Owners fear the worst as panamax rates continue to fall

Sandra Tsui in Hong Kong - Tuesday 30 September 2008

AFTER a deep dive in rates for the Pacific panamax market last week, brokers in southeast Asia hold no hope for a revival, with one old ship going for the bargain basement price of $5,500 per day, writes Sandra Tsui in Hong Kong.

The Baltic Panamax Index lost 36% last week and fell a further 14% yesterday, closing at 2,957 points.