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A dramatic close to the week in dry cargo markets… Report Sept 23

By • Sep 23rd, 2011 • Category: Dry Cargo

The Coracle Online Dry Cargo podcast for week ending Sept 23, 2011 in association with The Baltic Exchange

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Thank you for downloading the dry cargo report podcast from Coracle Online and The Baltic Exchange for September 23rd 2011. This report looks at the Capesize, Panamax, Supra and Handymax markets.

Starting with the Capesize ships and it was a dramatic close to the week as rates rose significantly. From West Australia the three key shippers were all in action with Rio Tinto doing the bulk of fixing. BHP Billiton fixed two ships at the end of the week for 10-15 October dates at $11.45 and $11.50 respectively. As the week closed, all 3 big shippers were still in the market for cargoes from 14th October onwards. There was also some short period activity with a rumour that an improved $20,500 has been done for a short period.

Tonnage remained tight in the Atlantic with EOn taking a 179,000-tonner at $33,000 daily for a transatlantic round and it seems that ‘K’ Line were fixing an EOn re-let at $35,000 daily for a St.Lawrence/Dunkirk run. Rates improved from Brazil with talk that 1-10 November has been done from Tubarao to Qingdao at $26, while October business was close to $27.

Now we look at the Panamaxes and rates came under significant downward pressure in the East as the tonnage list grew. Charterers were able to secure LME’s for round voyages in the $11,000 daily range and charterers were trying for lower numbers… Several ships have set off in ballast to the US Gulf/Atlantic, rather than face the current rates, and this could eventually help stabilise the market. Short period trading was intermittent with talk that an LME fixed in the low to mid $12,000 daily range as the week drew to a close.

In the Atlantic there has been a clear out of early tonnage, particularly on the Continent, and charterers could well end up having to pay a premium for ships here. The volume of new business was limited for most of the week and those charterers holding US east coast business for Cont-Med options were seeing ships coming from the Mediterranean at keen numbers. It was a sign of the market that some charterers were able to secure ships on a voyage basis at rates that equated to low timecharter numbers. Fronthaul rates were steadier. There were still some spot ships in the US Gulf struggling to find business and charterers with later cargoes eyed ships ballasting from the East and held off.

Now the smaller ships and it has been another good week for the supras with some steady, if unspectacular, gains being recorded. The Atlantic markets remained generally firm with well described supramaxes open in the US Gulf area achieving rates well into the low $30,000’s for trips to the Far East. There was also talk that a Tess 45 type open Florida had been booked for a trip with scrap from the US Atlantic to the East Med at a solid $25,500 daily.

Handysize levels on the Continent have appreciably improved. Tonnage is in short supply and as a result activity is generally kept being under wraps.

In the East, the premium paying nickel ore trades provided a good source of employment for those owners prepared to load the material. Two 53,000 dwt vessels open in North China were both reported to have fixed nickel ore rounds at about $17,000 daily. There was also a good level of short period enquiry.

Thanks for listening

  • Reberlein

    Really its a good summary freight market report, thanks!