It’s the dry cargo market report podcast for June 28By james tweed • Jun 28th, 2013 • Category: Dry Cargo
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Thanks for downloading the dry cargo market report from Coracle Online and the Baltic Exchange for June 28th 2013. This report looks at the Capesize and Panamax markets.
Starting with the Capesizes and it has been a positive week for the big ships with rates rising and even the backhaul rate going into positive territory for the first time since 5 December 2012. As the week closed charterers paused to assess whether this current run will be sustained. The West Australian shippers remained active with the rate holding for 10 July onwards Qingdao at around $8.15. There was talk of a 5 July loader fixing a 170,000-tonne 10% cargo from Port Hedland to Qingdao at $8.70. The Tubarao/China rate stood at $21 for 20-30 July. Rates also improved sharply for tonnage fixing transtlantic rounds although this market slowed as the week close. Brokers suggested the timecharter rate should be around $16,000-$17,000 daily.
Turning to the Panamaxes and sentiment remained positive in the Atlantic with early tonnage gaining the premiums, although there was a relatively low volume of fixing. Transatlantic rates hovered around $10,000 daily with a couple of legs done at $10,500 daily. South America remained a pivotal market for both the Atlantic and the East and so far rates remained at steady levels for mid-July cargoes, but going forward is less certain with a longer list of tonnage evident. This has not deterred many ships in the East setting off in ballast for South America. Rates for mid-July hovered around $15,000 daily and $500,000 bonus. Rates in the East firmed and the flow of tonnage out of the area should help to support the market. Ships open mid to north China were still struggling to find suitable business although some of these have seen period interest.
Thanks for listening