Freight mixed

摘要

Seaborne freight rates for Panamax vessels dropped signifi- cantly in February as the market searched for strength weeks ahead of expected increased activity as the agricultural shipping season kicks off. Markets have cut expectations for seaborne thermal and coking coal demand, with Europe believed to be in a recession. Those effects are beginning to show up in Asian export demand. Freight rates for moving coke on Panamax vessels from ship- broker Clarksons fell 12.3-14.7pc from the US Gulf coast to the European continent, the Spanish Mediterranean and the Black Sea. Rates on all three routes hit the lowest level at the end of February since April 2009.