Panamax Rates Softer

Panamax freight rates were softer in the Atlantic and the market was relatively quiet on Wednesday, shipbrokers said while business from the South American grain export season had not managed to boost Atlantic market sentiment. While the list of fresh enquiry was growing each day, the pace of activity in the area was not as rapid as some had hoped. But shipbrokers remained optimistic that by April the season would be in full swing, and Panamax owners would be reaping the benefits. In the meantime, activity in the Atlantic Panamax market was generally dull. Owners of modern Panamaxes noted that while the accepted daily rate for an Atlantic round voyage was trading around $11,500 last week, the current level was closer to $11,000. The easier undertone had also affected modern Panamaxes trading from the Continent and the Mediterranean, shipbrokers said. Moreover, as fresh enquiry in the U.S. Gulf was limited, modern Panamaxes open for trade in early March in this region were expected to find negotiations difficult. – (Reuters)