Marine Link
Tuesday, January 16, 2018

Atlantic Panamax

Atlantic Panamax Rates Weaken

The buoyancy detected in the Atlantic Panamax market over the past two weeks has waned, brokers said. Fresh orders from the U.S. Gulf were described as light and the limited opportunities in the area could prompt Panamax owners to accept softer levels, they said. Restricted barge movement along the Mississippi was also said to be contributing to the situation, while a number of Far East participants had yet to return to business after the Lunar New Year holiday. Despite the slowdown, brokers did report a number of fresh enquiries. Grain cargoes seeking Panamax transport included some heading to the Far East from the U.S. Gulf and others heading towards Egypt. Whether the softer Atlantic Panamax undertone would persist, however, or whether the market would bounce back, remained to be seen, brokers said. In the wake of the seven-point drop on the Baltic Panamax Index on Tuesday afternoon, brokers continued to speculate on future developments. - (Reuters)

Panamax Trades Steady

Freight rates for Panamaxes trading the Atlantic appear to be steadying, Reuters reported. The more stable tone began at the end of last week, as renewed optimism crept into the U.S. Gulf market for nearby positions. By Monday, while the Atlantic routes on the Baltic Panamax Index were lower, losses were greatly reduced. Meanwhile, Pacific Panamax freight rates remained firm, and levels in the Far East sector continued to rise

Panamax Rates Hold Steady

Freight rates in the Atlantic Panamax sector held steady on Wednesday amid signs that recent rises may be stalling, brokers said. "The Atlantic is holding up well, but the question is not whether the Panamax market will rally further, but when the Atlantic will come off," one said. Until then, Atlantic and Pacific Panamax rates were expected to remain steady. Signs that the market was reaching its pinnacle were heralded by the Baltic Panamax Index (BPI) on Monday

Pacific Panamax Rates Remain Steady

Freight rates for panamaxes trading the Pacific remained firm due to a flurry of business ahead of the Lunar New year, shipbrokers said on Tuesday. In the Far East, owners of larger panamax sizes have been negotiating firm returns recently and continue to do so. Chinese charterers told shipbrokers that business there will grind to a halt between January 24 and 30 in observance of the Lunar New Year celebrations.

Atlantic Panamax Rates Firm Up in Far East

Atlantic panamax freight rates are softer in contrast to returns for panamaxes trading the Far East where rates are firmer, shipbrokers said on Tuesday. Atlantic freight rates, however, could stabilize in the days ahead, they added, suggesting that the Pacific panamax rate rise could be reaching a peak. The reason behind the Atlantic stabilization theory is that ice problems in the Mississippi may not be as bad as originally thought.

Dry Freight Markets Steady

Conditions on the dry cargo freight market were generally steadier for Capesizes on Wednesday, with the Baltic Cape Index posted at an unchanged 2,171, brokers said. Atlantic Panamax rates rose further and brokers said conditions were also slowly improving for owners in the East for later May positions. The South African sector remained firm. The Baltic Dry Index (BDI) gained two points to 1,611 and the Baltic Panamax Index rose 10 points to 1,522

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

Panamax Rates Under Pressure

Freight rates in the Atlantic Panamax market remained under pressure and were expected to move even lower in the near term, brokers said on Monday. While Atlantic rates continued to slide, Pacific business was holding up for the time being but was expected to tail off in due course, brokers said. Fresh cargoes had emerged in the Pacific for Panamaxes, but Japanese and Chinese owners had also started to place their tonnage on the open market.

Panamax Sector Is Soft

The Atlantic panamax sector remains soft, shipbrokers said, adding that the number of spot ships available for hire is keeping freight rates depressed especially as new business is limited. Subsequently, charterers have the upper hand, as shipowners and brokers wait for fresh orders. Despite the slow start to the week, shipbrokers are hopeful that more business will develop. Until these orders appear, however, shipowners with early tonnage are likely to find softer fixture rates inevitable

Panamax Trades Firm

Freight rates for Panamaxes trading the Pacific remained firm due to a flurry of business ahead of the Lunar New year, shipbrokers said on Tuesday. In the Far East, owners of larger Panamax sizes have been negotiating firm returns recently and continue to do so. Chinese charterers told shipbrokers that business there will grind to a halt between January 24 and 30 in observance of the Lunar New Year celebrations. Brokers added that the impending holiday will start to affect the Panamax

Damen to Convert Dredger to Dual-fuel LNG/MGO

(Photo: Damen)

Damen Shiprepair & Conversion has been awarded a contract to undertake the conversion of a dredger to dual-fuel capability combining LNG and MGO – a first of its kind project in Europe.   The contract was awarded by Rouen-based GIE Dragages-Ports with regard to its 117m, 8500m³ trailing suction hopper dredger Samuel de Champlain, and the works will take place next year at Damen Shiprepair Dunkerque

Safe Bulkers Acquires a Post-Panamax Class Dry-Bulk Vessel

Image: Safe Bulkers, Inc

 Safe Bulkers, an international provider of marine dry-bulk transportation services, announced today that it has acquired a 92,000 dwt, South Korean 2010 built, dry-bulk, Post-Panamax class vessel at an attractive price.    The vessel is a sistership of the Company’s two existing South Korean Post-Panamax class vessels. The acquisition was financed from cash on hand.   Dr. Loukas Barmparis

Diana Shipping Updates on Time Charter Contracts

M/V Erato. Photo: Diana Shipping Inc.

 Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Erato.    The gross charter rate is US$10,500 per day, minus a 5% commission paid to third parties, for a period of minimum 14 months to maximum 17 months

Diana Shipping to Continue TC with Glencore

Photo: Diana Shipping Inc.

