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Panamax earnings approach 14-year high

The Baltic Panamax Index has staged the strongest start following the Chinese New Year and is at its highest since November 2005. Freight rates for the segment have become expensive relative to the capesizes

Freight rates for panamaxes have been pushed up as available tonnage in the Atlantic region is limited. US Gulf and east coast South America are absorbing a great number of ballasters from the Asia-Pacific, while thickening sea ice in the Baltic Sea is further boosting rates

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