Japanese trading house fixes modern Panamax on two-year time charter
Period activity picked up in the Panamax segment as charterers sought cover against a firming forward curve.
A Japanese trading house has fixed a modern Kamsarmax on a two-year time charter with worldwide trading, brokers reported, in one of several period deals concluded as the forward curve firmed.
The rate was reported to be at a modest premium to the prevailing one-year level, reflecting expectations of a stronger market in the second half of the period.
Period fixing in the Panamax segment had been subdued through much of the summer, with charterers preferring short-term cover while the spot market found direction.
Brokers said improved grain and coal enquiry, together with a tighter Capesize market pushing some cargoes down into the Panamax size, had encouraged charterers to lengthen cover.
Fixture details reported here are attributed to broker reports and have not been independently confirmed by the parties.
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