Midsize bulkers have received a boost from robust South American grain exports that should continue into the second half of this year, analysts said.
Since 25 July, the Baltic Exchange’s Panamax 5TC basket of spot-rate averages across five key routes has improved 72% to nearly $13,900 per day to reach its highest level in nearly four months.
“The kamsarmax segment … has gained some traction with shipbrokers reporting higher grains cargo availability in South America, as compared to a relatively weak grains export market during the first half of the year,” Jefferies analyst Omar Nokta wrote in a note on Monday.
