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Pmx/Kmx rates sliding down in North Atlantic amid lack of cargoes

04.04.18
14:37

Negative trends still hurt the Panamax/Kamsarmax transportation sector of the North Atlantic. The transatlantic market keeps softening. The charterers are confidently lowering the rates amid extremely limited number of requests for cargo transportation from the Gulf of Mexico ports and the US Atlantic coast to the European and Mediterranean countries; meanwhile, prompt tonnage supply continues to grow in the Continent and Mediterranean Sea. In these circumstances, the rates have dropped again in the region. At present, the Panamax time-charter bss TARV is quoted at about $11.5k daily (compared with $12.5k daily last week). The rates for Panamax fleet bss dely Continent via USEC redel Skaw-Passero amount to $12k daily. Deals for Kamsarmax vessels bss dely USG redel Med are negotiated at $10-10.5k daily + $100k bb.

Meanwhile, the situation has not changed much in the fronthaul segment. The offer of US agri products for transportation from the Gulf of Mexico ports to China is very small and will hardly grow in the near future. However, considering the fact that this sector has not been attractive for owners for quite a long time, the relevant tonnage supply is also limited. As a result, the corresponding rates hold relatively steady. The Panamax/Kamsarmax time-charter bss dely Continent via USG redel Spore-Japan is quoted at $19-20k daily. The deal for a 77,000 dwt carrier bss dely Continent via NCSA redel FEast is negotiated at $15.6-16k daily. A Panamax vessel can be chartered at $16k daily + $600k bb on average bss dely USG redel FEast. The transportation costs of 66,000 t of grain from the Gulf of Mexico ports to China (via the Cape of Good Hope) are voiced within $42-43/t. The rates for shipment of 55-60,000 t of US agri products to northern China (via the Panama Canal) amount to $44/t on average.

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