Panamax Oversupply to Suppress Ship Rates, Commodore Forecasts
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Hire 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.