Panamax freight rates are decreasing

Charterers are keeping the market low due to a large supply of free tonnage.

“At the start of the season, shipowners are trying to raise rates, but due to the large supply of free tonnage, charterers are still keeping the market low,” Spike Brokers analysts said.

Freight rates for handsizes remain mostly stable, barge rates increased slightly – by €1-2, panamax freight rates to China, Bangladesh and Vietnam fell.

Market rates of transportation from river ports:

• Izmail – Constanta, Romania (1-3 thousand tons) — €10-11

• Izmail – Ruse/Silistra, Bulgaria (1-3 thousand tons) — €16

• Izmail- Israel (5-7 thousand tons) — $25-26

• Reni – Marmara, Turkey (5-7 thousand tons) — $19-20

Market rates of transportation from sea ports:

• Chornomorsk – Eastern coast of Italy (30-35 thousand tons) — $18-20

• Chornomorsk – South China (60-65 thousand tons) — $48-50

• Chornomorsk – South Vietnam (60-65 thousand tons) — $46-48

• Chornomorsk – Bangladesh (60-65 thousand tons) — $48-50.

USM previously reported that freight rates to the Mediterranean had hit record lows last week.