Panamax Rates Under Pressure

Monday, July 23, 2001
Freight rates in the Atlantic Panamax market remained under pressure and were expected to move even lower in the near term, brokers said on Monday. While Atlantic rates continued to slide, Pacific business was holding up for the time being but was expected to tail off in due course, brokers said. Fresh cargoes had emerged in the Pacific for Panamaxes, but Japanese and Chinese owners had also started to place their tonnage on the open market. Since the owners in question usually confined their ships to private business, the emergence of their vessels for open charter did not bode well for the Pacific Panamax market. The Baltic Panamax Index (BPI) lost just nine points on Monday to 1,198, but brokers believed Panamax rates had further to fall. The average of the four Panamax timecharters based on the BPI, which currently stood at $8,366 daily, was forecast by some to break the $8,000 mark shortly and possibly go as low as $7,500 daily. The latest Panamax timecharters included a Louis Dreyfus fixture for the 2001-built, 73,200 dwt Cape Race. The Panamax was due for August 1-15 delivery at Port Cartier on the St Lawrence Seaway followed by a trip to the Far East at a rate of $9,800 daily plus a $140,000ballast bonus. Shipbrokers added that a U.S. Gulf to Indonesia 60,000-tonne grain charter had been booked at a rate of $16.50 per tonne. - (Reuters)

Bulk Carrier Trends

Fednav Welcomes Innovative Ballast System at Indiana Port

Fednav Limited, the largest international bulk shipowner in Canada, welcomed to the Port of Indiana-Burns Harbor, the Federal Caribou, one of seven new oceangoing

Essar’s Vizag Port Terminal Boost Third Party Business

Post the taking over of Vishakhapatnam Port Trust’s (VPT's) Iron Ore Handling Complex (OHC) on a Build-Operate-Transfer (BOT) basis for a period of 30 years in May’ 15,

Fednav's New Bulker Features High-tech BWT System

Fednav Limited,  an  international bulk shipowner in Canada, has welcomed to the Port of Indiana – Burns Harbor, the Federal Caribou, one of seven new oceangoing

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Port Authority Ship Repair 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: 0.0639 sec (16 req/sec)