At the end of November, Panamax dry bulk rates were up more than 20 per cent from a year ago, mainly due to strong Asian demand to ship iron ore and grains. Demand for charters of panamax ships is also being driven by a shortage of capesize vessels to move iron ore and coal, which is having a “knock-on” effect on availability of transport for grain as panamax ships are diverted to the more lucrative coal and ore trades.
Voyage rates for modern panamax for the benchmark US Gulf to Japan route were being quoted at US$67-US$68 per tonne for December shipments, up from spot deals in November of around US$62-US$63 per tonne and inching closer to the record levels of US$75-US$80 per tonne seen in March....
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This complete item is approximately 1200 words in length, and appeared in the November/December 2004 issue of Bulk Materials International, on page 16.
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