Overall, average earnings firmed 23% m-o-m to $30,585/day in March. In particular rates on the Caribs- USG route were stronger, increasing by WS62 points to WS 223 over March. During the first week of March, average Panamax earnings firmed 9% to $25,010/day mainly due to a stronger Caribs-USG market. The second week of the month was even stronger, as earnings increased 14% to $28,427/day. The increase in average earnings was dominated by the firming Caribs-USG market where rates jumped from WS195 to WS225. The European market also strengthened this week. The market continued to firm in the last week of March; average earnings increased 16% w-o-w to $37,009/day. Rates on all the major routes increased: UK-TA spot rates jumped WS28 points w-o-w to WS243 due to a tight tonnage list in the European market, while Caribs-USG rates firmed further and went up by WS20 points w-o-w to WS270.
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