Panamax Market May Get Jump Start From Active Atlantic

The panamax market may see a boost from increased activity in the Atlantic and more business coming from South America, brokers said on Wednesday. Prospects for the market in the short term looked positive, despite a slow pace in freight rates, they also said.

Modern panamaxes booked for delivery in the Atlantic in May, followed by a voyage to South America could fetch up to $11,500 a day or even more after negotiations.

Older vessels attracted lower rates, brokers said, giving as prime example the 1982-built 60,158 dwt Amolyntos chartered - for prompt delivery Boston for a voyage to South America, followed by redelivery Far East - at a daily rate of $8,700.

Far East charterers had also shown interest in the short term market and quoted $11,500 a day for River Plate to the Far East panamax fixtures.

Of the recent fixtures, the 2000 built 74,381 dwt Pacmonarch had been chartered at a daily rate of $11,800 by a major grain trader for early delivery in Gibraltar, with delivery options in the Middle and Far East, brokers said.