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 September 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Ports

PDVSA Charters Another Algerian Crude Cargo

Venezuela's state-run oil company PDVSA has hired a supertanker to load a second 2 million-barrel cargo of Algerian crude, according to preliminary tanker fixture data.

NYK Line Joins PNW West Coast Metro Pool

Effective October 20, 2014, NYK Line has become a member of the PNW West Coast Metro Pool (WCMP) operated by Trac Intermodal. The WCMP operates chassis at all major marine terminals,

ISS Manages Heavy-lift Project at Port of Mombasa

Inchcape Shipping Services (ISS) announced it has completed another complex heavy-lift project in Africa, this time at the Port of Mombasa in Kenya. ISS was

 
 
Maritime Contracts Maritime Security Naval Architecture Pipelines Port Authority Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | terms and conditions | 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: 0.1447 sec (7 req/sec)