Panamax News

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell for a fourteenth consecutive session on Tuesday as rates for the larger vessel segments slipped.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell by 24 points, or 1.5%, to 1,570 points, its lowest level in two months.The capesize index dipped by 45 points, or 2.1%, to over a two-month trough at 2,153.Average daily earnings for capesize vessels…

Star Bulk Carriers Corp. on Tuesday announced that it has completed its merger with fellow dry bulk shipping company Eagle Bulk Shipping Inc.Eagle Bulk shareholders this week voted to approve the $2.1 billion deal, which was first announced in December 2023.Under the terms of the merger agreement, each Eagle shareholder received 2.6211 shares of Star Bulk common stock for each share of Eagle common stock owned. Eagle common stock has ceased trading and will no longer be listed on the New York Stock Exchange.Petros Pappas…

The Baltic Exchange's dry bulk sea freight index fell on Friday to log its third straight weekly decline, weighed down by a dip in rates across all vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, shed 41 points or 2.5% to 1,628 points, its lowest level in seven weeks.The index was down over 10% for the week.The capesize index was down by 80 points, or 3.4%, at 2,274. It logged a weekly rise of over 13%.Average daily earnings for capesize vessels…

Wärtsilä Gas Solutions, part of technology group Wärtsilä, will supply the cargo handling systems for additional two new very large LPG carrier vessels to be built at the HD Hyundai Heavy Industries in South Korea.The ships have been contracted by Norwegian ship owner Solvang. The order follows a similar one placed in 2023 for five vessels being built at the same yard for the same owner.The very large gas carriers (VLGCs) are of Panamax size and form the next generation of eco-vessels.

The Baltic Exchange's main sea freight index fell to over a three-week low on Monday, weighed down by weakness in the capesize and panamax vessel segments.he overall index, which factors in rates for capesize, panamax and supramax shipping vessels, fell for the fifth straight session by 73 points, or 3.3%, to 2,123 points.The capesize index lost 187 points, or 5.4%, at 3,295, its lowest level since Feb. 27.Average daily earnings for capesize vessels, which typically transports 150…

Since 2006, the average container ship has doubled in size to 4,580 TEU and ships with a capacity of more than 12,000 TEU has accounted for 51% of the fleet’s capacity expansion. Today, just 626 ships provide 36% of the fleet’s capacity, and the trend is set to continue as the large ships dominate the order book, says Niels Rasmussen, Chief Shipping Analyst at BIMCO.When the Emma Maersk was delivered in August 2006, the ship was by far the largest container ship in the world. It is 400 metres long, 56 metres wide and has a capacity of about 17,800 (14,000 TEU when delivered).

In response to the current and projected level of Gatun Lake, the Panama Canal Authority has announced, through Notice to Shipping Lines No. A-08-2024, that it will increase the number of daily slots available in the Panamax locks.Two additional slots will be offered by auction for transit dates scheduled starting March 18, and one additional slot will be available for transits scheduled starting March 25. This will bring the number of transits from 24 to 27.These measures allow the majority of ships that wish to transit the Canal to have a better chance of obtaining a reservation…

Dry bulk shipowner Safe Bulkers on Wednesday announced it has reached deals to sell two of its vessels to undisclosed buyers.Through separate agreements, the Monaco-headquartered company will sell the 2010-built 92,000 dwt Post-Panamax Panayiota K at a gross sale price of $20.45 million and 2011-built 75,000 dwt Panamax Paraskevi 2 at a gross sale price of $20.3 million.The ships are scheduled to be delivered to their new owners in April and July 2024 respectively.Dr. Loukas Barmparis…

The Baltic Exchange's dry bulk sea freight snapped a 12-session winning streak on Tuesday, as pressure from lower capesize rates outweighed gains in smaller vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was down 0.3% at 2,291 points.The capesize index .BACI snapped its nine-session rising streak, shedding 57 points, or 1.4%, to 4,148.Average daily earnings for capesize vessels, which typically transport 150,000-ton cargoes such as iron ore and coal…

Victoria International Container Terminal (VICT), ICTSI’s operations at the Port of Melbourne in Australia, recently completed Phase 3A of its expansion project.VICT can now accommodate neo-Panamax container ships, the largest container vessels calling Australia. The ships can now sail directly into Port Phillip and dock at VICT – the only terminal in Melbourne capable of receiving them. It is also the only fully-automated container terminal in the southern hemisphere.The AUD235 million expansion project is being carried out in two phases.

Russia exported more than 700,000 metric tons of oil products from the Black Sea port of Novorossiisk in 2023 using small river barges because of a lack of bigger tankers owing to EU sanctions and price cap limitations, market sources said and LSEG data showed.Some ship owners have avoided Russian ports since the EU embargo and price cap on Russian refined oil products went into effect in February last year, forcing shippers to turn to a so-called shadow fleet of ageing tankers.The shadow fleet has supported the flow of Russian barrels…

Greek shipowner Diana Shipping on Wednesday announced it has placed an order for two new methanol dual-fuel Kamsarmax bulk carriers from China's Tsuneishi Group (Zhoushan) Shipbuilding Inc.The 81,200 dwt newbuilds were ordered at a purchase price of $46 million each, Diana said. The vessels are expected to be delivered by the second half of 2027 and the first half of 2028, respectively.Diana in September 2023 announced it signed a letter of intent (LOI) to order the ships through…

