Panamax bulkers pulled ahead this past week on the backs of South American grain exports and port congestion, while other major bulker sizes languished.
The Baltic Exchange’s Panamax 5TC, a spot-rate average across five key routes, rose 46.7% over the past seven days to $16,786 per day on Friday, claiming dry bulk’s shipping’s highest average spot rate.
“Following successive weeks of a dire market for players, some impressive gains were made in the Panamax market as the grain markets in both [the east coast of] South America and NoPac [north Pacific] came alive,” Baltic Exchange analysts wrote on Friday in their weekly wrapup on dry...
