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

Marine Electronics

Google Maps Goes Coastal with Unmanned Boat

A new high-tech unmanned vessel, launched with the help of Google, will use innovative technologies from the boatbuilding and mapping fields to map shorelines and

Intelsat Records $598 mln Q2 Revenue

Satellite services provider Intelsat S.A. has reported total revenue of $598.1 million and net income attributable to Intelsat S.A. of $60.2 million, or $0.47 per common share on a diluted basis,

INTERSCHALT VDR Earns CCS Certification

INTERSCHALT maritime systems AG, the provider of maritime software, services and systems for navigation and communications systems (NavCom) and manufacturer of Voyage Data Recorder (VDR) systems,

Bulk Carrier Trends

ClassNK Releases Guidelines for CNG Carriers

Classification society ClassNK has released its Guidelines for Compressed Natural Gas (CNG) Carriers.   Global economic and population growth is bringing about

Asia Dry Bulk-Capesize Rates Could Soften

Capesize market "overheated" as rates near eight-month highs; optimism for a busier fourth quarter looms. Freight rates for capesize bulk carriers are likely

Vale Sells Four 'ValeMax' Bulkers to China Merchants

Brazilian mining company Vale SA said on Thursday that it expects to receive $448 million from the sale of four dry-bulk iron ore ships to China's state-owned China

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Navigation Offshore Oil Port Authority Ship Electronics Ship Repair Sonar
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: 0.0936 sec (11 req/sec)