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Dry cargo shipping rates continue to slide across the board. Jan 20 report

By • Jan 20th, 2012 • Category: Dry Cargo

The Coracle Online Dry Cargo podcast for week ending Jan 13, 2012 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 January 20th 2012. This report will look at the Capesize and Panamax, Supra and Handymax markets.

We start with the Capes where rates have continued to slide across the board. Tubarao to Qingdao has now been fixed at $19.35 for a first half February slot and a 174,000 deadweight ship was covered for a trans Atlantic round voyage at $5,000 daily with a prompt delivery in Rotterdam.
In the East the benchmark West Australia to Qingdao ore route has been active, no doubt with some clearing out before the Chinese New Year celebrations next week, but this has done nothing to increase the current rates which seem to have stabilised at the $7.60 level.

Looking at the Panamax sector and it has been a gloomy and depressed market. With significant holidays in Asia next week as the Chinese welcome the Year of the Dragon, there appears to be no end to the negative talk, although there is a suggestion that owners are dropping anchor rather than face current levels. Earlier in the week a 12 year old 74,000-tonner open north Spain went for two legs at $8,350 daily and a 70,000 tonner in ballast from India fixed passing Cape Town for a trip via EC South America to the East at $11,250 daily plus a bonus of $400,000.
The Pacific remains weak with a number of ballasters heading across the Pacific and southbound, there are reports that a newbuilding kamsarmax in ballast from Korea has fixed a trip from Singapore via EC South America to China in the mid $9,000s whilst a 2007 built 74,000-tonner open Taiwan agreed $5,000 daily for a trip via Indonesia to India.   

For the smaller Supra and Handmaxes the market turned from bad to worse in the Atlantic as reports emerged of a Tess 58 in ballast from the Pacific agreeing about $13,500 daily basis APS US Gulf end January/early February for a quick trip to the Continent. In the south Atlantic a Tess 52 type had been booked for delivery South Brazil for a trip to the Continent at about $16,000 daily.

In the Pacific, the supply of tonnage continued to weigh heavily on the market. There was talk that a Japanese controlled supramax had ‘fixed and failed’ for a trip back to the Atlantic with charterers paying port costs and bunkers only.   

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