Dry rates continue to scrape along the floor. Report for week ending Aug 3By james tweed • Aug 6th, 2012 • Category: Dry Cargo
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Thanks for downloading the dry cargo market report from Coracle Online and the Baltic Exchange for August 3rd 2012. This report looks at the Capesize and Panamax, Supra and Handymax markets.
We start with the Capesize sector and there remained very little fresh to say this week, with rates still scraping along the bottom in most areas of the market. Rio Tinto remained the key player in the West Australia market. Rates for 160,000-tonne 10% ore cargoes from Dampier to Qingdao started the week at $6.35 and climbed to $6.75. Owners were trying for $7 as the week closed out. Otherwise trading was generally negligible, although Cargill did manage to secure a couple of 2012 built 180,000 tonners open spot North China for a year apiece at just $9,000 daily. Atlantic trading remained sparse and Brazil/China cargoes continued to attract ballasters. As the week closed, charterers were looking to fix under $18 for Tubarao/China cargoes. Now the Panamxes and transatlantic activity almost dried up as the week drew to a close with few cargoes coming into the market. Rates dropped sharply over the week, just about hovering at $7,000 daily, and with the tonnage list growing charterers were able to sit and wait. Fronthaul trading was slow with rates flat from the US Gulf and South America still served by ballasters with many ships heading that way. In the East rates were about $7,000 daily for round voyages and more owners were willing to fix on an APS basis with a bonus. Period activity all but evaporated with a dull FFA market lending little support. Lastly the Supra and Handymaxes where rates came under pressure in the Atlantic with significant falls in the US Gulf and South Atlantic. A 56,000-dwt ship built 2009, open Brazil, agreed a lowly $9,000 a day for delivery Santos for a trip West Mediterranean. From the US Gulf, a Supramax agreed $16,000 daily for 2 to 3 loaded legs of trading with redelivery worldwide. Another 56,000 tonne vessel went for a trip to the East at just under $20,000 daily. The Pacific remains weak although Indonesia continues to give a measure of support.