Pacific Panamax Market Gets Ugly

Thursday, August 02, 2001
The Pacific panamax sector was set to weaken further after the Baltic Panamax Index fell under 1,000 due to a lack of orders, brokers said on Thursday.

"There are no orders. The Baltic Panamax Index is now under 1,000 and the Pacific panamax market looks ugly," one said.

The Baltic Panamax Index was at 987, down 33 points on Thursday, and both the trans-Pacific round voyage and backhaul timecharters saw $400 cuts from the index.

Brokers said Pacific round voyage charters were being reported around $5,000, with the Atlantic equivalent seen just under $7,000 daily.

In the Atlantic, brokers said fresh orders from South America, among others, were giving some support to the market.

They said fixtures included one for the 1999-built 72,891 dwt AD Astra for mid-August north Pacific delivery followed by a trip to China at $6,000 plus $80,000 ballast bonus.

They also reported the 1998-built 73,729 dwt Global F had been booked for late August Santos or Paranagua delivery followed by a trip to the Continent at a rate of $8,000 daily plus a $120,000 ballast bonus.

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

Bulk Carrier Trends

Second Sailing Added to Cleveland-Europe Express

The Port of Cleveland and Amsterdam-based Spliethoff Group announced today their mutual intent to add a second monthly vessel to the Cleveland-Europe Express (CEE),

Ferus Smit Building LNG Powered Cement Carrier

The first unique LNG powered ship that Ferus Smit has on order for Erik Thun A.B. will be built and equipped as a dedicated cement carrier. The ship will be delivered to the joint venture JT cement,

Scorpio Bulkers Upsizes Public Offering

Scorpio Bulkers Inc. announced today that it has further upsized and priced its previously announced offering of senior unsecured notes due 2019 in a registered public offering.

Finance

Exxon: U.S. to Allow Wind Down Ops in Russian Arctic

U.S. oil major Exxon Mobil said on Friday the U.S. Treasury Department granted it a license to wind down operations on a drilling well in the Kara Sea in the Russian Arctic.

Sulzer Shareholder has 5 pct Dresser-Rand Stake

Russian billionaire Viktor Vekselberg's Swiss investment firm Renova Group said on Friday it had a 4.99 percent stake in U.S.-based Dresser-Rand, which might become the object of a takeover battle.

Source: Siemens Offering $6.1 bln for Dresser Rand

Germany's Siemens plans to offer more than $6.1 billion, or $80 per share, for U.S. compressor and turbine maker Dresser-Rand, Germany's Manager Magazin said on Friday.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Pipelines 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: 0.1419 sec (7 req/sec)