The week in Dry cargo chartering: report from Coracle and the Baltic for June 1By james tweed • Jun 1st, 2012 • Category: Dry Cargo
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Thanks for downloading the dry cargo market report from Coracle Online and the Baltic Exchange for June 1st 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 comments on ShippingPodcasts.com
We start with the Capesize sector where the Atlantic market remained very quiet, with little support and rates gently being pegged back. Tubarao/China Ore is now around the $18 mark and with holidays in the UK Monday and Tuesday next week it is likely to drift further. Although there have been some steady timecharter rates being paid for rounds, on the West Australia to China Ore route it was reported at the end of the week that $7.25 has been fixed off 20/25 June – a slide of some 30 cents over the week.
In terms of the Panamaxes, as the week drew to a close a number of early vessels in the Atlantic were covered at generally easier levels and with ballasters from the East heading towards the Gulf and South America there appears to be little scope for improvement. A 76,000-tonner ballasting from the Mediterranean gave delivery Santos for a trip to Egypt at $12,000 daily plus a bonus of $300,000, and another 76,000 tonner open Brazil went for a trip to the East at $15,250 daily plus $550,000 ballast bonus.
Rates in the East have come under pressure as owners contemplate levels which barely cover running costs: a mid 90’s built 73,000-dwt ship, open south China agreed $4,750 daily for a run via Indonesia to China. A post Panamax fixed a short trip via Indonesia at $2,000 daily and a similar vessel agreed $4,000 daily for a round voyage via South Australia to China. Earlier in the week a 75,000-dwt, open Japan, fixed a Nopac round at $6,000 daily.
It’s been a softer week for the Supras, and although the Atlantic seemed to be holding up relatively well, how much longer it will continue to do so is open to conjecture. However, the decline in the Far Eastern markets accelerated as the week closed. There was talk that a Tess 58 type had been booked delivery APS Nopac for a trip back to south-east Asia at $5,000 daily plus a ballast bonus of about $350,000.