Dry cargo shipping review. Cape rates generally easier…By james tweed • Aug 31st, 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 31st 2012. This report looks at the Capesize and Panamax markets.
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We start with the Capesize sector where over the week rates generally eased. In the Atlantic, Bolivar/Rotterdam has now been reported at $8.50 for mid September loading and the Tubarao/China route settled around the $17.50 mark, although there is a feeling of resistance on genuine front haul. In the East, West Australia to China was busy with some scheduling headaches caused by typhoons and as a result there was an encouraging start at the beginning of the week for spot tonnage. Rates however settled back to around the $7 level as the week drew to a close.
The Panamax sector makes for grim reading as the market grapples with meagre pickings both in the Atlantic and Pacific, as ships compete to get fixed at ever diminishing returns. A few new trans-Atlantic cargoes emerged during the week but they were quickly covered and more often than not on a voyage basis. A Japanese charterer covered a coal stem from the US Gulf to the Continent at $15 and 75,000 ore Ubu/Ghent was fixed at $13. On timecharter a 79,000-dwt ship, open in the Mediterranean, fixed from Gibraltar for a trip via Kamsar to Eire at $6,000 daily. Fronthaul activity was slow.
In the Pacific, Indonesia has given a measure of support to an ailing market. A five year old 74,000-dwt agreed $5,250 daily with a bonus of $70,000 for a trip from Indonesia to Malaysia and a Kamsarmax went for a trip from Indonesia to Japan at $6,000 daily and $117,000 ballast bonus. Sporadic period activity includes a Kamsarmax, open Southeast Asia, fixing 4 to 7 months at $8,100 daily, however there is tonnage willing to do less, with reports that a ‘good’ Panamax has agreed $7,700 daily for a similar period.
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