Period fixtures reported today show panamaxes in the Atlantic basin are still commanding higher rates than those in the Pacific.
In the Pacific, Diana Shipping has fixed its panamax Coronis on an 11- to 14-month timecharter to Narina Maritime, fully guaranteed by Turkish bulker owner Cerrahgil Denizcilik Nakliyat.
The gross charter rate is $4,750 per day, minus 5% commission, for the contract, which is expected to commence on March 19 when the vessel delivers in Qinghuangdao, China. Diana expects the fixture to generate around $1.57m of gross revenue during the first 11 months.
The vessel is currently on timecharter to Sandgate Maritime, which will redeliver the vessel on March 19, slightly earlier than April 3 as originally planned, for which the company will compensate Diana. The ship was fixed on July 3, 2015, at a gross rate of $6,500 daily.
D’amico Dry’s panamax Medi Cagliari (75,772 dwt, buit 2004) was also reported fixed on period charter today, at a slightly higher rate than the Diana vessel, for delivery in the Mediterranean.
United has reportedly taken Medi Cagliari for 11 to 15 months at a daily rate of $5,500. The ship will deliver at Cape Passero between April 1-15.
London-based shipbroker Alibra Shipping today estimates 12-month period rates of $5,850 per day for panamaxes in the Atlantic basin and $5,650 daily for those in the Pacific.
In the spot market, the Baltic Panamax Index today fell seven points to reach 467. The index’s weighted timecharter average (TCA) rate was assessed at $3,749 per day, a $59 decrease on Wednesday’s level.