Navios Maritime Partners Results for Q2 2010
Navios Maritime Partners L.P. (NYSE: NMM), an owner and operator of dry cargo vessels, reported its financial results for the second quarter and six months ended June 30, 2010. Angeliki Frangou, Chairman and Chief Executive Officer of Navios Partners, stated: "I am pleased with our performance during the second quarter. We raised $92.3 million in the equity markets and purchased the Navios Pollux. The acquisition of the Navios Pollux increases the average charter coverage of our fleet to 4.4 years and reduces the average age of our fleet to 5.7 years. Throughout this release, EBITDA for the three and six months ended June 30, 2009 represents net income before interest…
Lackluster U.S. Gulf to Japan Charter Is to Blame for Panamax Rates
A lower than expected U.S. Gulf to Japan voyage charter has set the tone for the panamax sector, brokers said on Monday. The 1982-built, 60,052 dwt Marienvoy was reported fixed at $21.75 per ton of heavy grains basis no combination destination ports. Loading is scheduled for the end of March to the beginning of April. While the rate no doubt also factors in the age of the panamax, brokers pointed out that the present market level for modern panamaxes of 15 years or younger for this route is around $22.35 per ton, according to the Baltic Panamax Index (BPI). While the Pacific time and voyage charters ease back, however, the fronthaul panamax market is showing signs of marginal improvement.
Panamax Rates Expected to Improve
Panamax freight rates are expected to improve this week, although the Baltic Panamax Index rose just one point to 1,626 on March 12. Shipbrokers said Panamax freight rate movement for voyage charters has been tentatively positive recently, and while some timecharter rates have been marginally negative compared with previously done levels, the Panamax sector seems to be stabilizing ahead of an upward move. The only cause for concern was the decline in the Capesize sector. While it is not impossible for rates in the dry bulk carrier sectors to move in different directions, as the opposite trends of the Capesize and Panamax demonstrated last year, it will be difficult for the Panamax market to ignore a failing Capesize sector.
Panamax Rates Continue Steady Climb
Panamax freight rates continued to climb steadily higher as fresh cargoes supported the sector. The Panamax market started the week relatively quietly, due in part to the Presidents Day holiday in the U.S. on Monday, but market sentiment remained buoyant. With the Baltic Panamax Index providing daily reassurance that all Panamax routes are on the rise, an average increase of the four Panamax timecharter routes by around $150 daily added to the positive tone. Shipbrokers said fixtures were starting to cover a number of March loading cargoes, but added that late February dates still peppered reports. The charter of the 1982-built 63,881-dwt Sea Charm at $20.90 per ton for a 55,000 ton heavy grain cargo scheduled to sail from the US Gulf to China was one of the later February fixtures.
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.
Atlantic Panamax Business Slows
The buoyancy detected in the Atlantic Panamax market over the past fortnight has waned, brokers said on Tuesday. 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.
BDI Sheds 7
The Baltic Dry Index (BDI) dropped seven points to 1,559, the Baltic Panamax Index (BPI) gained two points to 1,641, the Baltic Handymax Index (BHI) fell 26 points to 8,998 and the Baltic Capesize Index (BCI) was down 20 points to 2,035.
BDI Sheds 7
The Baltic Dry Index (BDI) dipped seven points to 1,552, the Baltic Panamax Index (BPI) gained two points to 1,643, the Baltic Handymax Index (BHI) fell 44 points to 8,954 and the Baltic Capesize Index (BCI) was down 17 points to 2,018.
Seanergy Maritime Q3 & Nine Month Report
Seanergy Maritime Holdings Corp. (NASDAQ: SHIP; SHIP.W) announced its operating results for the third quarter and nine months ended September 30, 2010. Dale Ploughman, the company’s Chief Executive Officer, stated: “The third quarter of 2010 was another important quarter in our development as we completed successfully the acquisition of the remaining 49% ownership interest in Maritime Capital Shipping Limited (“MCS”). In addition, on October 22, 2010 we completed the acquisition of the remaining 50% ownership interest in Bulk Energy Transport (Holdings) Limited (“BET”) and, as a result, we now own 100% of MCS and BET and their fleets.
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. Looking ahead, with the Lunar New Year fast approaching any major change in trend is unlikely over the coming week. This quashed any high expectations for an Atlantic Panamax rally, they said. Any positive movement is forecast to be steady - at least until after the Far East holiday.
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. Brokers added that the impending holiday will start to affect the panamax markets by the end of the week and added that demand during the following week could be limited. Meanwhile, despite a firmer tone in the Atlantic panamax sector…
Added Panamax Cargo Inquiries Have Little Effect On Rates
While panamax cargo Inquiries from the U.S. Gulf have increased, the additional business was not expected to have much effect on freight rates, brokers said on Tuesday. Fixtures for the benchmark U.S. Gulf to Japan heavy grain route were noted in the $22 per ton region last week, but shipbrokers now suggest that a rate within $21 per ton is more likely. Evidence for this is seen in the latest U.S. Gulf to Taiwan fixture, for which charterers were reported to have paid $21 per ton of heavy grain on a fixture that specified loading between December 28 and January 8 for a 56,000-ton cargo. As the U.S. Gulf to Japan market tends to follow a $.50 premium basis shipments destined for Taiwan…
BDI Down Slightly
The Baltic Dry Index (BDI) shed two points to 1,594, the Baltic Panamax Index (BPI) gained five points to 1,573, the Baltic Handymax Index fell 32 points to 9,311 and the Baltic Capesize Index (BCI) was down nine points to 2,173.
