1. Average spot earnings in the dirty Panamax sector increased 17% m-o-m in December to $27,996/day. This helped to support the annual average for 2014 increasing 69% y-o-y to $18,858/day, the highest annual average since 2008. Earnings have been supported in recent months in particular by both increased spot rates and reduced bunker costs. 2. In the European market, rates were relatively subdued in December, with the rate on the Med-USG route remaining flat m-o-m at WS 132. Meanwhile, there was a 2% m-o-m increase in the rate on the UKC-USG route to WS 136. Rates remained fairly flat during the month, largely on the back of limited enquiry and an ample tonnage list. While tonnage did thin somewhat towards mid-month, this was not sufficient to substantially lift monthly average rates. 3. On the other side of the Atlantic, the rate on the Caribs-USG route rose 6% m-o-m to an average of WS 147 in December, comparable to August levels. The first half of December was characterised by tight tonnage throughout much of the Caribbean. However, a tapering off of enquiry tempered a significant surge in rates. Meanwhile, the rate on the WCSA-USAC route rose to an average of WS 135 in December, up 8% m-o-m.
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