The Baltic Exchange's dry bulk sea freight index rose for a third straight session on Tuesday to hit a one-month peak, as rates climbed across larger vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, was up 13 points, or 0.8%, at 1,585 points, its highest since Jan. 10.The capesize index also scaled a one-month high. It added 23 points, or 0.9%, at 2,476 points.Average daily earnings for capesize vessels, which typically transport 150…

Dry bulk shipowner Safe Bulkers announced Monday it has has reached a deal to sell the oldest vessel in its fleet to an undisclosed buyer.The ship is the Maritsa, a 76,000 dwt Panamax bulk carrier built in Japan in 2005. The vessel was sold at a gross sale price of $12.2 million and a forward delivery date from April 2024 to May 2024, New York-listed Safe Bulkers said.Dr. Loukas Barmparis, president of Safe Bulkers, said, “We continue our strategy to selectively sell older vessels…

Yemen's Iran-aligned Houthis have targeted a cargo ship in the Red Sea which shipping analysts said on Monday had been carrying corn to Iran.It appeared to be the first time the Houthis have targeted an Iran-bound vessel since starting attacks on international shipping in solidarity with Palestinians over the Israel-Hamas war in Gaza, shipping sources said.A U.S. defence official said it was likely that the ship had been targeted but not hit, but provided no further comment. Earlier…

Castor Maritime announced it has reached deals to sell two bulk carrier vessels to entities owned by a family member of Castor Maritime's chairman, CEO and CFO, Petros Panagiotidis.Under separate agreements signed January 19, 2024, the Cyprus-based company sold the 2010-built Panamax bulk carriers Magic Nova and Magic Horizon for $16.1 million and $15.8 million respectively. Both vessels are expected to be delivered to their new owners by the end of the first quarter of 2024.The deals' terms were negotiated and approved by a committee of Castor Maritime's independent directors…

Diana Shipping on Tuesday announced it has reached a deal to sell its oldest vessel, an 18-year-old panamax bulk carrier.The Greek shipowner said it has reached a memorandum of agreement through one of its subsidiaries to sell the 76,942 dwt vessel Artemis to an undisclosed third-party buyer for $12.99 million. The ship is slated to be delivered to its new owner by March 8 at the latest.Artemis was built in 2006 by Japan's Namura Shipbuilding Co., Ltd. in 2006.Upon completion of the sale…

The Baltic Exchange's dry bulk sea freight index snapped an eight-day losing streak on Thursday as rates increased across larger vessel segments.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, gained 49 points, or 3.8%, to 1,357.The capesize index rose by 120 points, or 6.9%, to 1,853.Average daily earnings for capesize vessels, which typically transports 150,000-ton cargoes such as iron ore and coal, increased by $990 to $15,365.Iron ore futures prices rebounded, aided by renewed hope of further stimulus from top consumer China following a speech

The Baltic Exchange's dry bulk sea freight index slid on Friday as its worst week since 2008 came to an end with rates across vessel segments languishing at multi-month lows.The overall index, which factors in rates for capesize, panamax, and supramax shipping vessels, lost 94 points, or 6.1%, to 1,460, its lowest level since Nov. 2. It shed more than 30% for its biggest weekly decline since 2008.The capesize index dropped by 252 points, or 10.4%, to 2,172, extending its losing streak to the fifth session and hitting its lowest since Nov.

“Argentina is on track to boost grain exports by 40% in 2024, recovering from last year’s drought which afflicted crops, but still below the 2019-2022 average. Climate patterns and government policy are shaping the outlook,” says Filipe Gouveia, Shipping Analyst at BIMCO.El Niño has brought improved weather conditions for Argentina’s grain crops. The wheat harvest is nearly complete and estimated to be 20% larger than a year ago. Meanwhile, the favorable conditions continue to support the growing maize and soybean crops.

The Baltic Exchange's dry bulk sea freight index fell on Tuesday to a nearly seven-week low in its worst showing in more than a month, as rates across vessel segments hit multi-week lows.The overall index, which factors in rates for capesize, panamax and supramax shipping vessels, lost 147 points, or 7.3%, to 1,875, hitting a fresh low since Nov. 23.The capesize index dropped by 350 points, or 9.7%, to 3,249, also logging its biggest daily fall since Dec. 7.Average daily earnings for capesize vessels…

Diana Shipping, a global shipping company specializing in the ownership and bareboat charter-in of dry bulk vessels, has announced that, through a separate wholly-owned subsidiary, it has extended the time charter contract with Cobelfret S.A., Luxembourg, for one of its Post-Panamax dry bulk vessels, the Amphitrite.The gross charter rate is $12,250 per day for the first 30 days of the charter period and $15,000 per day for the balance period of the time charter, in each case minus a 5% commission paid to third parties…

Korea Marine Transport Company Ship Management (KMTC SM) has reported annual fuel savings worth approximately $540,000 in total, after installing Accelleron’s digital engine optimization solution Tekomar XPERT on 12 Panamax vessels.Tekomar XPERT delivers engine optimization recommendations based on thermodynamic insights that aim to bring engines back to operating performance achieved at ‘new’ condition.The solution can be applied to any engine and turbocharger make. KMTC SM followed the advisory from Tekomar XPERT…