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.

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Q88 LLC Opens Office in London

Q88 LLC has opened a new office in London. Located in Soho, the cultural center of London's West End district, the office will serve as a hub for business development and client relations.

IRS Introduces Ship Construction Standards

The International Register of Shipping has submitted goal-based new ship construction standards for verification audit by the International Maritime Organisation.

Golden Ocean: Worst Bulk Market Since 1980s

Dry bulk shipping firm Golden Ocean reported first-quarter earnings below forecasts on Thursday and said its market had gone from "bad to worse" with market conditions not seen in three decades.

 
 
Maritime Careers / Shipboard Positions Naval Architecture Offshore Oil Pod Propulsion Port Authority 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: 0.1099 sec (9 req/sec)