It’s been a heady ride for the big Dry Cargo ships. Report from Coracle and Baltic Exchange for Sept 2By james tweed • Sep 3rd, 2011 • Category: Dry Cargo
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Thank you for downloading the Dry cargo market report podcast from Coracle Online and the Baltic Exchange for September 2nd 2011. This podcast looks at what happened during the week in the Capesize, Panamax, Supra and Handymax markets
We start with the Capes. It’s been a heady ride for the big ships with the hope of a firmer last quarter actually starting as the summer drew to a close. A very tight market for Atlantic ships saw a 171,000-tonner open Moneypoint fixing at $43,000 daily for a trip via the St. Lawrence to China and the round voyage is now hovering in the mid $20,000 daily range.
In the East the last 36 hours of the week saw rates rise from the high $9’s to nearly $11 for West Australia/Qingdao . All of the majors were active in the market. There was said to be interest remaining for tonnage from mid September onwards. The round voyage rate was hovering close to the mid $20,000 daily and the backhaul moved comfortably into positive territory. With another typhoon approaching the southern part of Japan over the weekend, it is possible we will see some further schedule disruption next week. Rates do have the potential to keep pushing up and the mood of the spot market appears to be transferring to the longer term with period inquiry evident and rates pushing up. A 175,000-tonne in the east was rumoured booked for 5 to 7 months trading at $19,000.
Now the Panamaxes and limited demand remained for Atlantic tonnage with few new cargoes being quoted. The market looked softer with rates for round voyages hovering around $13,000 to $14,000 daily. There was very little activity reported on the fronthaul trades and new business was limited. Rates can be estimated to be in the low $20,000 daily range.
The East saw increased activity, with levels of inquiry up as the positive mood of the Cape market spilt over to the smaller ships. The emphasis was again largely on Indonesia/Australia cargoes to India, but there was talk of a 76,000-tonner open Dalian fixing an Australia/Japan run at $12,500 a day. Period interest was evident, largely absorbing the backhaul cargoes.
Supramax rates were generally steady although there was suggestion of easing levels in the US Gulf. Trips from the US Gulf to the Far East were in the upper $20,000 daily. In the East, short period rates for the bigger types continued to outperform the single trip market. Supramaxes and handies in the Indian Ocean struggled to find employment, with the tendency to ballast from India to the East. A 56,000 tonner ballasted from east coast India and fixed passing Singapore for Indonesia back to east coast India at $15,000 daily. However, the underlying tone for the smaller ships has been reasonably positive in the east.
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