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Despite Chinese holidays, there was a firmer end to week. Dry report Oct 7

By • Oct 9th, 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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This podcast looks at the Capesize, Panamax, supra and handymax markets
We start with the Capes and despite the Chinese holidays, there was a firmer end to the week than initially was expected, with rates for October cargoes generally firmer from West Australia to China. In the past couple of days Rio Tinto has fixed 10 to 12 ships at rates ranging from $10.50 to $11.35 with varying dates within October.
Atlantic tonnage remained tight and there were signs of improvement with rumours of $35,000 daily being agreed for a transatlantic round. On the Tubarao/Qingdao run midweek was a report that $27.50 was done for 30 October cancelling and a touch under $26 for first half November.

Now we look at the Panamax sector, where rates generally improved. In the East, rates were largely firmer with ships fixing for NoPac rounds and talk of a grain house offering $15,000 daily to a 75,000-tonner coming open in Chiba. Rates were helped by ships heading off in ballast towards the US Gulf. Short period rates rose sharply, with short periods heading over $14,000 daily.

In the Atlantic there was a fresh injection of transatlantic business with rates comfortably in the mid teens and nudging up. October ships in the US Gulf saw stronger numbers with a 73,500-tonner open 20-30 October agreeing $27,000 plus a $700,000 bonus. The majority of ballasters have yet to arrive and so charterers with November cargoes were holding fire.

It was a strong week for the Supras in the Atlantic, with rates well over the $30,000 daily mark for trips from the US Gulf to the Far East where Chinese interests were reported to be strong buyers of pet coke. On the Continent handysizes remained in short supply, to the extent that one charterer who was unable to find a handy fixed a supra from to the US Gulf at $12,000 daily for the first 35 days and $15,000 for the balance.
In the South Atlantic tonnage was also in strong demand. Reports emerged earlier in the week of a 2010 built 57,000 dwt vessel being fixed for delivery north Brazil for a trip via the PG with redelivery Muscat out bound at a good $24,500 daily plus a ballast bonus of $450,000. It wasn’t such an active week in the East where severe weather problems in south-east Asia and extensive flooding in Thailand created many infrastructure bottle-necks. Golden Week in China also contributed to the general slow-down.

Thanks for listening