OVER THE past two weeks, the freight market has seen more chartering activity, with charter rates showing year-on-year increases in all vessel sizes. A tightening of tonnage supply has impacted on the freight market. Average panamax earnings have remained stable, increasing from less than $22,000/day two weeks earlier to almost $25,000/day at the time of writing. The imbalance between eastbound trade flows from the Atlantic and westbound cargoes from the Pacific is reflected in panamax fronthaul earnings. The premium of fronthaul (Atlantic-Pacific) charter rates over the backhaul (Pacific-Atlantic) stretched to about $25,000/day, with fronthaul earnings very close to $37,000/day for the first time over the past two months.
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