Panamax Operators Move Past Seasonal Freight Rate Slump

Tuesday, August 14, 2001
Panamax operators are poised for an improvement in freight rates after receiving indications that the seasonal slump has passed, shipbrokers said on Tuesday.

Reports emerged of off-market trips done at firmer levels than of late, at some $8,000 daily for bookings on the key U.S. Gulf to Far East route, giving the market some confidence that prospects for the panamax sector were brightening, they said.

This was the first sign of an upturn since the summer slowdown dented panamax trade at the start of July, they added, with the rise in modern panamax bookings at stable levels giving a solid indication that the market may have reached its bottom.

South African panamax movements held steady at $6,000 daily for Continent discharge, providing another sign that the summer slide had been halted, shipbrokers said.

London broker Galbraiths reported that at least one major charterer was still looking for tonnage from the U.S. Gulf to Egypt for a nearby heavy grains cargo.

However, shipbrokers cited one note of negativity in the day's trading with reports that steam coal stocks in Europe and Richards Bay were at dangerously high levels.

"Panamaxes have been effectively feeding off the capesize market from Richards Bay but the stockpile situation in Europe could ruin this cozy set-up," said a broker.

"The Chinese are offering competitive prices which could be enough to reduce Richards Bay to Europe panamax trading opportunities," he added. - (Reuters)

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

Shipbuilding

GE Gas Turbines to Power US Navy’s New Destroyers

The U.S. Navy’s new DDG 121 and DDG 122 Arleigh Burke-class destroyers will be powered by eight LM2500 marine gas turbines supplied by GE Marine, who also received

Strategic Marine: Stock Program Full Power Ahead

Strategic Marine confirmed its stock program of personnel transport vessels is market-ready.  “Our stock program currently incorporates two class leading designs

GasLog Orders Two LNG Carriers

GasLog Ltd. today announced that it has ordered two new 174,000 cubic meter LNG carriers from Hyundai Heavy Industries Co., Ltd. ("Hyundai") in South Korea.

Bulk Carrier Trends

Diana Shipping Nets 2Q Loss

Diana Shipping Inc. today reported a net loss of $14.1 million and net loss attributed to common stockholders of $15.5 million for the second quarter of 2015, compared to net loss of $5.

DryShips Reaches Agreement with Ocean Rig

DryShips Inc. (NASDAQ: DRYS), a global provider of marine transportation services for drybulk and petroleum cargoes, and through its subsidiary, Ocean Rig UDW Inc.

Shanghai 6th Best Shipping Center Globally

Shanghai has moved up the rankings of the world’s top shipping centers to sixth place, surpassing Dubai thanks to Free Trade Zone regulations and the Belt and Road Initiative,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Offshore Oil Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators 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: 0.5581 sec (2 req/sec)