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Wednesday, 22 April 15
PANAMAX : ATLANTIC HOLDING ON TO THE GAINS OF THE PREVIOUS WEEK; PACIFIC BUSINESS SLID QUIETLY
IntermodalCOALspot.com: The Dry Bulk market managed to close off the week on a positive note last Friday, while as opposed to what we have been used to, it was the bigger size segments that offered support to the BDI this time round, said Intermodal in its weekly market update.

The Greece based broker further says that, saying that, the average rate for both Capes and Panamaxes, remains at exceptionally low levels, with the former still underperforming the rest of the market. The price of iron ore that is still under considerable pressure, remains the key for the performance of the big bulkers, hopes for which are somewhat placed on the commodity’s continuing plunging price and the extend of the pressure that it can exert on Chinese production, which remains costly at current levels.

The broker commenting on cape, noted that, the Pacific Capesize business finished the week holding onto its recent gains, while despite an uptick in activity, rates have yet to see a meaningful positive correction, and as we have mentioned in the past, nothing so far shows that the weeks leading to the summer period could be hiding an improvement of fundamentals for the segment.

According to intermodal, rates for Panamaxes also moved a bit higher last week, with Atlantic Panamax rates holding on to the gains of the previous week. On the other hand Pacific Panamax business slid quietly into the weekend with rates remaining under pressure and owners continuing to ballast away from the basin, while charterers were paying up only by necessity.

Business for the smaller size segments saw little fresh inquiry last week, with US Gulf/East business witnessing overall steady rates nonetheless. At the same time the Pacific market was exceptionally quiet, with NoPac rounds trending sideways, Intermodal concluded.


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