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• Panamax bounce unlikely before end of Q1

  Downward pressure seems to be unrelenting on the trans-Atlantic Capesizes with RV rates buckling un­der and the TARVs drifting into the low-mid US$ 20,000s of US$ 25,000 for 182,000 dwt and US$ 23,000 for 178,000 dwt. Owners are simply having a hard time finding sufficient cargo demand for the first week of April as chars find the better option is to wait and see. FH trips are still trading just over US$ 50,000, although there are already talks for US$ 48,000 daily heard being discussed for Q2 positions. There is little to no hope for the Panamaxes to pull back before the month is over considering the snow­balling of negative sentiment now being observed along many of the major trade routes in both East and West hemispheres. Eastern-based rates are argu­ably the worse off at this time with a more pro­nounced lack of activity seen along the NoPac region and, consequently, pushing inter-Pac round voyage rates on 82,000 dwt vessels into the US$ 18,000s as some shipowners already consent to US$ 17,000s. (For news & updates on dry bulk shipbroking, subscribe to the BMTI Daily Report.)

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