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Cape Passero News

02 Jul 2001

Rapid Panamax Expansion Affects Freight Rates

A fast expansion of the fleet in the panamax sector has outpaced trade and affected freight rates, shipbrokers on Monday. "Panamax freight rates are not weaker due to falling demand, but rather because the fleet is growing faster than trade," a broker said. Rates quoted on the Baltic Panamax Index reflected a negative trend across the board, with average daily rates for transatlantic round voyages and fronthaul charter starting to ease back, brokers said. They said average panamax freight rates had dropped around 10 percent over the past six months. Shipbrokers also reported the charter of the 1999-built 72,270 dwt Sea Daisy in early July, for Rotterdam delivery followed by a transatlantic round voyage at a daily rate of $11,250.

10 Dec 1999

Dry Cargo Freight Market Starts Week Off Slowly

The dry cargo freight market got off to its customary slow start last week with few fresh identifiable trends, brokers said. Capesize activity was limited, and there was a possibility that rates might decline in the short-term, while Panamax conditions were generally quiet, they added. Sugar and grain charterers were more active in the Handysize sector from Brazil and Argentina but details of fixtures were slow to emerge. Grain: Apart from Andre's fixture of the 1981-built Pretty Lady for 50,000/5 tons wheat from the U.S. Gulf to Sri Lanka for mid December at $21.50 basis 5 days load/2,000 discharge, activity was negligible in this area for Panamaxes. Fixtures reported from South America were weaker, brokers said.

17 Dec 1999

Capers Continue Firm, Uncertainty Rules Panamaxes

Conditions for Capesize vessels remained firm on Dec. 10, especially in the Atlantic, but uncertainty ruled the Panamax sector as owners sought to cover their vessels in advance of impending holidays, brokers said. Lower rates were reported in the Atlantic and the Pacific, but brokers said the Indian Ocean and South African sectors stayed firm. The Baltic Dry Index (BDI) rose four points to 1,360, the Baltic Panamax Index was unchanged at 1,277, the Baltic Capesize Index gained 14 points to 1,895 and the Baltic Handy Index fell two to 917. Grain: Weaker rates for modern Panamaxes were reported in the Atlantic, brokers said. Cargill fixed the 1996-built Eleni 73,000 dwt delivery Continent prompt for a transatlantic round voyage at a modest $8,750 daily.

28 Jan 2000

Chartering Conditions Dull Throughout Atlantic Sector

Chartering conditions were dull throughout the Atlantic sector of the dry cargo freight market, brokers said. Capesize activity was very limited and Panamax rates fell in both the grain and minerals trades. It was also said handy sizes continued to see very difficult conditions from the Continent while the market in Brazil and Argentina was described as weaker. The Baltic Dry Index (BDI) declined 10 points to 1,368, the Baltic Panamax Index fell 21 points to 1,379, the Baltic Capesize Index dipped four points 1,689, and the Baltic Handy Index lost three points to 1,045. GRAIN - In a relatively quiet Panamax grain market, softer levels were seen from the U.S. Gulf. Keoyang booked 54,000 tons heavy grain from the U.S.