- Panamax rate hits 8 month high
- Tonnage backs in US Gulf routes
- Aframax still costlier, only left with Panamax
Panamax freight rates out of UK Continent hit an eight-month high due to very limited vessel availability for early September dates, sources said Wednesday.
US Gulf routes backs up
Demand has not been unusually high but sentiment is firm because natural tonnage is exceptionally tight in the region. However, shipowners with positions in the US Gulf may ballast tonnage back to UKC if rates stay firm, sources said.
Firm market
Charterers would normally look to barrel up fuel oil and VGO stems onto larger Aframaxes but this market is also firm so charterers are having to meet Panamax owners demands for the time being, said a shipbroker.
The Panamax fuel oil/VGO route from ARA to the US Gulf, basis 55,000 mt, was valued at $22.33/mt yesterday, the highest level since December 29 last year, according to S&P Global Platts data.
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Source: S&P Global
