Panamax Rates Weaken

Wednesday, March 21, 2001
Panamax freight rates have eased this week, in line with dwindling grain orders, brokers said on Tuesday. Rates dropped under the standard $12,000 a day and shipbrokers said they expected activity in the next week to remain subdued as major grain traders had announced there were no fresh bookings for the first half of April in sight. Nevertheless, the panamax sector is deemed stable, brokers said, as fixture reports for Egypt are on the rise and likely to counter-balance a slowdown of business from South America. Brokers cited as prime example the charter of the 1999-built 72,891 dwt Ad Astra, for delivery in the U.S Gulf by end-March, followed by a trip via Egypt and redelivery set for passing Passero. The daily rate was fixed at $11,300 plus a $235,000 ballast bonus. - (Reuters)

Bulk Carrier Trends

Weak Freight Rates push Grindrod to H1 loss

Africa's biggest shipping group Grindrod reported a first-half loss on Thursday, pressured by low global growth and declining dry bulk shipping rates but it expects

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,

Coast Guard

El Faro Captain Ordered Crew to Abandon Ship before Sinking

The captain of the doomed El Faro cargo ship sounded an alarm for his crew to abandon the vessel shortly before it sank last fall in a hurricane near the Bahamas, killing all 33 onboard, the U.

Navy Discovers Malaysian Tanker

Indonesia's navy has found a tanker carrying almost US$400,000 worth of diesel that was taken by its own crew last week due to a commercial dispute, says a report in AFP.

Philippines: Sea Dispute Won't Shift Ties with China, U.S.

The Philippines' territorial dispute with China over the South China Sea has not caused Manila to rebalance diplomatic ties with either its ally, the United States,

 
 
Maritime Careers / Shipboard Positions Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Electronics Ship Repair Ship Simulators 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: 0.0641 sec (16 req/sec)