 Diana Shipping announced that through a separate wholly-owned subsidiary, it has agreed to extend the present time charter contract with Glencore Agriculture B.V., Rotterdam, for one of its Panamax dry bulk vessels, the m/v Leto.    The gross charter rate is US$12,500 per day, minus a 5% commission paid to third parties, for a period of minimum 16 months to about 19 months.    The new charter period is expected to commence on January 3, 2018

Baltic Index Eases From Near Three-Year High

File Image (CREDIT: AdobeStock / (c) Lucasz Z)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, snapped a six-day winning streak on Tuesday, weighed down by weaker rates for capesize vessels.   The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, ended down 11 points, or 0.81 percent, at 1,344 points.   It had touched near three-year highs on Monday.  

Baltic Index Edges Lower on Weaker Capesize Rates

(File photo: Star Bulk)

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, slipped on Wednesday as rates for capesize vessels fell. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, fell 7 points or 0.52 percent to 1,337 points. The capesize index lost 96 points or 3.52 percent to end at 2,628 points, marking its biggest one-day percentage decline in two weeks.

Baltic Index Up On Firmer Rates for Panamaxes, Smaller Vessels

File photo: Star Bulk

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, inched higher on Monday, hitting a fresh nearly three-year high as rates for panamaxes and smaller vessels increased. The overall index, which factors in rates for capesize, panamax, supramax and handysize shipping vessels, rose 13 points, or 0.94 percent, to 1,398 points, the highest since Nov. 10, 2014. However, the capesize index slipped 4 points, or 0.15 percent, to 2,681 points.

Diana Enters TC Contract with Unico Logistics

Maera. Photo: Diana Shipping Inc

 Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Unico Logistics, Seoul, for one of its Panamax dry bulk vessels, the m/v Maera.    The gross charter rate is US$11,900 per day, minus a 5% commission paid to third parties, for a period of minimum nine months to maximum eleven months.   

Panama Canal Expects 230+ Cruise Ships This Season

Disney Cruise Lines Disney Wonder transiting the Agua Clara Locks in April 2017. (Photo: ACP)

More than 230 Cruise Ships to Transit the Panama Canal’s Panamax and Neopanamax Locks The Panama Canal announced that it expects to receive approximately 235 cruise ships through the Panamax and Neopanamax Locks during the upcoming 2017-2018 cruise season. Beginning in October, this will be the first full cruise season to welcome vessels through the Expanded Canal.   “In addition to the existing locks

Euroseas Acquires New Vessels

File Pic: Euroseas Ltd

 Euroseas  announced that it took delivery of M/V EM Athens, a feeder containership of 2,506 teu built in 2000 that the Company agreed to acquire last month from Euromar, a wholly-owned subsidiary of the Company that previously was partially owned by the Company.    M/V EM Athens was acquired along with EM Oinousses, a feeder size containership also of 2,506 teu built in 2000.   The Company also announced today that it exercised its option to purchase from Euromar

Diana Shipping TC Contract for Crystalia With Glencore

M/V Crystalia. Photo: Diana Shipping Inc.

 Diana Shipping  announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Glencore Agriculture B.V., Rotterdam, for one of its Ice Class Panamax dry bulk vessels, the m/v Crystalia.    The gross charter rate is US$11,100 per day, minus a 5% commission paid to third parties, for a period of minimum 12 months to about 15 months.    The charter is expected to commence later today

Atlantic Offshore Scotland Secures Charter with Maersk Oil UK

Atlantic Offshore’s Ocean Troll  (Photo: Atlantic Offshore Scotland)

Emergency Response and Rescue Vessel (ERRV) operator Atlantic Offshore Scotland Ltd, has secured a two-year firm charter with Maersk Oil UK.  The company’s ERRV Ocean Troll, will provide Emergency Response and Rescue services for Maersk Oil’s Culzean project in the central North Sea. The Charter is the first Fire Fighting Class II (Fi-Fi II) ERRV to have operated in the UK sector.   The charter commenced in July 2017 and will last for a firm period of two years

Diana Shipping Time Charter for Naias With Phaethon

m/v Naias. Photo: Diana Shipping Inc.

 Diana Shipping, a global shipping company specializing in the ownership of dry bulk vessels, today announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Phaethon International Company AG, for one of its Panamax dry bulk vessels, the m/v Naias.    The gross charter rate is US$10,000 per day, minus a 5% commission paid to third parties, for a period of about 15 months to maximum 18 months

Diana Containerships TC with Wan Hai Lines

M/V Hamburg. Photo: Diana Containerships Inc.

 Diana Containerships announced that, through a separate wholly-owned subsidiary, it has entered into a time charter contract with Wan Hai Lines (Singapore) for one of its Post-Panamax container vessels, the m/v Hamburg.    The global shipping company specializing in the ownership of containerships said in a press release that the gross charter rate is US$11,000 per day, minus a 3.75% commission paid to third parties, for a period of minimum 120 days to maximum 220 days

Apeejay Shipping Adds New Vessel to its Fleet

Photo: Apeejay Shipping Limited

 Apeejay Shipping, an Apeejay Surrendra Group company, has announced the acquisition of a 76,602 MT DWT Gearless Panamax, Japanese build.    The ship is renamed ‘APJ ANGAD 2’. The acquisition takes its total fleet capacity to 5,18,018 MT DWT with an average fleet age of 12.5 years.    Earlier in September, the company acquired 74,107 MT DWT Gearless Panamax, Japanese build, renamed ‘APJ UMA KISMAT’.  

Maritime Reporter Magazine Cover Dec 2017 - The Great Ships of 2017

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