Dry Bulk Rates Drop

The Baltic Panamax Index tumbled further on Thursday, with falls reported for the latest benchmark Panamax grain rates, brokers said. Brokers said a U.S. Gulf-to-Japan fixture had been chartered to load 54,000 tons of heavy grains in early to mid-September at a rate of $18.75 per ton based on no combination discharge ports. Earlier fixtures had indicated a weakening market, but the latest benchmark Panamax grain rate was considerably lower than previous reports, they said. In comparison, a charter for the benchmark grain route was reported in mid-July at a rate of $19.50 per ton for early- to mid-September loading. Brokers also reported a Panamax for a North Pacific-to-Taiwan run, with grain house Louis Dreyfus agreeing a freight rate of $11.60 per ton for a 56,000 ton heavy grains cargo due to load in mid-August,. On the timecharter front, the fixture of the 2001-built 76,300 dwt CIC Piraeus for mid-August South Australia delivery followed by a trip to Egypt at a daily rate of $7,500 plus a $140,000 ballast bonus was reported. Grain shipments from the River Plate were at a slower pace, they said. Brokers said the 1997-built 73,049 dwt Hawthorn had been booked for mid-August delivery followed by a trip to the Far East. Bunge was reported to have paid $8,500 daily plus a $175,000 ballast bonus for the charter. - (Reuters)