Grain Trading Is Quiet
Grain fixing for Iran continued to hold interest in an otherwise quiet sector, brokers said on Monday. IRISL fixed unnamed tonnage to lift 50,000 tons wheat from St. Lawrence for Iran at $21 with shipment set for December 1/20. This compared with the $21.25 that they paid for 60,000 tons wheat on the same route on November 17 and $20.50-22.00 for two other cargoes of 60,000 tons each on November 16. Tradigrain booked 55,000 tons wheat to Iran but from Kalundborg November 25/30 shipment at $18.25. Cargill was seen fixing cargoes in the grain sector, with 60,000 tons and 55,000 tons heavy grain booked from the U.S. Gulf to Seaforth, England, and Barcelona respectively. Both were concluded at $13.50 and with shipment set for November.
Dry Bulk Markets Lower
The Baltic Dry Index (BDI) shed seven points to 1,701, the Baltic Panamax Index (BPI) eased four points points to 1,520, the Baltic Handy Index (BHI) dropped eight points to 1,090, the Baltic Handymax Index fell 42 points to 9,631 and the Baltic Capesize Index (BCI) fell eight pionts to 2,504.
Dry Cargo Rates Continue Rise In Quiet Market
Dry cargo rates continued to rise on Tuesday, but the market was quiet following Monday's Labor Day holiday in the U.S., brokers said. Cargill chartered the Ken Pan built in 1984 to ship 31,000 tons of maize from Durban to Japan 10/20 September at $22.75. The Baltic Dry Index (BDI) rose five points to 1,671, the Baltic Panamax Index four points to 1,616, the Baltic Handy Index six points to 1,169 and the Baltic Capesize Index by seven points to 2,239.
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, while the Baltic Handysize Index fell three points to 1,150.
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.
Capesize Rates Ease
Easier conditions were seen for Capesizes in the Atlantic sector of the dry cargo freight market, brokers said last week. Some brokers believed that the gap between Capesize and Panamax rates could not be sustained and that some Capesize cargoes would be split into Panamax sizes. However, it was pointed out that Capesize contracts did not always permit this. Panamax rates were generally unchanged, while Handysize levels remained firm in the East and were said to be stronger from the east coast of South America. The Baltic Dry Index (BDI) was down two points at 1,684, the Baltic Panamax Index fell seven points to 1,513, the Baltic Capesize Index was unchanged at 2,369 and the Baltic Handy Index gained two to 1,181.
BDI Up 9
The Baltic Dry Index (BDI) rose nine points to 1,660, the Baltic Panamax Index gained four points to 1,557, the Baltic Handy Index firmed six points to 1,157, and the Baltic Capesize Index jumped up 17 points to 2,275.
Dry Bulk Trends
The dry cargo freight market was generally little changed last week, with Capesize conditions remaining basically steady but quiet, brokers said. Panamax activity was brisk from South America, but rates failed to advance as rapidly as owners had hoped for, they added. However, some firmer rates were seen, with Cosco's fixture of a 1990-built 74,000 dwt vessel delivery north Brazil trip China at $11,500 daily plus a $250,000 ballast bonus. Dreyfus was also active and paid a firmer $10,250 daily plus $265,000 ballast bonus for 1991-built Sea Ilex 66,000 dwt delivery Plate April 5/10 trip Continent. On March 28, the Baltic Dry Index (BDI) rose four points to 1…
Excel Maritime Enters Time Charters
Excel Maritime Carriers Ltd (NYSE: EXM), an owner and operator of dry bulk carriers and provider of seaborne transportation services for dry bulk cargoes, announced today that it has entered into two two-year time charters for its Kamsarmax vessels M/V Coal Hunter and M/V Santa Barbara. M/V Coal Hunter and M/V Santa Barbara are both 2006-built Kamsarmax bulk carriers with carrying capacity of 82,298 and 82,266 dwt respectively. The vessels have been fixed under separate time charters with European charterers for a period of two years at a gross daily charter rate of $15,000 for the first year. The daily rate for the second year will be linked to the Baltic Panamax Index (BPI) with guaranteed minimum rate (floor) at $14,000 per day and a profit sharing arrangement.
Baltic Index Slips with Falling Panamax Rates, Capesize Revives
The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, fell further on Wednesday, dragged down by decreasing panamax rates. The overall index, which factors in average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, shed 6 points, or 0.76 percent, to 782 points. The Baltic's capesize index inched up 2 points, or 0.42 percent, to 474 points - the first upward movement since November 21, after the index hit its lowest on record on Tuesday, according to data available on the Baltic Exchange website that dates back to March 1999. Average daily earnings for capesize vessels rose on Wednesday, settling up $35 at $4,945.