Pacific Panamax Market Gets Ugly

The Pacific panamax sector was set to weaken further after the Baltic Panamax Index fell under 1,000 due to a lack of orders, brokers said on Thursday.

"There are no orders. The Baltic Panamax Index is now under 1,000 and the Pacific panamax market looks ugly," one said.

The Baltic Panamax Index was at 987, down 33 points on Thursday, and both the trans-Pacific round voyage and backhaul timecharters saw $400 cuts from the index.

Brokers said Pacific round voyage charters were being reported around $5,000, with the Atlantic equivalent seen just under $7,000 daily.

In the Atlantic, brokers said fresh orders from South America, among others, were giving some support to the market.

They said fixtures included one for the 1999-built 72,891 dwt AD Astra for mid-August north Pacific delivery followed by a trip to China at $6,000 plus $80,000 ballast bonus.

They also reported the 1998-built 73,729 dwt Global F had been booked for late August Santos or Paranagua delivery followed by a trip to the Continent at a rate of $8,000 daily plus a $120,000 ballast bonus.