Transatlantic Panamax Rates Hit Six-Week Lows

Wednesday, May 30, 2001
Panamaxes for transatlantic round voyages fell to six-week lows on Wednesday as trade was limited by a series of European holidays in the month of May, brokers said.

"It's not looking good, every region is down. To say it's a disaster for owners would not be an understatement," a broker said.

Transatlantic round voyage returns are edging closer to the $11,000-a-day mark.

Brokers said that commodities trading house Cargill booked a 1997-built panamax at $11,500 a day, which underlined the weaker Atlantic market. Another broker said the panamax market would remain under pressure in the short-term unless charterers had some surprise cargoes to cover. But this seems unlikely as on Monday public holidays in most of Europe will take a number of European operators out of the market again, brokers said.

Shipbrokers said that the number of one-day holidays in Europe meant that the panamax market will struggle to recover before the summer lull fully hits the market.

They added that without a strong foundation, autumn freight rates would fall short of last year's levels.


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,

 
 
Maritime Standards Navigation Offshore Oil Pipelines Port Authority Salvage Ship Electronics 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: 0.0680 sec (15 req/sec)