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 Today


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

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

Legal

Winners of International Seafarers' Welfare Awards

The winners of ISWAN's International Seafarers' Welfare Awards 2016 were announced on 24th June at a high-profile ceremony held in Manila, the Philippines. The

Traffic Separation Schemes off Western Australia

On 1 December 2016 two new Traffic Separation Schemes (TSS) will come into effect off the south-west coast of Western Australia. Australia’s proposal to establish

Berthing Policy for Dry Bulk Cargo for Indian Ports Unveiled

Ministry of Shipping has formulated a new Berthing Policy for Dry Bulk Cargo for all Major Ports which will come into effect from 20th August, 2016. The objective

Bulk Carrier Trends

Berthing Policy for Dry Bulk Cargo for Indian Ports Unveiled

Ministry of Shipping has formulated a new Berthing Policy for Dry Bulk Cargo for all Major Ports which will come into effect from 20th August, 2016. The objective

RS Rules Conform to the IMO Goal-based Standards

The rules of the Russian Maritime Register of Shipping are in conformity to the International Maritime Organization (IMO)goal-based standards (GBS), the IMO’s Maritime

Baltic Index up for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, rose on Friday, for a third straight session, on rising demand across all vessel segments.

 
 
Maritime Contracts Maritime Standards Naval Architecture Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Shipbuilding / Vessel Construction Winch
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: 0.0842 sec (12 req/sec)