered levels for transatlantic panamax round voyages had now fallen through the $7,000-a-day barrier.

Commodities trading house Cargill booked the 1999-built Alpha Future for a transatlantic trip at $7,000 a day and this deal was expected to be one of the last concluded at this level, brokers said.

The outlook for Pacific panamaxes was also bleak, London brokers said.

Pacific panamaxes have fallen below $6,000 a day, well below the levels seen in 1999, brokers said.

"This is extremely bad. Up until now we have been able to be optimistic that no matter how bad it got, earnings were still above 1999's," one said.

Maritime Reporter March 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Tanker Trends

OSC Plans Fleet Expansion through 2018

State-owned Oman Shipping Company SAOC (OSC) is projecting to expand its current fleet of 43 ships to 50 by 2018, the Oman Daily Observer reported. According to the report,

Med Urals Market Awaits Short May Loading Schedule

Activity in the Russian Urals crude market froze on Tuesday as traders said they were awaiting the first loading dates for May for signs of how much supplies from

North Sea Traders Eye VLCCs to Asia, Libya Caps

North Sea Forties crude differentials firmed on Tuesday as traders eyed two potential VLCC shipments to Asia, though gains were capped as the first cargo of Libyan

Bulk Carrier Trends

ISC Expects Faltering Q1 2014 Financial Results

International Shipholding Corporation (ISC) provides preliminary guidance for first quarter 2014 results and announces timing of earnings release and conference call.

St. Lawrence Seaway Notices Update

The Great lakes St. Lawrence Seaway System today issued notices number nine and 10 regarding maximum allowable drafts in the Montreal section in Lake Ontario and

New Mangalore Port Traffic Up 6.29%

New Mangalore Port recorded growth of 6.29% in cargo handling during the financial year 2013-14, GAC informs. The port handled 39.36 million tons of traffic, compared to 37.

 
 
Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.0941 sec (11 req/sec)