Increased Rates in U.S. Gulf Drive Panamax Freight

Panamax freight rates continued to rise, driven by increased rates in the U.S. Gulf and the stability of the South American market, brokers said on Thursday.

Fresh cargo orders in the Pacific also filtered in to the panamax market, they added.

The 2001-built 74,269 dwt Tian Tong Feng has been chartered for delivery in early to mid-July in the U.S. Gulf followed by a trip to Taiwan at a rate of $11,500 daily with a $230,000 ballast bonus, brokers said.

The 1999-built 73,880 dwt Carl Mesem was also fixed at a firm daily rate of $10,200 for a three- to five-month charter, while the 1995-built 73,350 dwt Doric Herald was charted at $11,300 daily.

The vessel is due for prompt Haldia delivery followed by a trip via the east coast of India and with redelivery set for China, brokers said. They also said the fixture of the 1997-built 71,372 dwt Eternal Wind for prompt Shekou delivery is booked on an Esperance round voyage at an approximate rate of $10,000 daily.