Panamax Rates Steady Amid Lower Trading Activity
THE pace of the panamax bulker market has slowed in the past week, particularly in the Atlantic basin, but brokers still held on to expectations of a rebound in coming weeks.
According to MANA, based on the Baltic Exchange’s assessments, the average weighted panamax time charter climbed to $8,575 per day as of the close on Tuesday, from $8,512 a week ago.
Meanwhile, the Baltic Panamax Index rose to 1,069 points from 1,062 points a week ago.
“Panamax rates inched downwards last week, on the back of soft declines in activity ex-South America,” said Intermodal in its weekly report.
A Singapore-based broker said that the market was relatively quiet last week, but while there was a general lack of fixtures “it did not mean rates were heading for a fall.”