# Panamax Earnings: Pacific Premium Set to Erode in Q2 The Panamax market: A supply-side story | Kpler - Apr 27, 2026

> Kpler reports that Panamax Pacific earnings have exceeded seasonal norms, with the Atlantic round-voyage rate at a discount of about $4,935/day on average since mid-February. Heavy Brazilian soybean exports drew vessels into the South Atlantic and reduced Pacific ballaster supply. Kpler expects Pacific premiums to erode in Q2 as more ships discharge in China.

- Date: 2026-04-27 · published 2026-04-27T12:00:00.000Z
- Category: logistics · region Global · magnitude low
- Page: https://feedsoft.ai/events/19928-panamax-earnings-pacific-premium-set-to-erode-in-q2-the-panamax-market-a-supply
- Commodities: [Ocean Grain Freight](https://feedsoft.ai/c/OCEANFRT.md), [Soybeans](https://feedsoft.ai/c/SOY.md)

## Why it matters

A shift in vessel supply changes which routes are competitive for soybean and corn exporters, with Atlantic freight expected to firm and Pacific freight to ease. The net effect on ocean freight costs is modest.

## Read by commodity

- SOY: neutral
- OCEANFRT: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| SOY | 2021-02-01 | [Panama Canal Congestion: A Commodity Market Case Study Panama Canal case study: Minimising the impact of elevated congestion in Commodity markets \| Kpler - Feb 01, 2021](https://feedsoft.ai/events/48517-panama-canal-congestion-a-commodity-market-case-study-panama-canal-case-study.md) | -0.2% | +1.6% |
| SOY | 2023-01-24 | [Union Pacific Corporation (UNP) Q4 FY2022 Earnings Call Transcript - January 24, 2023 \| Roic AI](https://feedsoft.ai/events/37806-union-pacific-corporation-unp-q4-fy2022-earnings-call-transcript-january-24.md) | +3.0% | +3.9% |
| SOY | 2024-07-12 | [Pacific Northwest sees increased exports due to Panama Canal drought - Agweek \| #1 source for agriculture news, farming, markets](https://feedsoft.ai/events/17015-pacific-northwest-sees-increased-exports-due-to-panama-canal-drought-agweek-1.md) | -3.9% | -11.6% |
| SOY | 2025-02-07 | [Transits Through the Panama Canal are Down 10%  \| SupplyChainBrain](https://feedsoft.ai/events/16969-transits-through-the-panama-canal-are-down-10-supplychainbrain.md) | -2.9% | -4.7% |
| SOY | 2023-09-21 | [TELF AG Insight on Dry Bulk Market Across All Sectors - September 21 2023](https://feedsoft.ai/events/34304-telf-ag-insight-on-dry-bulk-market-across-all-sectors-september-21-2023.md) | -1.3% | -0.7% |

## Sources

- kpler.com: https://www.kpler.com/blog/the-panamax-market-a-supply-side-story

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.