Bfi Stages Slow Recovery
Brazilian port authorities.
On Tuesday the freight market remained very flat, partly influenced by holidays in the Far East. The BFI gained three points to 1,003 on account of slightly firmer Panamax fixtures in the Pacific. Some fresh grain enquiry emerged in the Atlantic but so far it has not been translated into higher rates. Some brokers believe that the undertone in the market is healthy but that grain enquiry alone will not be sufficient to make a significant difference to freight levels. Meanwhile about one third of all Panamaxes now trading are over 15 years of age, considered by brokers to be a remarkably high proportion.
On Wednesday the BFI jumped seven points to 1010, with evidence of stronger panamax rates in the east. The Pacific round voyage (route 3A) was marked up from $6,529 Tuesday to $6,807. The bit of heat in the Pacific will soon be transferred to the US Gulf,