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

Bulk Carrier Trends

Shipping Industry Faces Shake Up

As global shipping grapples with its worst downturn in 30 years, private equity firms are unwinding massive bets made on the sector in a move set to accelerate

Vessel Sales: February 2015

Vessel sales for February 2015  - (as of March 1) as prepared by Shipping Intelligence, Inc., New York.   Date Reported - Vessel Name - DWT - Built -  - (Age)

First Ship to Load Soy at Tegram Bound for China

The first ship to load soybeans from the new Tegram terminal in the northeastern port of Ponta Madeira in Sao Luis, Brazil, will berth on March 10, local shipping agents Cargonave said on Tuesday.

 
 
Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.0976 sec (10 req/sec)