Bidding for Atlantic panamaxes pushes FFAs higher, but do not yell ‘floor’ yet, broker says

Slumping Atlantic market for panamax bulkers is seeing some hope on paper for higher spot rates, but that does not necessarily mean that a floor for spot rates is on the way, a broker said.

The average spot rate for the Baltic Exchange’s P7 route from the US Gulf Coast to Qingdao has fallen 19.7% since 1 August to $52.44 per tonne on Thursday, while the P9 leg from Santos to Qingdao has dropped 27.9% to $39.63 per tonne on Thursday.

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