Sub-capesize markets strengthen

摘要

THE PANAMAX market has strengthened over the past two weeks, partly due to the beginning of the Latin American grains season. Average panamax earnings have risen above $31,000/day, an increase of $6,050/day on the previous two weeks. This takes panamax earnings unusually close to capesize average earnings on Tuesday March 2, with the cape/panamax ratio falling to 1.03 from 1.35 two weeks earlier before rebounding to the current level of 1.2.