The Capesize market moved quickly as week closed.By james tweed • Dec 11th, 2011 • Category: Dry Cargo
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Thank you for downloading the dry cargo market report from Coracle Online and the Baltic Exchange for December 9th 2011. This report will look at the Capesize and Panamax, Supra and Handymax markets.
We start with the Capes in a week in which the market moved rapidly as things drew to a close with a swiftly firming market in the East. A 170,000-tonne cargo fixed for 22-26 December shipment from Port Hedland to Qingdao at $14 with a touch more done for a slightly earlier position from West Australia. Timecharter business was more active with $30,000 daily established for an east coast Australia round and the same rate for a South African round. The Atlantic also moved, with round voyages in the mid $30,000 daily range. Tubarao/China saw rates climb over $30 with rumours that $31.50 has been done for end December.
Now the Panamaxes and the Atlantic rates were largely flat. Activity was focussed on the north Continent and it was the early ships that were among the few achieving slightly better numbers. Overall the round voyage rate appeared to be hovering around $15,000 to $15,500 daily. Fronthaul rates were around the mid $20,000 daily range. Cargoes were in short supply from the east coast South America.
ON to the smaller ships and in the Atlantic rates from the US Gulf to the Far East remained firm, reflecting the extremely uncertain nature of employment prospects once tonnage relocates into the Pacific market. A 2010 built 58,000 dwt unit was booked for such a trip at a strong $34,000 daily.
Within the Atlantic, the prospects were perhaps not quite so certain with a number of vessels in ballast towards the US Gulf. It was reported that a 2010 built 55,000 dwt vessel was booked A.P.S. North Coast South America for a trip to Turkey at an easier $25,500 daily.
In the East, owners continued to struggle, although there were some who thought the market may be nearing the bottom.
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