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More panamax period fixtures as dry market keeps up the momentum

Three more panamax bulk carriers were today reported fixed on period charters as the dry market rally continues, with the Baltic Dry Index reaching 555 points – its highest level since December 7.

Greece’s Quintana Maritime has reportedly fixed its kamsarmax Q Jake (82,188 dwt, built 2011) to SwissMarine for 11 to 14 months, delivering in Zhoushan, according to Baltic Exchange data.

The contract was fixed at a daily rate based on the Baltic Panamax Index’s (BPI) weighted timecharter average (TCA) rate plus 7%. Today, the BPI’s TCA rate was assessed at $5,216 per day, an $85 increase on Friday’s level.

Day rates for six-month period charters look to have finally reached $7,000, a level not seen since early November, judging by Glory Amsterdam‘s (77,171 dwt, built 2006) reported fixture today.

An unreported charterer has taken the panamax, which is owned by Erasmus Shipinvest of Greece, for four to seven months. The ship will deliver in Hamburg and redeliver in the Atlantic, where daily rates continue to be higher than in the Pacific basin.

Oldendorff is said to have fixed Italian owner Augustea’s kamsarmax Lydia Cafiero (81,187 dwt, built 2013) on a four- to seven-month period charter for $6,500 per day.

Lydia Cafiero is the fourth kamsarmax Oldendorff has booked on period charter since the beginning of March. The four vessels have been fixed at increasingly firm rates, according to brokers’ data.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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