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)

Bulk Carrier Trends

Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects

Fednav Welcomes Innovative Ballast System at Indiana Port

Fednav Limited, the largest international bulk shipowner in Canada, welcomed to the Port of Indiana-Burns Harbor, the Federal Caribou, one of seven new oceangoing

Essar’s Vizag Port Terminal Boost Third Party Business

Post the taking over of Vishakhapatnam Port Trust’s (VPT's) Iron Ore Handling Complex (OHC) on a Build-Operate-Transfer (BOT) basis for a period of 30 years in May’ 15,

Ports

Indian Warships Visit Port Victoria

In a demonstration of India’s commitment to its ties with Seychelles and maritime security in the Indian Ocean Region, Indian Naval Ships Kolkata, Trikand and

Vitol's Malaysia Terminal Suspends Ops after Spill

VTTI, the storage unit of world's largest oil trader Vitol, has suspended operations at its terminal in southern Malaysia following an oil spill, two industry sources said on Friday.

Shenzhen Port to Adopt China ECA Regulation

China's Shenzhen port is set to to adopt requirements for ships at berth requiring to burn marine fuel with sulfur content not exceeding 0.5 percent starting October this year,

 
 
Maritime Contracts Maritime Security Naval Architecture Navigation Pipelines Salvage 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: 0.0773 sec (13 req/sec)