Sub-Capesize sectors, previously better performers than Capes, now face an equally uncertain future according to recent Drewry analysis. Demand for Panamax ships improved over the 2nd quarter 2012, primarily due to an increase in grain volumes and Asian coal imports. Significant increases in vessel demand on the transatlantic grain route employed a sizeable fleet of Panamax vessels, leading to an improvement in earnings. Coal demand was also buoyed by fears that Indonesia will introduce a coal export tax, prompting China to increase imports and stock pile huge volumes of Indonesian coal. While coal export restrictions from Indonesia will be negative for the dry bulk market…