A strengthening paper market is benefiting panamax owners operating in the Atlantic spot market, which has boosted sentiment and pushed rates up this week.
However, with less demand for coal to be shipped, brokers are unsure if the rally in prices will continue. "It's been very quiet and although tonnage is quite tight still in the north Atlantic, I think rates have been relatively flat for the last three days," said one London-based broker.
Transatlantic round voyage prices have risen to $24,200 per day, up around $500 from last week, while the fronthaul voyage to Asia has climbed over $700 to $33,050 per day, Baltic Exchange data shows.
Not many cargoes had been seen so far this week, but the lack of available ships had helped rates to remain firm, ICAP Shipping said in its daily report.
Many owners were keen to keep their vessels in the Atlantic basin, and those able to load in the Baltic Sea had achieved rates in the high $20,000s, the broker added.
"The tonnage supply is a little bit tight, particularly for prompts dates off the North Continent," another broker said.
Some owners were keen to fix their vessels on short period charterers to guarantee "healthy" rates over the next six months.