Panamax Rates Lose Muscle in Atlantic

Monday, April 30, 2001
The strength of panamax freight rates in the Atlantic has begun to wane, brokers said on Monday, citing a seven-point drop to 1,498 in the Baltic Panamax Index as the majority of both Atlantic and Pacific panamax routes saw returns shaved.

Analysts at Clarkson Research Studies said it had become difficult to forecast further increases in Atlantic panamax freight rates because of the large spread between the Atlantic and Pacific markets.

The softer undertone in the Atlantic was compounded by panamaxes ballasting from the Pacific to take advantage of the South American grain export market, brokers said.

Even though Pacific panamax freight rates were still falling at a faster rate than those in the Atlantic, they said, there seemed to be a window of opportunity opening from the mineral sector for shipowners with panamaxes trading the Pacific.

Despite panamax gains in the Atlantic last week, average earning levels for panamaxes dropped overall by 6.8 percent to 9,878 daily, according to Clarkson Research figures.

While the Far East and others enjoyed holidays, the charter of the 1993-built, 71,665 dwt Transgiant by Bunge provided some interest for the panamax market.

The ship has been booked for a Taiwan mid-May delivery to be followed by an 11- to 13-month timecharter for approximately $10,000 daily. The lower rate reflects general opinion that the scheduled influx of new panamaxes this year will have a much more pronounced effect on rates during the second half of 2001 than at present, brokers said.

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

Legal

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Denmark Issues New Pilotage Regulations

In an effort to make the pilotage market more efficient, the Danish Maritime Authority (DMA) issued several new regulations following on amendments to the pilotage act.

US Shippers, West Coast Dockworkers Union Resume Contract Talks

Negotiators for shipping lines and terminal operators at 29 U.S. West Coast ports resumed contract talks with the union for dockworkers on Thursday, as cargo backups continued at the ports,

Bulk Carrier Trends

Port Workers in Argentine Grain Hub End Strike

Port workers in part of the Argentine grains hub of Rosario lifted a work stoppage on Friday, only a day after they went on strike over demands for higher year-end bonuses, a union official said.

US Plans to Shut Royalty Loophole on Coal Exports

U.S. coal companies will no longer be able to settle royalties at low domestic prices when they make lucrative sales to Asia according to reforms proposed by the Interior Department on Friday.

Great Lakes Coal Trade Slows in November

Coal shipments on the Great Lakes totaled 2.6 million tons in November, a decrease of 3 percent from a year ago, as shipments were affected by weather-related delays,

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Pipelines Pod Propulsion Salvage Ship Electronics 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: 0.1673 sec (6 req/sec)