Oversupply Leads Pacific Panamax Rates Tumble

Wednesday, August 08, 2001
Panamax owners in the Atlantic have fought off charterers' attempts to push freight rates lower, but panamaxes in the Pacific are weaker due to oversupply, brokers said on Wednesday.

"The Atlantic looks to have reached a level, but the Pacific has some way to go yet," one said. The Baltic Panamax Index has eased this week, standing 13 points lower at 922 on Wednesday.

Brokers said the increase in the panamax fleet this year was behind the decline in freight rates. The fleet has added around 40 panamaxes and brokers expect a similar amount to be delivered during the second half of 2001.

Brokers said the trend was reflected in the fixture of the 1994-built 70,196 dwt Eastern Queen, which was due for late August North Pacific delivery followed by a trip to Japan at a rate of $6,000 plus a $60,000 ballast bonus.

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

Bulk Carrier Trends

NewLead Fixes Newcomer, "Newlead Castellano"

NewLead Holdings Ltd. announced today that it has entered into a time charter contract for the recently delivered Handysize vessel, the "Newlead Castellano".

Great Lakes Coal up More Than 12% in September

Lake Carriers’ Association reported that coal shipments on the Great Lakes totaled 3 million tons in September, an increase of more than 12 percent compared to a year ago.

Containers, Cruises Help Boost Marseilles Fos

Container throughput at French port Marseilles Fos reached 876,711 teu for the period January to September, an increase of 6% on the first nine months last year.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Port Authority Ship Electronics Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | 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: 0.0856 sec (12 req/sec)