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Some stronger gains for the Capes this week. Dry cargo report Nov 11

By • Nov 12th, 2011 • Category: Dry Cargo

The Coracle Online Dry Cargo podcast for week ending Nov 11, 2011 in association with The Baltic Exchange

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Thank you for downloading the dry cargo market report from Coracle Online and the Baltic Exchange for November 11th 2011. This report will look at the Capesize, Panamax, Supra and Handysize markets.

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We start with the Capes and the week has seen some stronger market gains. The Atlantic remains extremely tight for available tonnage with ships being fixed on time charter for trans-Atlantic round voyages at around $31,000 per day. The front haul has been difficult to predict. Two iron ore cargoes were covered on a voyage basis from the St Lawrence in the mid $30’s per metric tonne, which some quarters suggested equated to around $50,000 a day on a BCI type basis delivery Rotterdam. The actual Tubarao/China benchmark rose from around $24.25 per metric tonne to close at about
$26.50 at the end of the week.

In the East and despite a holiday in Singapore on Monday, the West Australia to China rate also rose a couple of dollars to $11.50 per metric tonne. There was talk at the end of the week that there are charterers willing to pay $11.75 a tonne, but this would also be for November loading. The first half of December has yet to be tested.

Looking at the Panamaxes and a number of early vessels in the Atlantic have been fixed in the last couple of days, with premiums being paid for a couple of legs, and short trips from the Baltic also giving some support. A 75,000 tonner open north France went for two legs at $17,000 daily and earlier in the week a kamsarmax fixed similar business with delivery passing Gibraltar at $17,750 daily.

The seemingly ever present Indonesia coal has given a measure of support in Asia, however these short runs have hardly sustained an over tonnaged market. A 71,000 tonner in ballast from Taiwan fixed a round voyage via Indonesia to Korea at $14,000 daily and a kamsarmax, open north China, agreed $13,000 daily for a round via East Australia to Taiwan.

On the smaller ships there were mixed results for the Atlantic market this week with some good numbers being paid for Tess 52 types for trips out to the East. In the east Med there seemed to be a bit of pressure on some early positions from the Black Sea with talk of tonnage being bid at much improved levels for trips to the East, although tangible fixtures were difficult to come by.

In the East, there was talk of the market bottoming out, but as the week closed there were rumours of a 2009 built 55,000 tonner ballasting from North China and fixing for delivery Indonesia for a trip to south China at $9,000 daily plus a ballast bonus $90,000. Short period rates were also easier.

Thanks for listening