Atlantic Panamax Rates Take A Step Back

Friday, June 29, 2001
Sentiment on the Atlantic panamax market turned weaker albeit with unchanged freight rates, while most Pacific rates now appeared to be flattening out, shipbrokers said on Thursday.

Average Pacific prices as reported on the Baltic Panamax Index climbed only marginally, while Atlantic routes were shaved back one point to 1,435.

Shipbrokers said the main panamax activity remained in the Far East with rates for backhaul charter still rising.

With the daily rate for fronthaul trips placed around $11,400 and, by contrast, backhaul charters attracting around $9,000, returns on Pacific routes were likely to stay below those obtained for the Atlantic in the short term.

While the Pacific panamax market had tried hard in recent weeks to approach Atlantic rates, the continued emergence of new tonnage had conspired against a fuller recovery, they said.

Newbuildings entering the market had been attracted to longer timecharters guaranteeing better returns, such as the newly-built 75,000 dwt Leto - chartered at $10,250 daily over a 11-13 month period for Mokpo delivery in late July.

Chinese charterers Cosco have also taken the slightly older 1995-built 70,677-dwt Royal Ocean for a 12-16 month period at a rate of $9,600 daily.

Other short-period charters reported on Thursday included the 75,100-dwt Nordweser, built this year, which was chartered for 3-5 months trading at $9,900 daily, said shipbrokers.

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

Bulk Carrier Trends

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

Uncertainity Plagues Seaborne Iron Ore Shipments

Chinese iron ore imports account for around two thirds of global seaborne iron ore shipments, making it the key driver of Capesize employment. Clarksons Research Report.

Berthing Policy for Dry Bulk Cargo for Indian Ports Unveiled

Ministry of Shipping has formulated a new Berthing Policy for Dry Bulk Cargo for all Major Ports which will come into effect from 20th August, 2016. The objective

Ports

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,

New Era of Global Trade with Expanded Panama Canal

The Expanded Panama Canal is now officially open for business.   During the official inauguration ceremony, Panamanian President Juan Carlos Varela and Panama Canal Administrator and CEO Jorge L.

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 Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Port Authority Salvage Ship Repair Ship Simulators Winch
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: 0.0623 sec (16 req/sec)