By Dinakar Sethuraman - Jun 18, 2012
Bloomberg
Hire (BDIY) costs for Panamax vessels that carry iron ore, coal and grains may be suppressed by an oversupply of new ships next year, according to Commodore Research & Consultancy.
There are 595 Panamaxes, the largest vessels to navigate the Panama Canal, scheduled for delivery by the end of 2013, including 355 vessels this year and 240 next, the New York-based consultant said in an e-mailed report today. That compares with an order book of 235 Capesize ships, the largest carriers of iron ore and coal, by the end of next year.
“In 2013, the Panamax market is poised to become the most oversupplied of all of the dry-bulk vessel classes,” said Jeffrey Landsberg, managing director of Commodore. “While near- term prospects for Capesize rates remain bleak due to the tremendous amount of Capesize vessels that will remain available in the market, a strong case can be made that future prospects for Panamax rates are considerably worse.”
Daily charter rates for Panamaxes gained 1.8 percent to $8,469 a day on June 15, according to data on Bloomberg. Hire costs have fallen 34 percent this year. Capesize rates will average less than $10,000 this year, Arctic Securities ASA, an Oslo-based investment bank, said in a June 14 report.
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