Coal news and updates

Panamax vessels ride Capesize rates spurt

October 31: Freight rates for Panamax vessels firmed up marginally, taking a cue from a spurt in the freight rates of Capesize vessels of late, an official from an Indian private sector power generation company said.

Vessel contracts had, however, not increased much as users adopted a wait-and-watch approach, the official said.

According to the official, freight rates of Capesize vessels firmed up on reports that CVRD of Brazil had floated an enquiry for chartering of 50 such vessels.

He, however, could not confirm whether the enquiry had indeed been floated.

Post the firm-up in Capesize chartering rates, shipping companies have started quoting higher rates for Panamax vessels, citing higher demand for movement of foodgrains.