Panamaxes pull down entire dry bulk sector with no rebound in sight
Bulker rates sink to new 2024 lows as panamax overcapacity infects broader market
Lower Brazilian corn exports to China, minimal congestion at Brazilian ports, normalised Panama Canal transits and a hefty orderbook — it all adds up to too many panamaxes chasing too few cargoes, and panamaxes cannibalising demand for both capesizes and smaller geared bulkers