Largest Increase in Panamax Rates Since March 21st
Panamax rates rose today by 3.4%, which marks their largest increase since March 21st. Supramax rates rose today by 1.3%, which marks their largest increase since April 24th. These segments continue to be assisted by a very healthy amount of South American grain cargoes and various coal cargoes surfacing in the spot market. Separately, also of note today is that Chinese steel prices have risen again and continue to climb above Friday’s low. On Friday, steel prices had fallen to the lowest level since since mid-February, but so far this week they have increased by approximately 1.9%. This marks a large increase for just two days.
Source: Jeffrey Landsberg, Managing Director, Commodore Research & Consultancy