Panamax Rates Leap

Tuesday, July 17, 2001
Limited availability of spot Panamax tonnage in the Pacific is driving freight rates higher and partially offsetting heavy losses seen on Atlantic routes, shipbrokers said. A scarcity of modern tonnage in the north Pacific area had even turned recent losses on individual routes within the Baltic Panamax Index into gains, they said. The Index fell by just four points on Monday to 1,268. But shipbrokers warned that the stabilizing effect might well prove to be short-lived, "especially if the dramatically negative effect being felt in the Capesize market dominoes into the Panamax sector," said one. According to Clarkson Research Studies, average daily Panamax earnings fell by nearly seven percent last week to $8,153. Earnings for the Panamax heavy grain benchmark U.S. Gulf-Japan route fell by 12.5 percent over the period, leaving Panamax owners expecting average returns of around $8,666 daily. Fixtures reported on Monday showed softer charter rates. Cargill was said to have booked the 1996-built 73,087 dwt Drin for retro El Ferrol delivery for an east coast South America round voyage at a rate of $9,250 daily. Transatlantic round voyages on the Baltic Panamax Index stood at an average of $9,347 daily on Monday. The absence of modern tonnage in the north Pacific ensured that the 61,748 dwt Irinikos, an older vessel built in 1984, was fixed for late July north Pacific delivery. The ship is chartered for a trip to the Far East at a rate of $7,500 daily plus a $140,000 ballast bonus, said shipbrokers. - (Reuters)
Maritime Reporter August 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Jotun, COSCO Celebrate 10,000th Antifouling Applications

In July, Jotun and Dalian Ocean Shipping Company (a wholly-owned subsidiary of China Ocean Shipping Company, Cosco Group), celebrated the 10,000th application of SeaQuantum,

Kirby Selects ABS as Subchapter M Solutions Provider

Proactive effort shows commitment to safety and environmental protection. ABS, a provider of maritime shipping and offshore classification services, has been

G E Shipping delivers “Jag Aakash” to Buyers

The Great Eastern Shipping Company Ltd. delivered the new building Kamsarmax Dry Bulk Carrier “Jag Aakash” (81,600 dwt) to the buyers.  The vessel was contracted for sale in August 2015.

Ports

Port Pipavav Berths its Largest Box Ship

APM Terminals Pipavav (Gujarat Pipavav Port Ltd.), a gateway port in western India, has berthed the largest container vessel in the Port Pipavav’s history, the terminal announced today.

Asia Tankers-VLCC Rates Will See More Volatility

VLCC market to be "hot" in Q4 -VLCC broker. Freight rates for very large crude carriers (VLCCs) face a roller-coaster ride on uncertain cargo volumes and vessel

ICTSI Manila Starts Container Booking System

The Manila International Container Terminal (MICT) in the Port of Manila has started implementing a vehicle appointment system called Terminal Appointment Booking

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Pipelines Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.2255 sec (4 req/sec)