The panamax market experiences a robust rally, reaching its highest point in 11 months, with the Baltic Panamax Index (BPI) hitting 1,874 points. Strong demand for panamaxes is noted on North Atlantic and Pacific routes, particularly the Skaw-Gibraltar Transatlantic round voyage, witnessing a 60% increase in the last 10 days. Other routes, like the Japan-South Korea Transpacific round voyage and the South China, Indonesian round voyage, contribute to the positive trend. Tight tonnage supply, increased grain exports from the USA, rising coal imports, and stable iron ore demand create an optimistic outlook. Meanwhile, the International Energy Agency's report influences the wet market, and the approach of COP28 adds significance to the shipping industry's interest in clean energy and green finance decisions.

SOURCE: GOOGLE