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A slow week for the Capesize ships. Dry report

By • Mar 4th, 2013 • Category: Dry Cargo

The Coracle Online Dry Cargo podcast for Mar 1, 2013 in association with The Baltic Exchange

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Thanks for downloading the dry cargo market report from Coracle Online and the Baltic Exchange for March 1st 2013. This report looks at the Capesize and Panamax and Supra markets.

Starting with the Capesizes in what was a slow week for the big ships with new business in short supply. A cyclone disrupted West Australian shipments meaning that there is a backlog of ships still to be loaded. However the majors did resume fixing as the week drew to a close.
Activity has been from 15 March onwards, with Rio Tinto taking ships at $7.20 and talk of BHP Billiton paying $7.15 for similar dates. There was some coal activity from east coast Australia and Richards Bay but essentially rates were weak. There were delays from Brazil and ships lying idle off South Africa, or in ballast.
Tonnage was limited in the North Atlantic. The Colombian strike affected exports from Puerto Bolivar, which sees a third of Colombian coal exports. The strike remained ongoing, but Drummond operations should soon be back up to full speed. There was little reported on the Tubarao/Qingdao run and rates hovered around the mid $17’s.
For the Panamaxes the week was dominated by South American fronthaul activity, primarily with vessels ballasting from the Indian Ocean and the Far East, with owners quickly grasping the opportunity to push up their rates against strong demand.
Vessels in ballast secured around $15,000 daily with a bonus of half a million basis delivery South America, while a 76,000 tonner secured $11,300 daily plus a $550,000 bonus passing Cape of Good Hope via east coast South America to the East.
In the North Atlantic, a kamsarmax open Continent secured $17,000 daily for a trip via the US Gulf to the East.
Transatlantic activity, on the other hand, has been thin, although an 82,000 dwt kamsarmax type ballasted from the Mediterranean and gave delivery off the Plate for a trip to Italy at $8,000 daily and a bonus of $375,000.     
Looking at the Supramaxes and this was a strong week for early positions in the US Gulf area, as reports emerged of fronthaul business being concluded on good quality tonnage at around the low to mid $20,000’s a day level.
The South Atlantic was also firmer and for tonnage open in West Africa this became a D.O.P. market for trips to the East via South America.
In a steady week for the Pacific basin, owners managed for the most part to consolidate recent gains. Once again it was mineral business from South East Asia that seemed to be supporting the market.
Thanks for listening