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USG Panamax/Kamsarmax market looks weaker


The situation keeps changing in an uninspiring direction on the Panamax/Kamsarmax market of the North Atlantic. Brokers report slow trade in the transatlantic segment, as most charterers are sitting on the fence. The offer of cargoes for shipments from the Gulf of Mexico ports and the US Atlantic coast is limited, while the supply of prompt tonnage is growing in the Continent and the Mediterranean Sea. As a result, the corresponding rates have decreased. So, the Panamax time-charter bss TARV is now quoted at about $12.5k daily compared with $13.5k daily last week. The rates for such tonnage bss dely Continent via USEC redel Skaw-Passero amount to $13k daily on average. The contract for transportation of 65,000 t of grain from the Gulf of Mexico ports to Rotterdam with 2H April laycans is negotiated at $21-22/t. The deal for shipment of 75,000 t of coal from the US Atlantic coast to Rotterdam with early April laycans has been signed at $10.6/t.

The offer of US grain for Panamax/Kamsarmax fronthaul shipments remains extremely sluggish. The owners of vessels open in the Gulf of Mexico ports have to stand idle for a long time waiting for suitable requests. The Panamax/Kamsarmax time-charter bss dely Continent via USG redel Spore-Japan is quoted by brokers at $19-20k daily. The contract for a Kamsarmax vessel bss dely Continent via USG redel FEast has been concluded at $20.5k daily. The rates for Panamax fleet bss dely USG redel FEast amount to $16k daily + $600k bb on average. Transportation of 66,000 t of grain from the Gulf of Mexico ports to China (via the Cape of Good Hope) may cost $43/t on average. Carrying 55-60,000 t of US agri products to the Far East (via the Panama Canal) is estimated at $44-44.5/t.

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