PANAMAX: A FAIRLY POSITIVE END TO THE WEEK – ALLIED
Things seemed to be moving sideways during the first half of the week, with resistance being felt as owners tried to resist any further declines, while as the week came to a close it looked as though we were heading for a sharp drop as the Atlantic let go and dropped support on an already wounded market, said Allied in its latest weekly report. The Pacific seemed to be holding slightly better though it looks as though things will be getting a bit tougher there as well over the coming days.
According to Allied, there was a fairly positive end to the week, as all routes managed to make good week-on-week gains. The Atlantic was the main driver helping pull in tonnage and ease pressure off the overall market, while as the week progressed activity was also getting firmer in the Pacific basin as well , pointing to a possible further firming to be felt over the next couple of days.
Commenting on Supramax, Allied said, not much clear direction to be had this past week, yet it looks as though we might be set for some improvements to be seen fairly soon. Things were fairly difficult on any voyages bound for the Far East , though the Pacific basin overall and parts of the North Atlantic were able to hold relatively on par with the levels they had started off in the start of the week.
We were off to a slow start with minimal positive sentiment felt. Things did start to get slightly better however, with a lot of hope being placed on the momentum being generated out of ECSA. As things stand now it seems as though we are set to see more gains being noted on most of the main routes in both the Atlantic and Pacific, Allied concluded on smaller size ships.
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Source: Allied market report