A busy week for Capes although rates remain pretty flat. Report for week ending Sept 7By james tweed • Sep 7th, 2012 • Category: Dry Cargo
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Thanks for downloading the dry cargo market report from Coracle Online and the Baltic Exchange for Sept 7th 2012. This report looks at the Capesize and Panamax markets.
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We start this report with the Capesize sector and the Atlantic market, which has been quite busy this week with several vessels being fixed on a voyage basis from Colombia to various European ports. Levels have remained pretty flat however as Trans Atlantic rounds are still hovering around the $3,000 a day mark. Vale were busy at the beginning of the week, reported to have taken 4 vessels on Monday and Tuesday all at ‘Index’ levels, which seems to have closed out at around the $17.75/85 mark. West Australia to Qingdao ore has seen good level of fixing from all the mining companies, but levels have barely fluctuated more than 10 cents over the week with the last done being around the $7.15 level.
Looking at the Panamaxes and a well known British naval seaman a long time ago once famously said on the eve of battle that he saw no ships. Unfortunately today’s freight market is a very different situation with a substantial supply in both the Atlantic and Pacific. Levels have subsequently sunk, in many cases to below running costs. Short trips from Baltic to the Continent, usually premium business, was fixed this week at $3,000 daily by a mid 90’s built 73,000 tonner open UK. There was a fair volume of transatlantic voyage enquiry, which was being quickly covered, including 70,000 tonnes of coal loading US Gulf to the UK at $14.50. Fronthaul activity included a 72,000-dwt ship ballasting from the Pacific and giving delivery in the US Gulf for $14,250 daily plus a bonus of $450,000 for a trip East.
South America continues to absorb tonnage ballasting from the East whilst the Pacific remains in poor shape with a number of early vessels facing an uphill struggle. Limited Nopac trades included a five year old 76,000-dwt ship open north China fixing a round voyage via the Pacific coast at $3,700 daily.
Now the smaller ships and once again it has been another uninspiring week for the supras as rates continued to drift. In the Atlantic, front-haul rates from the US Gulf provided some sort of respite as reports emerged of a nice 61,000 dwt vessel being fixed with end September delivery for a trip to Japan at a steady $21,000 daily, although it was thought that the vessel was ballasting from the Mediterranean for the business. The market from the UK/Cont looked markedly easier. In the East most of what enquiry there was seemed to revolve around the south east Asia mineral trades with nickel ore business paying a premium of about $2,000 daily.
Thanks for listening