A few wobbles in the dry cargo chartering markets. Report Nov 17By james tweed • Nov 19th, 2012 • Category: Dry Cargo
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Thanks for downloading the dry cargo market report from Coracle Online and the Baltic Exchange for November 16th 2012. This report looks at the Capesize and Panamax and Supra markets.
We start with the Capesize sector where the week started well, before drifting in some areas. A holiday in Brazil caused a few jitters although Vale fixed 5 ships for early-mid December cargoes from Tubarao to Qingdao at $22.25. From West Australia, Rio Tinto was the more active of the majors (though BHP Billiton is usually active in the background) fixing at $9.70 earlier in the week but only $9.30 for a 30 November loader from Dampier to Qingdao by the end of the week. Tonnage remained tight in the North Atlantic as owners preferred to send tonnage east to take advantage of higher rates there.
Atlantic Panamax rates improved for early ships in the North Atlantic with more inquiry as the week drew to a close. Firmer fronthaul rates attracted tonnage looking for cover over the upcoming holidays. Transatlantic round rates almost doubled although they were still at low levels, with talk that rates were hovering in the mid $6,000 daily range. Ships were largely being fixed on an APS basis for the run east. Rates improved from east coast South America as evidenced by a Kamsarmax agreeing $14,250 daily plus a $425,000 bonus.
In the East the activity has largely focused on Southeast Asia with Indonesia still being the more active area. Tonnage continued to attract a premium for runs to India with a 72,000-tonner fixing from China via Indonesia to east coast India at $8,750 daily and Kamsarmaxes fixing quick Indonesia rounds at $9,000 daily. There has been limited activity for NoPac and Australia rounds and new cargoes on this run are needed to underpin support.
For the smaller ships, the highlight of the week was the US Gulf where rates for Supras improved significantly, no doubt with the support of the strengthening Panamax sector. A 57,000-dwt Dolphin type was believed to have fixed a trip from the Gulf to the East around the mid $16,000s and on the trans-Atlantic run a similar type obtained $12,000 daily for a trip with petcoke to the East Mediterranean.
The Asian market continues to revolve around Indonesia with good rates paid to vessels open Southeast Asia willing to go to India.
Thanks for listening