Capesize rates ease ahead of the holiday period. Dry report Dec 16By james tweed • Dec 19th, 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 16th 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 Atlantic eased as we approach the Christmas holiday period. Fewer cargoes have been appearing and with vessels creeping out of the woodwork, transatlantic time charter levels eased back by about $3,000 per day over the week. The Tubarao to China benchmark slipped slightly from around $30.75 to close at around $29.50. In the East it has been quite complex with the Australia iron ore shippers establishing a two tier market. Demand for spot December loaders has seen pressure and has pushed rates up from around $14 to $17.20 being paid for a vessel with a very early ETA in Dampier. For January, tonnage is being covered in the mid $12’s.
Looking at the Panamaxes and Santa has hardly arrived yet, but with the Christmas holidays approaching transatlantic levels are holding up well. A number of vessels fixed this week for 2 laden legs trading in the Atlantic. Earlier in the week a 79,000-dwt ship, built last year and open in the Mediterranean agreed $15,500 daily for 2 legs whilst a 78,000-tonner open on the Continent obtained $16,500 daily for similar business. The Pacific has been lagging behind with fairly stable levels, although the market has been described as positional. Nopac activity included a 75,000-tonner built 2010, open Japan, agreeing $11,500 daily for a Nopac round
For the smaller ships and once again it was the US Gulf/Far East market that kept the Atlantic moving with rates in the ‘mid-upper $30,000’s’ being spoken of. Although there has been some improvement in the eastern markets, owners were still showing a marked reluctance to trade there unless paid a significant premium. Trade from the Continent looked easier as reports emerged of a 2010 built 57,000 dwt vessel being fixed for a scrap run down to the East Med at an easier $18,250 daily. In the Pacific, some improvements have been recorded, especially in the South-east Asia area. Coal enquiry from Indonesia seemed to be the catalyst with a number of spot vessels now being covered.
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