Two new period charters for panamax bulk carriers have been reported today, while spot market activity for all tonnages except capesizes has helped the Baltic Dry Index advance seven points to 711, according to Baltic Exchange data.
Ultrabulk’s Ultra Panache (78,450 dwt, built 2011) was fixed to an unnamed charterer for four to eight months at $6,750 daily. The vessel will deliver in Hong Kong between July 18-21.
Norden has fixed Orion Bulkers’ Baltia (75,776 dwt, built 2005) on a four- to seven-month period charter at $6,500 per day, delivering in Shanghai on July 14-16.
Reported fixtures for six-month contracts in the Pacific basin have been fixing at around the $6,750 level for the past week or so, which is the highest level seen since early November 2015, according to Baltic fixtures data.
Rising spot rates are spurring enquiry in the period market. The weighted timecharter average of the Baltic’s four benchmark panamax routes was today assessed at $6,469 per day, up $85 from Monday’s level. This is the highest level seen since September 7, 2015.
In particular, spot rates on the Japan/South Korea to Skaw Passero route (P4_03) have shown rapid growth over the past three weeks. Rates on the route were today assessed at $1,080 per day, a near 12-month high.
