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Panamax (dry cargo) rates solid to firmer in most areas of the market this week. Mar 22

By • Mar 22nd, 2013 • Category: Dry Cargo

The Coracle Online Dry Cargo podcast for Mar 22, 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 22nd 2013. This report looks at the Capesize and Panamax and Supramax markets.

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Starting the market report with the Capesize sector and this week was flat and largely uneventful. There was activity on the key West Australia/China run but rates hovered around $7.25 for 6 April onwards, although there was a rumour $7.20 has been done. Timecharter activity was limited, but Winning was active, reportedly fixing a 177,000-tonner from Dandong via Indonesia to China at $6,000 daily.

There was very little activity from Brazil with rates hovering around $17.50 and ballasters from the East taking what business there was. In the north Atlantic tonnage was tighter and at the start of the week a 164,000-tonner open in El Ferrol agreed $22,800 daily for the run east. There was little reported fixed for transatlantic rounds particularly in the coal trades, although there was talk of one of the utilities booking tonnage from Drummond and looking to fix around $5,000 daily.

Turning to the Panamaxes and rates have been solid to firmer in most areas of the market this week, but on Friday there were mixed views emerging in the Atlantic for transatlantic rounds. Many of the strong rates paid during the week were for Continent tonnage willing short haul cargoes or breach business. However, there seem to be a growing number of ships coming open that are now competing with firm business from the US east coast or the US Gulf. From the latter area much of the business was being done on a voyage basis, with rates moving slowly. South America remained the key to the market with strong rates paid for ships from the north Atlantic and from the East. The longer runs from the Continent-Mediterranean via east coast South America to the East went significantly over $18,000 daily while some LME’s coming from Singapore agreed $13,000 daily via east coast South America to the East.

This activity has underpinned values for ships trading in the East with an active South-East Asia market particularly from Indonesia. Owners have been keen to secure period business, but charterers have been resisting the longer durations. A Kamsarmax coming open in Persian Gulf/Indian Ocean area allegedly agreed $10,000 daily for 12 to 14 months trading.

It was another strong week for the supramaxes in the Atlantic. A well described 2003 built 53,000 dwt vessel was reportedly fixed from north coast South America to the East Mediterranean at a good $22,000 daily. From the East Mediterranean, a 2011 built 56,000 tonner was reported to have been booked for delivery Egyptian Med for a trip via Morocco to China at $14,000 daily, another good rate.

Handysizes in the Atlantic are generally enjoying healthier rates. Early tonnage is in short supply on the Continent and its a similar story on the other side of the Atlantic in the US Gulf. Firm conditions were also prevailing in the East, especially in South-East Asia.
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