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Port congestion off Indonesia has been a major driver behind the ongoing rise in panamax bulker spot rates, according to Clarksons Securities.
The comments come as the Baltic Exchange’s Panamax 5TC, a spot-rate average across five key routes, has risen 44.3% since 31 August. It reached $15,815 per day on Thursday, while other bulker segments have mostly fallen during this time.
“The number of vessels awaiting coal loading outside Indonesian ports is growing — now a massive 111 vessels,” Clarksons Securities said in a note on Thursday.
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