Our weekly Dry Cargo shipping review… June 22By james tweed • Jun 25th, 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 22nd 2012. This report looks at the Capesize and Panamax, Supra and Handymax markets.
It’s been a steadier week for the Capes, although the market was somewhat helped by easier bunker prices. The major Australian shippers were largely low key this week, but rates for West Australia to China did improve for 1/10 July positions, with business done at $6.85 for cargoes around 3rd July. Rio Tinto paid $6.90 for a 28 June cargo from Dampier to China. Timecharter activity was negligible although a 170,000 tonner open South Korea fixed and failed at $5,000 daily for an east coast Australia round. There was some period activity although rates reported were low with a 174,000-tonner fixed for 5 to 8 months trading at just $9,500 daily. In the Atlantic there was spasmodic activity reported from Brazil although a 10-19 July cargo was done from Tubararo to Qingdao at around $17.30 with no brokerage involved. Transatlantic trading was also limited with timecharter rates hovering at around $4,000 daily.
Moving to the Panamaxes and transatlantic rates slipped as the week drew to a close with a build-up of ships on the Continent and in the Mediterranean. A 74,000 tonner fixed from Cape Passero for a Brazil round voyage at $8,000 daily. Charterers needing to take ships from the Continent-Mediterranean area for trips to the East faced paying a premium as many of the open ships preferred to stay in the Atlantic. With transatlantic rates easing, the second choice may become first choice. The list of ships coming open in the US Gulf from now until end July continued to grow. Rates for trips from the US Gulf to the East were hovering around $16,000 to $16,500 daily plus $600,000 to $650,000 bonus and similar numbers from east coast South America. This market was also being serviced by ballasters from the East. In the East we saw a steadying in rates at the start of the week as ships setting off in ballast to South America and the US Gulf left a gap for charterers looking for prompt ships. Rates for ships for NoPac rounds hovered around $7,000 daily, but as the week drew to a close and fresh inquiry slowed, things softened. Charterers who wanted ships for Indonesia cargoes faced tighter availability and were picking off Southeast Asia ships for South America cargoes. Period trading was sluggish, although there was some recovery as spot rates rose earlier in the week.
Now the Handy and Supramax sectors and it was another firm week in the Atlantic, although activity was fairly limited. A well described 56,000 dwt unit giving prompt delivery Gibraltar was booked for a trip via North Coast South America to China at a firm $22,000 daily. In the US Gulf a 53,000 dwt vessel was reportedly booked for a short period at about $17,000 daily with full Atlantic redelivery options. It was a better week for the supras in the East with some significant gains being recorded.