Panamax Atlantic round voyage rates have now fallen to their lowest level since the Baltic Exchange began assessing the route in August 1990. Rates dropped a further 33% last week to $2,238/day, continuing the dramatic weakening since mid-July when earnings were more than $11,0007day. For the Panamax market as a whole average vessel earnings of $3,833/day are the lowest since January 2009. The inclusion of bunker fuel costs in voyage rates disguises the weakness in the freight market. Bunker price in Singapore (380cst), for example, are approaching $700/t in stark contrast to $208/t at one point during the 2008/09 financial crisis. Nevertheless, spot coal freight rates for Panamaxes from Indonesia (terminal) to Qingdao fell to a year-to-date low of $7.20/t last week.
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