Time Charters Dominate Panamax Market

Time charters again dominated static Panamax shipping markets. "Rates in the Atlantic are steady though new enquiries in the South American region for shorter timecharters are seeing earnings top $11,000 per day," broker Clarksons said in a report. U.S. Gulf grain rates were also firming with a spot fixture reported at S17.75/18.00 a ton for 55,000 tons to Egypt at the end of June, up from $16.50 on the last done a week ago. The key Panamax U.S Gulf/Japan route continued to hover between $23.25 and $23.50 with a rating of $23.38. But most of the fixing reported on Monday was in the Far East. Two vessels were chartered at $11,250 for Asian voyages with redelivery in Europe with a third on the same rate but going in the opposite direction. Pacific coal rates have firmed on Japanese enquiry, Clarksons said, pushing earnings to $12,000 per day.