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

Legal

Thai Resort Owners Sue State Owned Company for Oil Spill

Business owners on Koh Samet island are suing a state-owned petroleum enterprise for the oil spill that polluted the resort island's beaches last year. More than 50,

Nigerian Piracy Threatens UK Interests: New Report

The UK economy is heavily exposed to lawlessness off the coast of Nigeria, a new report published today by the UK Chamber of Shipping says. The report found that almost all of the UK’s annual £6.

Maine Port City Bans Oil Loading

City councilors in South Portland, Maine, voted late Monday night to ban the loading of crude oil onto tankers along its waterfront, throwing up yet another roadblock

Bulk Carrier Trends

Global Ocean Trade: Latest Shipbuilding Orders

No tankship orders noted the past week by Clarkson Hellas in their latest S&P Weekly Bulletin, but no lack of orders in the dry bulk carrier market, all from Far East shipbuilders.

Scorpio Bulkers Gets $540m Loan for Newbuilds

Scorpio Bulkers Inc. announced that it has received a commitment for a $540 million loan facility and provides an update on the financing of its fleet. On July 21,

Ivory Coast Rain Fuels Hopes for Strong Cocoa Main Crop

Rain mixed with sunny spells last week in most of Ivory Coast's main cocoa regions helped the development of plentiful small pods, suggesting a strong start to

 
 
Maritime Careers / Shipboard Positions Naval Architecture Pipelines Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.1221 sec (8 req/sec)