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

Bulk Carrier Trends

Golden Ocean: Worst Bulk Market Since 1980s

Dry bulk shipping firm Golden Ocean reported first-quarter earnings below forecasts on Thursday and said its market had gone from "bad to worse" with market conditions not seen in three decades.

Sulfur-Laden Bulk Carrier Grounds off Port Arthur, TX

The U.S. Coast Guard is working with state and local partners in response to a bulk carrier loaded with sulfur that ran aground in the Gulf of Mexico Tuesday, while

New Dry Bulk Facility at Khalifa Port

New AED 20 million facility will pack and transport dry bulk products for petrochemical and mineral manufacturers    Abu Dhabi Ports celebrated the groundbreaking

Ports

Israeli Port Workers Defy Court Order to Continue Strike

Striking Israeli dockworkers defied a court order on Thursday and shut down the country's two main seaports for a second day in protest at the creation of two new foreign-run ports.

Aramco Offers Rare 1.5 pct Gasoil Cargo

Aramco Trading, the trading arm of oil producer Saudi Aramco, has offered a rare gasoil cargo with a 1.5 percent sulphur content for June lifting from Rabigh, traders said on Thursday.

BMT, Endeavour Energy Win Africa’s LNG Import Terminal Contract

BMT Asia Pacific (BMT), a subsidiary of BMT Group Ltd, has been appointed Owners Engineer and lead design consultant by Endeavour Energy for the development

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Salvage Ship Electronics 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: 0.1910 sec (5 req/sec)