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Capesize rates up over $1 in 24 hours and more news in Dry Cargo markets for July 6 2012

By • Jul 6th, 2012 • Category: Dry Cargo

The Coracle Online Dry Cargo podcast for week ending July 6, 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 July 6th 2012. This report looks at the Capesize and Panamax, Supra and Handymax markets.

We start with the Capes, where in less than 24 hours this week rates rose over one dollar on the key West Australia/China run. After subjects had been barely lifted on $7.05 on Wednesday when the level rose rapidly from $7.30 through $7.50 and then $7.75, with rumours that $8.05 had been done. All the major Australian shippers put in an appearance, taking several ships apiece. The key loading dates were from 20 July onwards. Period rates also improved with 5 to 8 months period now around $12,000 daily for modern ships. Rates for 160,000-tonne 10% ore cargoes from Saldanha to Qingdao were back over $13.
In the Atlantic, the Tubarao/Qingdao rate was around $18.25 for end July/early August. North Atlantic ships also saw a boost in earnings with Bolivar/Rotterdam business hovering at around $9. That’s a timecharter equivalent to something in the high $7,000 daily range. Fronthual activity included a ship open north Continent fixing and failing at around $28,000 daily for a trip from Narvik to China.

It was a steady to firmer end to the week for the panamaxes. In the Atlantic there was a clear out of early tonnage ,with some improvement in transatlantic rates. Two laden legged rates improved, with a 76,000 tonner fixing at $12,000 daily. Fronthaul business for Atlantic tonnage was limited, although a 74,000-tonner fixed from Cape Passero to load phosrock at Casablanca to east coast India at $20,000 daily. Ballasters from the East contended with committed US Gulf tonnage, although it seemed that much of the July business has now gone. South America remained steady and largely served by ballasters from the east. Ships open Singapore saw rates around $10,000 to $10,500 daily for the round voyages. Ships ballasting out of the Pacific helped push rates higher for those ships staying in the area. A 74,000-tonner open CJK achieved $8,000 daily for a NoPac round. Period rates generally remained in the doldrums.

It’s been another encouraging week for the supras! In the north Atlantic a 2009 built 55,000 dwt vessel open North Coast South America spot received just under $20,000 daily for 2 to 3 laden legs within the Atlantic. On the European side, a 2011 built 57,000 dwt unit was paid a strong $22,500 daily for delivery passing retro Gibraltar for a trip via East Coast South America to the Far East. In the Far East, spot tonnage in the North Pacific area managed to register some gains as well.
Handysizes in the Pacific were more or less steady with reports of a 2008 built 28,000 sized ship open spot Vietnam being fixed for two laden legs at $7,500 daily.