Rates of Panamax vessels may slip
The cost of hiring Panamax vessels may fall for a second week as fewer of the vessels that can carry 70,000 tonnes of coal and other dry-bulk goods get delayed at Australia's Newcastle, the world's biggest coal-export port.
The Baltic Panamax Index, a measure of rates on seven routes for such vessels, dropped for a fifth day by 0.5 per cent to 7109 on July 20, according to the London-based Baltic Exchange. The index declined 2.8 per cent last week.
Rates slipped last week partly because of an easing in congestion at Australia's Newcastle, London-based shipbroker Galbraith's Ltd said in its weekly report. Rates are coming off after the Baltic Panamax Index rose to 7313, a record, on July 13.
The market may expect 'small corrections' though the 'fundamentals and outlook are extremely positive', said Alex Harkess, director of dry cargo chartering at Clarkson Asia Pte Ltd in Singapore.
There were 57 vessels lining up at the port and the average waiting time was 22 days, from close to 40 days three weeks ago, Galbraith's said in its July 20 report.
The Baltic Panamax Index, a measure of rates on seven routes for such vessels, dropped for a fifth day by 0.5 per cent to 7109 on July 20, according to the London-based Baltic Exchange. The index declined 2.8 per cent last week.
Rates slipped last week partly because of an easing in congestion at Australia's Newcastle, London-based shipbroker Galbraith's Ltd said in its weekly report. Rates are coming off after the Baltic Panamax Index rose to 7313, a record, on July 13.
The market may expect 'small corrections' though the 'fundamentals and outlook are extremely positive', said Alex Harkess, director of dry cargo chartering at Clarkson Asia Pte Ltd in Singapore.
There were 57 vessels lining up at the port and the average waiting time was 22 days, from close to 40 days three weeks ago, Galbraith's said in its July 20 report.