The DRY cargo shipping report for Oct 26By james tweed • Oct 26th, 2012 • Category: Dry Cargo
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Thanks for downloading the dry cargo market report from Coracle Online and the Baltic Exchange for Oct 26th 2012. This report looks at the Capesize and Panamax and Supra markets.
We start with the Capesize sector in a very interesting week for the big ships with the market moving rapidly. By mid week the BCI was at the highest level since January 4th and the backhaul route moved into positive territory. Rumours flowed fast with the West Australia/China run reaching the mid $11 level, with $12 rumoured. Tubarao/Qingdao was over $24. Atlantic trading also showed significant improvement, to the extent that charterers talked of splitting transatlantic coal cargoes. However as the week progressed rates slipped as charterers fixed forward dates at around $10.50 from West Australia to China. Period trading was once again in evidence and a 177,000-tonner 2007-built open in the East went at $13,750 daily for 11 to 13 months.
Looking at the Panamaxes and Atlantic rates slipped this week with the prospects for any upturn looking slim. Transatlantic trading has been limited as cargoes were in short supply. There was little reported fixed as charterers were able to secure ships on a voyage basis or APS with the timecharter equivalent at little more than $5,000 daily. Rates slipped for fronthaul, particularly from the US Gulf. There were more US Gulf/China grain cargoes, but supramaxes had been cutting in on this trade. A Kamsarmax fixed for a mid November trip from the US Gulf to China at $15,000 daily plus a $500,000 bonus. In the East, there was a good volume of activity with some owners with early ships making gains. The market was very positional and with a holiday on Friday tonnage once again built up. That said, sentiment next week could again turn.
For the Supramaxes it was a week of marking time in the US Gulf area, with more or less steady rates being talked. A 57,000 dwt ‘Dolphin’ type was booked from the US Gulf to the east Med at about $10,500/$11,000 daily. Fronthaul business was fixed on a similar vessel at about $17,500 daily. Tonnage on the European side continued to struggle as scrap enquiry from the Continent remained spasmodic.
Handysizes in the Atlantic faced an uphill struggle to fix this week and as a result most activity was well and truly kept under wraps.
In the East a lacklustre market prevailed as reports emerged of a Tess 58 unit open Japan spot being fixed for a trip APS Nopac with redelivery south-east Asia at just over $8,000 daily plus a ballast bonus of about $325,000. Nickel ore business provided some support to the market as a 57,000 dwt vessel open Lanshan spot was booked for a round voyage at about $7,000 daily. There was also some period enquiry as a Tess 52 was fixed for about 3-5 months at $8,500 daily.
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