Oversupply, Limited Cargoes Contribute To Weakening Panamax Rates

Monday, August 06, 2001
Panamax rates continued to weaken due to oversupply and limited cargoes on Monday, but owners were hopeful that the market was finding a floor, brokers said.

The physical market remained in decline, but the forward freight agreement market was holding steady.

Buying interest on the Biffex futures market on Friday had suggested a potential bounce this week, brokers said.

Panamaxes struggled to find employment and charterers were still using their advantage to push rates lower.

However, in some cases owners were having to think hard about whether it was worth taking up the returns being offered, or stay unemployed. Clarkson Research Studies reported average panamax earnings down 14 percent to $5,630 daily last week, compared with an average to date for 2001 of $9,560 daily.

Of the latest fixtures, brokers reported that the 1994 built 69,274 dwt panamax Joyous Society had been chartered by Cargill for a Mississippi River to El Dekheila voyage.

The ship is to carry 60,000 tons of heavy grain at a rate of $11 per ton. Loading is scheduled between August 21 and 27.

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

Bulk Carrier Trends

Norwegian Car Carriers to Buy Two from Hyundai Samho

Oslo-listed Norwegian Car Carriers (NOCC) has signed a contract with Hyundai Samho Heavy Industries for the construction of two 6500 ceu Pure Car Truck Carrier (OCTCs).

The German Shipbuilding Rebound

German shipbuilding has made a significant turnaround. The country’s shipbuilding industry has seen increases in the number of employees, orders and deliveries compared to 2013,

Algoma Central Orders New Great Lakes Ships

Algoma Central Corporation announces $160 million investment in fleet expansion and fleet renewal   Algoma Central Corporation announced that it has acquired

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Pipelines Pod Propulsion Port Authority Salvage Ship Repair Ship Simulators Winch
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: 0.3557 sec (3 req/sec)