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.