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Sentiment weakening for Capes ahead of Golden Week. Dry report Sept 30

By • Sep 30th, 2011 • Category: Dry Cargo

The Coracle Online Dry Cargo podcast for week ending Sept 20, 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 30th 2011. This report looks at the Capesize, Panamax, Supra and Handymax markets.

Starting with the Capesize sector and the early part of the week saw the market remain steady with a good level of fixing and activity. Towards the end of the week, and with Chinese holidays all next week, the sentiment weakened. Tubarao to China ore rates have slipped a touch to close the week at around $27 for BCI dates. In the East $11.80 was concluded at the beginning of the week from west Australia to China but slipped to $11 by the end of the week.

Looking at the Panamaxes and the disparity in rates between the Atlantic and Pacific was sufficient to attract vessels away from the meagre pickings in Asia and seek better returns from the US Gulf and South America. Noteable transatlantic business includes a 75,000-dwt ship open on the Continent securing $16,500 a day for a trip via the US east coast and Black Sea with redelivery passing Passero and also a 74,000 tonner on the Continent agreeing $15,000 for a St Lawrence round with grain back to the Continent. Fronthaul also reflected the stronger sentiment: a Kamsarmax passing Gibraltar obtained $24,500 daily for a trip via Brazil to south east Asia and a similar type, open Eire, fixed a trip via the Baltic and Cape of Good Hope to west coast India at $28,000 daily. From the US Gulf a 71,000 tonner, having ballasted from the East, was rumoured to have been paid $26,500 daily plus a bonus of around $650,000 for a trip to the East, but this wasn’t confirmed. Although there are holidays next week in Asia, rates remained static at modest levels. A 73,000-tonner open Japan fixed a Nopac round to China at $12,500 daily and a 75,000-tonner in ballast from China went for a round via Australia at $11,500 daily.

Lastly we look at the Supra and Handymax sectors and it was another solid week for the Supras with rates edging up in most areas. In the Atlantic a 2003 built 50,000 dwt vessel was reportedly booked for a trip to the Far East at a good $30,000 daily. On the short period market, a 61,000 dwt 2010 built vessel open Morocco was fixed for a short period at $16,000 daily, and Tess 45 type open on the Continent was paid a strong $16,000 daily for 2 to 3 laden legs within the Atlantic. Unsurprisingly it was a quiet end to the week in the East with holidays in Korea and China appearing on the horizon. Rates however were holding pretty firm.

Thanks for listening