High Panamax Rates

By Finance

PANAMAX freight rates have reached a 7-month high as the South American grain season produces more cargoes. This reason made the Baltic Dry Index to earn 10 points to close at 875 yesterday, in the same time the Baltic Panamax Index has 7 points more to 1,138.
Freight rates reached $9,105 daily the last day, information from the Baltic Exchange. The Skaw-Gibraltar/Far East rate is with more 4122 to $16,978 daily, but the Pacific round-voyage rate is minus $31 to $9,979 daily.
A broker from Singapore explained: "I think the trans-Pacific rate is underrated because we’re still doing fixtures at $10,000 daily. With the Atlantic attracting Eastern ballasters, tonnage is pretty tight"
South Korea’s CJ International fixed HT Shipping-operated Ying Shun for $16,250 daily with a $625,000 ballast bonus to load grains in Rio Grande for delivery into Kwangyang. In the Pacific, Cargill fixed Grand China’s Grand Alma to ballast from Xiamen to load Indonesian coal for redelivery into southern China, at $10,000 daily. Mansel fixed Ultrabulk-operated Good Luck to ballast from Sual, Philippines, to load Indonesian coal for delivery in southern China at $12,500 daily.
US drybulk consultancy Commodore Research said: “A large amount of South American grain fixtures have now surfaced for two straight weeks. For example, the last 30 days prior to the week ending 1 March saw an average of only 10 South American grain fixtures come to the market each week.”