Panamax Rates Firmer

Wednesday, March 14, 2001
Panamax freight rates in the Atlantic were firmer March 13 and may edge up further due to a seasonal boost, brokers said. They said the market was seeing steady increases and that fixtures for Panamax voyage charters had risen slightly with the timecharter sector looking better. However, the Capesize freight rate declined and has made some cautious about the sector. Brokers said the 1990-built 69,306 dwt Ispat Umang had attracted a healthy rate of $11,400 daily for prompt delivery Ghent, followed by a trip via the U.S. Gulf and redelivery scheduled for the Far East. The 1984-built 69,041 dwt Ariana was due for delivery Gibraltar earlier in the week, having been charted for an east coast of South America round voyage with redelivery set for the Continent at $9,500 daily. The same rate was reported for the charter of the 1994-built 70,337 dwt Hanjin New Orleans. The ship was scheduled for delivery in Japan in early April for between four and six months trading, they said. — (Reuters)

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