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Panamax/Kamsarmax rates coming under pressure in USG


The North Atlantic Panamax/Kamsarmax market was looking stable in the first half of the week. Brokers reported rather limited tonnage supply for spot/prompt dates and regular grain offers for transportation from the Gulf of Mexico ports with early January laycans. The time-charter deals for Panamax fleet bss dely USG redel Spore-Japan with late December-early January laycans were negotiated at $15.75-16k daily + $575-600k bb, those for Kamsarmax vessels at $16.75-17k daily + $675-700k bb. So, the contract for a Kamsarmax carrier bss dely USG redel China with early January laycans was fixed at $16.85k daily + $685k bb.

Closer to the middle of the week, however, the charterers have started to lower the rates, insisting on $16k daily + $600k bb for Kamsarmax fleet bss dely USG redel Spore-Japan. Earlier this week, the deals for transportation of Panamax-lots of grain from the Gulf of Mexico ports to China with December laycans were negotiated at $45/t, though already in the mid-week, the corresponding rates have dropped to $44.5/t. Note that contracts for shipments of 66,000 t of agricultural products from the Gulf of Mexico ports to China with mid-January laycans are negotiated at $44/t. The charterers are going to lower the relevant rates with late January laycans to $42-43/t.

The transatlantic segment has softened this week. Brokers report that new requests are less frequently entering the market. The tonnage supply is exceeding demand; thus, the owners make concessions, as they want to charter their vessels before holidays in some countries of the region. As a result, the Panamax time-charter rates bss TARV have dropped to $15.5-16k daily (compared to last week’s level of $17-17.5k daily). The deal for a Panamax vessel bss dely Med via NCSA redel Skaw-Passero is negotiated at $14.25k daily.

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