Bulk Carrier Trends: Panamax Activity On The Rise

The dry cargo freight market was enlivened by a higher degree of Panamax activity in most areas, while Capesize conditions remained subdued with little fresh business quoted and few fixtures reported, brokers said.

On May 9, the Baltic Dry Index gained 2 points from the day before to 1,609, the Baltic Panamax Index rose 11 to 1,512 and the Baltic Handy Index gained one to 1,153, while the Baltic Capesize Index fell six to 2,171.

In the grain sector, higher rates were fixed from the Atlantic to the Far East, brokers said. Although brokers were disappointed at the level obtained by the 1999-built Red Cherry 73,350 dwt from Hanjin delivery U.S. Gulf end May trip Far East at $11,200 daily plus a $230,000 ballast bonus, other fixtures were concluded at more generous levels.

The Far East market was also more active for Panamaxes, although not on the same scale as the Atlantic.

Little news emerged from the Handy size market, but Cargill was thought to have fixed 15,000 tons grain up river Plate/Tunisia and Nidera was believed to have fixed Semiramis for 25,000 tons grain up river Plate/Algeria prompt at $26.25. — (Reuters)