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

Legal

Wärtsilä's' Propulsion for Use with US Compliant ELA

Wärtsilä has developed propulsion systems that are capable of operating with Environmentally Acceptable Lubricants (EALs) and comply with the US Vessel General Permit 2013 (VGP-2013).

Dubai Establishes Maritime Arbitration Centre

The Dubai Maritime City Authority (DMCA) is in the final stages of completing the rules for the first maritime arbitration centre in the Middles East: the Emirates

Sea Urchin Haven Disturbed by Oil Spill

Stephanie Mutz makes a living plucking sea urchins from the Santa Barbara coast and selling the prickly treasure to upscale restaurants in Southern California.

Bulk Carrier Trends

Asia Dry Bulk-Capesize Rates Mixed on Uncertainty

Capesize rates slide after hitting 5-month high. Rates for capesize bulk carriers eased this week after hitting their highest since December, and could come

HSH Bank to Split Off Bad Shipping Loans

German lender HSH Nordbank could split off a "bad bank" for non-performing shipping loans as part of a plan to create a sustainable business model, according to a person familiar with the matter.

CSD, Cosco JV to Buy Vale's Bulk Carriers

China Shipping Development (CSD) and Cosco have established a joint venture (JV), China Ore Shipping Pte., in Singapore to purchase four 400,000 dwt ore carriers from Vale and operate them.

 
 
Maritime Contracts Maritime Security Maritime Standards Navigation Pipelines Port Authority Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
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: 0.1004 sec (10 req/sec)