Panamax Rates Aggressive and Record High in the Pacific

  • Panamax rates in the Pacific soared to multi-year highs on the back of icy sea conditions in the Atlantic.
  • This is attributed to the spike in grain loading out of east coast South America, or ECSA, and a pick-up in European coal demand.
  • The firm freight rate on ships loading out of ECSA is forcing charterers to shell out more for voyages within the Pacific region.
  • The key Hay Point, Australia, to Paradip, east coast of India, trip to move a 75,000 mt (plus/minus 10%) coal cargo was assessed at...

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