Panamax Market Remains on Road to Recovery

Wednesday, August 15, 2001
The panamax market remained on track for a recovery from the recent slump, despite various public holidays, brokers said on Wednesday. Although South Korea, India and several European countries were absent from the grain market on Wednesday, brokers said that the outlook was positive.

This was particularly true of the Atlantic panamax trades, where deals continued to be concluded off market at firmer levels, they said.

Brokers cited Korea Line's booking of the 1984-built Ethnos for US Gulf delivery and Far Eastern redelivery, which bettered last-done levels. The fixture was done at $6,700 per day, up $400 daily from early week indications.

But other London brokers played down the gains.

"Panamax rates dropped so suddenly that there's a chance that this is just a reaction to the falls rather than an actual recovery," one said.

Another doubted that the current lackluster demand would be enough to kick start the panamax recovery.

Those brokers were also reluctant to be positive on the state of the Pacific panamax trades but they conceded that the dramatic slide in earnings had at least been arrested.

"Nothing's happening on the rates side, but at least the market has stopped falling," one said.

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

Bulk Carrier Trends

Vale, Cosco to Cooperate on Iron Ore Shipping

Brazilian miner Vale SA reached a deal with China Ocean Shipping Co (Cosco) for transporting iron ore, a move that could help the Brazilian miner resolve a costly

Clarksons Dry Cargo Grows its Team in New York

Clarksons, the world's leading shipping services group, is delighted to announce that it has expanded its Dry Cargo team in New York with the recent appointment of Stefano Udarelli.

SmartGrip: An ‘Evolution’ in Bulk Handling

Liebherr Maritime Cranes launched what it is calling a ‘game-changing’ technology: SmartGrip for its mobile harbor crane product range. This technology is designed

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Pipelines Pod Propulsion Port Authority Salvage Ship Repair 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: 0.1028 sec (10 req/sec)