Panamax Freight Rates Continue to Soften

Tuesday, August 21, 2001
Freight rates for forward positions in the panamax sector continue to remain soft despite higher levels attracted by the prompt and spot markets, shipbrokers said on Tuesday.

While charterers have to pay a premium for panamaxes available for spot and prompt loading dates due to a squeeze on the supply of ships, the high levels of panamax tonnage available for September loading started to put pressure on owners and force them to accept rate discounts.

The negative vibes in the forward physical panamax market also affected the panamax over-the-counter markets, shipbrokers also said.

They cited among the best August fixtures the charter, by grain house Cargill, of the newly built Danae, of 75,106 dwt.

The panamax is booked for end-August Recalada delivery followed by a trip to the Skaw-Passero range, with options on the Far East, at a daily rate of $8,500 , plus a $180,000 ballast bonus. Meanwhile, in the short-term chartering sector the 2000 built panamaxes attracted daily rates ranging from $8,100 to $8,250, for four- to six month-charters.

Market talk suggested charterer Bottiglieri had chartered the 74,333 dwt Navios Magellan and the 72,917 dwt Monte Pelmo.

Early September charters included South Korean charterers for the 1989-built Nemea, of 68,870 dwt, for early September U.S. Gulf delivery followed by a trip to the Far East at a daily rate of $8,400 daily plus a $170,000 ballast bonus.

In the Pacific, Chinese charterers Cosco booked the 1990 built 69,458 dwt Oceanic Esprit for spot Xingang delivery, followed by a trip via Western Australia. Redelivery is scheduled as China at a daily rate of $5,000 daily.

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

Marine Electronics

Raytheon Anschütz Debuts ShipGuard at SMM

In view of an increasing demand for security of merchant ships and maritime trade, Raytheon Anschütz, a German-based manufacturer of Integrated Bridge Systems,

ISS's Innovative Series of New Travel Apps for Cruise Industry

Inchcape Shipping Services (ISS) the world’s leading maritime services provider, has launched an innovative series of travel apps for the cruise industry in Greece,

More VDR Orders for Danelec in China

Danelec Marine has received orders to supply Voyage Data Recorders (VDRs) and Electronic Chart Display and Information Systems (ECDIS) for 18 offshore support vessels in China.

Bulk Carrier Trends

GPA Sets Tonnage Record

The Georgia Ports Authority moved more than 29 million tons of cargo, 3 million twenty-foot equivalent container units (TEUs) and more than 700,000 auto and machinery units in Fiscal Year 2014.

Diana Shipping Invests in Diana Containerships

Diana Shipping Inc., a global shipping company specializing in the ownership of dry bulk vessels, has announced that it has entered into an agreement to purchase

Private Buyers in Iran Look to Boost Grain Market

One sign of change in Iran as it works toward a nuclear deal with world powers is the way it is feeding itself, with private grain firms beginning a slow return

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Shipbuilding / Vessel Construction 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: 0.1161 sec (9 req/sec)