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Friday, September 30, 2016

Dry Bulk Rates Drop

July 27, 2001

The Baltic Panamax Index tumbled further on Thursday, with falls reported for the latest benchmark Panamax grain rates, brokers said. Brokers said a U.S. Gulf-to-Japan fixture had been chartered to load 54,000 tons of heavy grains in early to mid-September at a rate of $18.75 per ton based on no combination discharge ports. Earlier fixtures had indicated a weakening market, but the latest benchmark Panamax grain rate was considerably lower than previous reports, they said. In comparison, a charter for the benchmark grain route was reported in mid-July at a rate of $19.50 per ton for early- to mid-September loading. Brokers also reported a Panamax for a North Pacific-to-Taiwan run, with grain house Louis Dreyfus agreeing a freight rate of $11.60 per ton for a 56,000 ton heavy grains cargo due to load in mid-August,. On the timecharter front, the fixture of the 2001-built 76,300 dwt CIC Piraeus for mid-August South Australia delivery followed by a trip to Egypt at a daily rate of $7,500 plus a $140,000 ballast bonus was reported. Grain shipments from the River Plate were at a slower pace, they said. Brokers said the 1997-built 73,049 dwt Hawthorn had been booked for mid-August delivery followed by a trip to the Far East. Bunge was reported to have paid $8,500 daily plus a $175,000 ballast bonus for the charter. - (Reuters)


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