Shifting Panamax Supply Boosts Earnings

Panamax spot earnings in the Atlantic basin have been climbing consistently over the past month, especially for Panamaxes trading in the Caribbean spot market. In fact, Panamax Caribbean earnings are currently exceeding $20,000 per day, a peak level usually only seen in winter months. This development is surprising given depressed earning levels at the beginning of the year. This development is even more surprising relative to the Aframax Caribbean market, where earnings are currently approximately one half of Panamax earnings. Download here