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

Bulk Carrier Trends

Cargill: 50,000T of Sugar Affected by Brazil Fire

Approximately 50,000 tonnes of sugar were stored in a warehouse affected by fire in the Teag terminal in Brazil on Monday, Cargill Inc said in a statement. The terminal,

Simushir Under Tow by Barbara Foss

Foss Maritime's ocean-going tug, the Barbara Foss, is towing the Russian cargo vessel, Simushir, which lost power late Thursday night off the west coast of Haida Gwaii.

Vancouver Welcomes Bulker on Her Maiden Voyage

The Port of Vancouver USA welcomed the M/V Jobst Oldendorff, commanded by Capt. Baisie of Ghana, on her maiden voyage October 16. Capt. Baisie and his 21-member

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Port Authority 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: 0.2512 sec (4 req/sec)