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USG Pmx/Kmx market stays under pressure amid cargo/tonnage imbalance


The situation remains tense for Panamax/Kamsarmax owners in the North Atlantic. Given limited number of requests for cargo transportation from the US ports on transatlantic routes, as well as excessive spot tonnage supply, the owners continue to make concessions to charterers. The Panamax time-charter rates bss TARV have dropped again to about $9.5k daily (compared with $10k daily last week). The contract for a Kamsarmax vessel bss dely Continent via USEC redel Skaw-Passero is negotiated at $10k daily. The deal for a Panamax carrier bss dely Gibraltar via USEC redel Gibraltar is negotiated at $10k daily. The rates for a 82,000 dwt ship bss dely Gibraltar via NCSA redel Skaw-Passero are negotiated at $10.15k daily. A Panamax vessel has been chartered at $10k daily + $165k bb bss dely USEC redel ECSA. The deal for a 78,000 dwt carrier bss dely Gibraltar via USEC redel ECSA has been signed at $9k daily. Trade remains very dull in the segment for fronthaul Panamax/Kamsarmax shipments of soybeans. The requests for cargo transportation to China are extremely rare; for example, there was only one Kamsarmax shipment of soybeans from the Gulf of Mexico ports to China during April. However, the fronthaul transportation segment is still supported by rather regular shipments of US maize. The Panamax/Kamsarmax time-charter bss dely Continent via USG redel Spore-Japan is estimated at $17.5-18.5k daily on average. A vessel of 82,000 dwt has been chartered at $18k daily bss dely Continent via USEC redel India. The rates for Panamax/Kamsarmax fleet bss dely USG redel FEast amount to about $15-15.5k daily + $500-550k bb. Transportation of 66,000 t of grain from the Gulf of Mexico ports to China via the Cape of Good Hope may cost $41-42/t. Carrying 55-60,000 t of agri products from the US to northern China via the Panama Canal is quoted by brokers at $42.5-43/t.

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