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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Lower Large Dry Bulk Rates drag Baltic Index

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Thursday dragged down by lower demand for larger vessel segments.

Asia Dry Bulk-Capesize Rates Could Climb

More coal cargoes, rising oil prices could support rates. Freight rates for large capesize dry cargo ships on key Asian routes are likely to rise next week on

Baltic Index Down on Lower Demand for Larger Vessels

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Wednesday hurt by sluggish demand for large vessel sizes.

Ports

Port of Caen Orders Damen ASD Tug 2810

The Port of Caen/Chamber of Commerce & Industry Caen Normandy (Chambre de Commerce et d’industrie de Caen Normandie) has placed an order for a Damen ASD Tug 2810.

Fos Tanker Queue Grows as Strike Impacts Refinery Ops

Nearly two dozen vessels were queued outside the French oil import terminal in Fos, southern France on Thursday, held up by a strike organised by the hardline CGT

Aquino: China Breaks South China Sea Deal

Philippine President Benigno Aquino on Thursday accused China of breaking a U.S.-brokered deal between the two nations on the Scarborough Shoal, an uninhabited rocky outcrop in the South China Sea.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Pipelines Pod Propulsion Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar
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: 0.0696 sec (14 req/sec)