Pacific Panamax Rates Drop

Tuesday, May 15, 2001
Pacific Panamax freight rates have dropped sharply in line with weaker Asian Panamaxes, brokers said. Average rates for Pacific round voyages fell to $9,600 daily, down $169 from Monday, and down $217 from last week. Brokers said that the result will make Panamax owners reluctant to trade fronthaul business without negotiating premium rates. The declining rates could deter owners from moving ships into the Pacific, but brokers said that if Panamax owners re-entered the Atlantic, this could support Pacific rates. For example, the Panamax for the 1986-built 61,013 dwt Andromeda was for Passero delivery in May for a trip via Brazil. If re-delivery took place in the Atlantic the freight rate would be $10,500 daily, but there is an option for redelivery in the Far East at $11,500 daily, brokers said. Panamax rates remain strong in the Atlantic. Swiss commodities trading house Glencore chartered the 2001-built 75,115 dwt Thalia for mid-May Ghent delivery for a trip via North France and Iran for $16,000 daily, brokers said. The rate is higher than the $15,000 negotiated by the 1999-built 75,484 dwt Golden Nerina at the end of last week, which was fixed for a Brazil round voyage. In the voyage charter sector, the 1990-built 68,789 dwt Antwerpia was chartered to carry 56,000 tons of heavy grains from the North Pacific to Japan at a freight rate of $14.10 and is due to load at the end of May for Dreyfus, brokers said. - (Reuters)
Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Shipbuilding

Damen Builds Tug, Dredger for Nicaragua

The Nicaraguan port authority Empresa Portuaria Nacional (EPN) is set to take delivery of two newbuilds from Damen Shipyards Group. Damen built both vessels, a

Damen Shipyards Galati wins Dutch Romanian Award

Damen Shipyards Galati has been presented with the Dutch Romanian Business Award for its Corporate Social Responsibility plan, particularly the Group’s community investment initiatives.

Indian Shipyard Eyes Foreign Warship Orders

Garden Reach Shipbuilders and Engineers Ltd (GRSE)  is trying to get a toehold in the international market, eyeing orders worth $425 million to supply warships

Bulk Carrier Trends

Great Lakes Coal Trade Slows in November

Coal shipments on the Great Lakes totaled 2.6 million tons in November, a decrease of 3 percent from a year ago, as shipments were affected by weather-related delays,

Bulker Chief Engineer Convicted of Environmental Crimes

A chief engineer from the M/V Trident Navigator was convicted by a federal jury in New Orleans late yesterday after a week-long trial, of knowingly falsifying the

Wrecked Bulker’s Bow Refloated, Scuttled off S.Africa

TITAN Salvage, Crowley Maritime Corp.'s Houston-based marine salvage, emergency response and wreck removal company, has refloated and scuttled the largest section of the wrecked bulk carrier, Smart.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.1085 sec (9 req/sec)