Dry cargo report Nov 23. What can we say but, oh dear…By james tweed • Nov 24th, 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 23rd 2012. This report looks at the Capesize and Panamax and Supra markets.
We start with the Capesize sector where having broken $9 on the key West Australia/China ore run, rates dropped further as the week drew to a close, with Rio Tinto fixing an 11-16 December cargo at $8.35. Mid week a 180,000 tonner did fix at $18,000 daily for a round in the East, but this was very much the peak. There seems to be a lack of willingness to resist the rates and a reluctance to ballast to South America. Those in ballast appeared to be unsettled and have reduced rates for Tubaro/Qingdao. Owners were talking $22 as the week closed and the rate from Saldanha to Qingdao dropped to $16.
For the Panamaxes it was generally a firmer market this week. In the Atlantic a tight supply of prompt tonnage meant rates rose for transatlantic and fronthaul. Owners who had preferred to stay in the Atlantic were tempted by firmer rates to go east, especially with the upcoming holidays. For those left behind rates moved significantly, with the round voyage rate being around in the mid $8,000s with sharper levels seen for shorter durations. As the week drew to a close there were fewer charterers to take ships to the East and rates looked to have peaked at around the mid to high $14,000 daily range. There was some period activity with a couple of legs with redelivery in the east booked on a minimum of 4 months at $12,500 daily.
South America continued to be served by ballasters, largely from the Indian Ocean area, with a kamsarmax agreeing $9,000 daily from Paradip via east coast South America to the East.
Rates in the East strengthened for southeast Asia cargoes with the emphasis being on short haul Indonesia/China or cargoes into India. Rates on the longer India run ranged from the upper $8,000 to in excess of $9,000. There was some uncertainty for tonnage further north with less activity for NoPac coal and grain stems going forward.
It has been a more encouraging week for the supras with improved rates being agreed in most areas. In the US Gulf, a 2007 built vessel was paid $18,000 daily for a trip to Singapore-Japan range. It was also reported that an ‘eco’ type 49,000 dwt ship had been fixed for a trip from the US Gulf via the Red Sea with redelivery Port Said at $11,500 daily. The south Atlantic looked to be better as reports emerged earlier in the week of a Tess 52 type being fixed for a trip via east coast South America to Singapore-Japan at about $10,500 daily. It was a similar story for the handys with a better tendency in South America and US Gulf.
Thanks for listening