Panamax bulk carriers form the largest homogeneous shiptype-group in the world fleet. The H. Clarkson database contained in 1994, 834 of these ships, in a dead-weight range of 50.000-76.000 tons. The dimensions of panamax vessels are restricted by the dimensions of the locks of the Panama Canal, especially the beam. Shipowners and shipyards have put a lot of effort into maximising the deadweight of the vessels within these restrictions. The question is: Does the market honour this effort with higher charter rates? In other words: Is there a relation between the design characteristics and the charter market performance? This study has analysed approximately 10.000 of the published fixtures over the period 1989-1994, and related the charter rates to the dsign characteristics of the bulk carriers. This book is important for shipowners, shipbrokers, shipyards, naval architects, financial institutions, classification societies and all others involved in the bulk shipping industry.