Panamax Rates Drop To Lowest In Decades

Wednesday, August 01, 2001
Panamax freight rates touched their lowest levels in years and prospects for a quick recovery in the sector are remote, shipbrokers said on Wednesday. Overall, panamax minerals demand remains light and grain exports are not enough to support panamax freight rates, they said.

Initial hopes to see the market bounce from the existing low levels had faded after reports that new enquiry was not strong enough to balance the market against the surplus ship supply, shipbrokers said.

Brokers said market talk suggested resistance against pushing rates for October and November positions of the US Gulf to Japan panamax heavy grain benchmark route into the low $18 per ton range.

Recent fixtures for this route have placed freight rates at $18.75 per ton of heavy grains for both August and September loading contracts, they said. Reports suggested that recent fixtures for an Atlantic round voyage was at around $5,000 daily, a sharp fall from the daily $7,600 rate noted in the Index.

Fixtures on Wednesday included the charter of the 2001 built 63,200 dwt Oceanis to transport a 58,000 ton heavy grain cargo from the Mississippi to Israel at a freight rate of $11.50 per ton.

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

Legal

Statoil’s 50 years to be Recorded

Statoil has decided to launch a large project to write the story about the company for its 50th anniversary in 2022. The University of Oslo has been chosen the

MISC Publishes its 2015 Sustainability Report

MISC Berhad (MISC) today announces the publication of its 2015 Sustainability Report, covering the Company’s commitment, strategy and performance for the year ended

Vandermeiren is CEO, Antwerp Port

Jacques Vandermeiren (52) has been appointed CEO of Antwerp Port Authority as of 1 January 2017. He succeeds Eddy Bruyninckx who after 25 years at the head of the

Bulk Carrier Trends

RS Rules Conform to the IMO Goal-based Standards

The rules of the Russian Maritime Register of Shipping are in conformity to the International Maritime Organization (IMO)goal-based standards (GBS), the IMO’s Maritime

Baltic Index up for Third Straight Session

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

Slowing Shipping Fleet Growth to Ease Officer Shortage

Slowing growth in the size of the shipping fleet will reduce the shortage of officers over the coming years, according to the latest Manning report published by global shipping consultancy Drewry.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Naval Architecture Navigation Port Authority Ship Electronics Ship Repair Ship Simulators 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: 0.0767 sec (13 req/sec)