Panamax market steadies as East Coast South America grain programme builds
A fuller line-up of grain stems from the River Plate is supporting Panamax employment out of South America.
Panamax employment out of East Coast South America has improved as the seasonal grain programme builds, brokers reported this week.
Charterers have been covering forward positions for second-half loading, and owners noted a firmer tone on fronthaul business towards the Far East. Kamsarmax units with prompt dates were said to be attracting competitive interest.
The North Atlantic remained quieter, with mineral cargoes providing limited support. Several operators said repositioning economics continue to favour South America.
Market participants expect the programme to underpin employment over the coming weeks, although vessel supply remains adequate and rate upside is likely to be measured.
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