IN JULY, the premium of Panamax (74 kdwt vessels) round-voyage rates in the Atlantic to those in the Pacific rose to its widest level in six months, briefly touching $6,500/day in mid-July. The premium has decreased only slightly since then, with the current Atlantic return voyage at $14,508/day and the Pacific equivalent at $8,533/day. Such a premium is thought to be prompting owners to ballast vessels to the Atlantic from the Pacific despite current high bunker costs, which this year has been a greater deterrent for ballasting than before.
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