Panamax

So yeah, it's not, it's not super significant, uh, from the Gulf, but I think there's a US Gulf Coast trade where, you know, they'll run an Aframax or they'll run a, a, you know, long range two-

two-Or maybe even a, uh, Panamax through the Panama Canal and they'll transport, right, that product, right, to y- Asia.

So it's going from, like, you know, the US Gulf Coast to Chubu in Tokyo or in Japan.

Can't wait to heat my house-

And we have President Xi at the White House end of September with soybeans on the table.

That's a dry bulk Panamax story.

And then we have the truce on U.S. and Chinese port fees expiring on 10th of November.

And the cost side of that, because it isn't only freight that's going up.

Because this year we had only 25 capes delivered.

That's flat on last year.

Meanwhile, 120 Panamaxes was delivered.

So that's double of the year before.

Exporters are repurposing coal, fertilizer and general cargo terminals across the Baltic Sea and the Russian Arctic to load grain bulkers instead.

Over in the shipping markets, the Baltic Dry Index paused at 3400 points, with Panamax vessels seeing strong day rate support as merchants scramble for mid-sized vessels that can navigate alternative European waterways.

Finally, let us look at agriculture and consumer trade.

India took decisive action on Wednesday, slashing basic import tariffs on crude and refined palm, soy and sunflower oils.

Even if they open it for business, we're heading into winter.

Many think that some of these big large, uh, loaders that would fill up these Panamax, uh, ships, they won't be ready till December if they had good weather.

So we are softer on the wheat as the trade seems to short the wheat against their long corn and beans to protect themselves.

It's part of the story out there.

But I just want to kind of put into context for listeners, you know, when we talk 25 million metric tons, you know, those unit trains that people see out in the countryside, those mile long trains, that's about 12,000 metric tons.

And a Panamax ship that, you know, actually takes the beans over there is like 60,000 metric tons.

So just think how many of those ship loads of soybeans we're loading to get to 25 million metric tons.

And like you said, 31, I think you said was our peak.

The Panama Canal has reduced available daily reservation capacity to 32 slots, as below-expected rainfall again pressures one of the world's most important trade routes.

From 15 September, the Canal Authority cut Panamax reservations to 23 slots, alongside nine Neo-Panamax slots, warning that vessels without confirmed bookings could face longer waits.

The restriction is temporary, but its significance extends beyond today's shipping schedules.

Panama is also preparing its 2027 budget around challenging water conditions and the possibility of a strong El Nino.

I mean, we were rushing.

I mean, at that time, everybody was talking about the capacity to handle Panamax ships-

Yeah

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