Modern Panamaxes Attract Top Dollar

Wednesday, February 14, 2001
While the dry bulk carrier market waits for increased opportunities arising from the eventual onset of spring, the Panamax sector continues to trade in a relatively steady manner. Modern Panamaxes continue to attract a premium over older ships with the 2000-built, 74,000-dwt Far Eastern Glory reported to have been booked at $12,600 daily for delivery Taiwan between February 18 and 25. The charter involves an Australian round voyage followed by redelivery in Japan. Meanwhile, the 1992-built, 69,310 dwt Far Eastern Express, while older and smaller, has been reported chartered for mid February delivery in Yokkaichi for a trip via north Pacific with redelivery scheduled off the Continent at $11,800 daily. Both rates were considered healthy. Brokers also noted the fixture of the 1976-built, 60,740-dwt Platitera, which has been chartered for prompt delivery in Shanghai to be followed by two laden legs via India with redelivery scheduled for Singapore-Japan range at $7,000 daily. This older Panamax has an extremely large cubic capacity, in the order of some 2.82 million cubic feet, in contrast to some of the newer Panamaxes which only have a cubic capacity of 3.1 million cubic feet. One such vessel is the 1985-built, 75,040 dwt Afros which was also reported fixed on Tuesday at $13,000 daily for a prompt north China delivery followed by a trip to South Japan -- a rate almost twice that of the 1976 built vessel. – (Reuters)

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