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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter June 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Essberger Fleet Moves to Marlink’s Sealink VSAT Service

The Hamburg headquartered John T. Essberger (JTE) Group will migrate the primary communication systems of its entire fleet to Sealink, Marlink’s global maritime broadband VSAT service.

Baltic Index Rises for Fifth Consecutive Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Tuesday for a fifth straight session on stronger demand across all vessel segments.

Diana Shipping Enters Contract with SwissMarine

Diana Shipping Inc., through a separate wholly-owned subsidiary, has entered into a time charter contract with SwissMarine Services S.A., Geneva, for one of its Ice Class Panamax dry bulk vessels,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Naval Architecture Navigation Offshore Oil Pipelines Salvage Ship Repair Shipbuilding / Vessel Construction
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: 0.0612 sec (16 req/sec)