Rates ease in the East for the big dry cargo ships. Dec 2By james tweed • Dec 2nd, 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 30th 2012. This report looks at the Capesize and Panamax and Supra markets.
We start with the Capesize sector where rates eased in the East as the week drew to a close. The major Australian shippers had been relatively active with rates peaking around $9 for the early positions for 160,000 tonne 10% cargoes from Dampier to Qingdao. As the week closed Rio Tinto booked a ship for 9-11 December at $8.50 while BHP Billiton allegedly took 2 ships for 170,000 tonnes 10% for around 16 December laydays from Port Hedland at under $8.50. The Tubarao/Qingdao trade was very sluggish with the rate hovering around $20.50. A relatively long list of ballasters from the East is likely to have a negative impact on rates.
For the Panamax sector it was a busy close to the week for transatlantic business with demand for prompt tonnage to move coal underpinning rates. Rates for rounds hovered around $9,000 daily. Cargoes for second half December were limited however. Fronthaul trade has been scarce from the US Gulf, but rates were holding at fairly steady levels. South America trades remained served by ballasters from the Indian Ocean. With limited demand and a growing list of tonnage in north Asia, there was pressure on rates. Indonesia was the busiest area particularly for cargoes heading to India. This trade commanded a premium, given the current limited employment for ships coming open there. The rate for NoPac rounds for ships open Japan-South Korea dropped to $8,000 daily and in some cases even less .
For the Supramaxes the US Gulf has been the centre of attraction in the Atlantic with steady to firm levels seen whilst a strengthening Asian market was underpinned by continued activity from Indonesia with stronger rates paid.
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