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A flurry of fixing on the Capes at the end of the week looked encouraging. Dry report Nov 18

By • Nov 18th, 2011 • Category: Dry Cargo

The Coracle Online Dry Cargo podcast for week ending Nov 18, 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 18th 2011. This report will look at the Capesize, Panamax, Supra and Handysize markets.

We start with the Capes and it was a more encouraging end to the week with a flurry of fixing from West Australia to China. There was a rumour that $11.80 was done, but details were sketchy. Rio Tinto took a couple of early cargoes from Dampier to Qingdao at $11 and BHP Billiton took a couple of early ships at $11.35. Period inquiry was evident with a newbuilding 180,000-tonner ex yard Japan rumoured to have been booked for 1 option 1 year at a rate close to $17,000 daily.

Fronthaul rates remained firm with Rio Tinto booking a couple of ships in the mid $30 range for Seven Islands to China. Despite ballasters from the East, the Tubarao/China rate was holding around 28 – 29 dollars, depending on shipment dates. The emphasis appeared to have shifted in the charterers’ favour for transatlantic business.

Tonnage remained tight, but there were fewer cargoes.

Turning to the Panamaxes and fronthaul activity in the Atlantic was the driving force in the market with rates firming as charterers booked tonnage for Continent/Baltic cargoes and from the US Gulf. A 76,000-tonnner open spot Malta fixed via the US Gulf to the East at $27,000 daily. Rates for ships open in the US Gulf fixed to the East were once again at $26,500 a day and over $700,000 bonus. Similarly, charterers had to pay a premium for Continent tonnage with rates in the mid to high $20,000 a day range.

Transatlantic business remained in short supply and rates were largely flat at around $17,000 daily for the longer rounds. There was an active end to the week in the East as charterers finally started mopping up tonnage. Many had been watching the market, looking for continuing falls in rates, but this didn’t really happen. Rates have firmed, but with some wide disparities.

It was a mixed week for the supras, with the main hot spot being the east Med/Black Sea area where vessels prepared to trade via the Gulf of Aden to the Indian Ocean and Far East were able to command rates of around $30,000 a day, depending on specification. Strong rates were also on the table out of the US Gulf again for tonnage prepared to go east, with rates in the low $30,000’s being spoken of. Business in south Atlantic however appeared to be very lacklustre.

From South America, a modern 28,000 tonner open Brazil fixed from Recalada to the West Mediterranean at $16,000 daily The contrast between the Atlantic and Eastern markets could not be greater and although there was talk of the pacific ‘bottoming out’ rates in the area remained very low.

There appears to be a glimmer that handysizes may have stabilised in Asia notwithstanding there are still a number of spot vessels unfixed with rates at very low levels.

Thanks for listening