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Summary of dry cargo shipping markets for week to May 18

By • May 18th, 2012 • Category: Dry Cargo

The Coracle Online Dry Cargo podcast for week ending May 18, 2012 in association with The Baltic Exchange

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Thanks for downloading the dry cargo market report from Coracle Online and the Baltic Exchange for May 18th 2012. This report looks at the Capesize and Panamax, Supra and Handymax markets and please remember, we love to get your feedback, so please leave your thoughts as a comment on

We start with the Capesize sector. It has been a steady end to the week, with all the major Australian shippers being in the market to take ships for West Australia to China although it is unlikely that much will be concluded until next week. Rates generally improved over the week with talk that $7.85 has been done. Ballasters continued to service cargoes from Brazil . Rates for Tubarao/China hovered around $20.50. North Atlantic tonnage remained tight and although activity has been spasmodic, rates have improved with a 176,000-tonner open Dunkirk fixed at $9,000 daily for a transatlantic round. Timecharter rates for ships going east also firmed with rates in the upper $20,000 daily range agreed.

Looking at the panamax sector and transatlantic rates continued to slip, but despite a reasonable volume of tonnage in the north Atlantic many of those owner and operators remained reluctant to go East. Charterers needing north Atlantic ships were faced with rates closer to $20,000 daily. As the week closed out it seemed there was a little more activity from east coast South America than had been evident earlier in the week. A 76,000-tonner, for first half June, fixed from east coast South America to the east at $17,250 daily with $725,000 bonus, the intention is for Vietnam. Transatlantic rates remained under pressure with fresh cargoes limited and rates closer to $12,000 daily than $13,000 daily.

In the East, a build up of early ships weighed on the market and new inquiry was largely confined to the quicker Indonesian rounds with some Australian business. Rates held reasonably steady, holding at around $9,000 daily for the quicker trips. Easing spot rates were reflected in period activity and the short period rate slipped significantly with 4 to 6 months dropping to $9,250 daily. 

Lastly we look at the Handy and Supramaxes and activity in the Atlantic has been somewhat curtailed this week. Most of Europe was on holiday on Thursday and that in turn led to a quiet Friday. Nevertheless, the US Gulf remained positive, with good rates on the table. A six year old 53,000 tonner secured $26,500 daily for a trip with grain from the Gulf to Japan. In the south Atlantic an 2009 built 55,500 dwt ship, open West Africa went for 4/6 months at $16,000 daily.

Supers continued to ease in the Pacific in comparison to handysize levels, which remained fairly static.  A 53,000-dwt open China fixed a trip via south east Asia to China with nickel ore at $8,000 daily whilst a 57,000-tonner obtained around $10,750 for a trip from Indonesia to EC India, but the vessel does deliver in nearby Singapore.

Handysize activity included a 32,000 tonner in Singapore fixing for a logs trip via New Zealand to China at $9,000 daily and a 28,000-dwt also open Singapore obtained $9,400 daily for a trip Australia/China.