Dry cargo report Feb 10. Increased time charter business concluded.By james tweed • Feb 11th, 2012 • Category: Dry Cargo
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Thank you for downloading the dry cargo market report from Coracle Online and the Baltic Exchange for February 10th 2012. This report looks at the Capesize and Panamax, Supra and Handymax markets.
We starting with the big ships in what was a largely steady week, with the BCI just managing to creep up over the week. In the East, Rio Tinto provided the main activity, taking several ships with the Dampier/Qingdao rate creeping up to $7.60. The market really needs input from the other majors to maintain the momentum as tonnage remains plentiful. Cargoes to the Atlantic were again negligible. The slight movement in rates did stimulate some period demand and healthier numbers talked. A 176,000-tonner fixed in the East for 5 to 8 months at $12,500.
The Atlantic market remained very slow with demand extremely limited. However, a couple of cargoes were done from Bolivar to Rotterdam at rates which were a touch firmer. Interest from Brazil was scarce with rates for cargoes to China around the low to mid $19 range.
Now we look at the Panamaxes and sentiment continued to improve for Atlantic traders. The focus was once again on East Coast South America, especially for first half March. Transatlantic rounds have been much more provisional and for now sentiment, rather than fact, seemed to prevail. Fronthaul rates were approaching the high teens but transatlantic timecharter fixing was limited, although rates for two laden legs were nearing $10,000 daily.
Rates in the East have firmed largely on South American demand drawing away ships without any appreciable step up in purely Pacific business. There was talk at the end of the week of round voyages at around $8,000 daily basis D.O.P. A flurry of period activity meant that rates were averaging $10,250 to low $11,000 daily depending on the size of the ship for durations of around a year.
Now the Supramaxes and conditions in the Atlantic continue along in the doldrums, and although the Pacific markets are not exactly flowing with ‘milk & honey’, some significant improvements have been recorded. In the Atlantic, tonnage on the Continent and in the Med and Black sea areas continued to suffer.
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