Monte Pelmo News

Panamax Freight Rates Continue to Soften

Freight rates for forward positions in the panamax sector continue to remain soft despite higher levels attracted by the prompt and spot markets, shipbrokers said on Tuesday. While charterers have to pay a premium for panamaxes available for spot and prompt loading dates due to a squeeze on the supply of ships, the high levels of panamax tonnage available for September loading started to put pressure on owners and force them to accept rate discounts. The negative vibes in the forward physical panamax market also affected the panamax over-the-counter markets, shipbrokers also said. They cited among the best August fixtures the charter, by grain house Cargill, of the newly built Danae, of 75,106 dwt.