Dry cargo market report for week ending Aug 9By james tweed • Aug 12th, 2013 • Category: Dry Cargo
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Thanks for downloading the dry cargo market report from Coracle Online and the Baltic Exchange for week ending August 9th 2013. This report looks at the Capesize and Panamax markets.
Holidays in Singapore curtailed trading as the week drew to a close for the big ships with the major Australian shippers side-lined. Rates for 160,000-170,000-tonne 10% cargoes from West Australia to Japan hovered around $8.50. Timecharter rates had been holding around $12,500 daily for 172,000-tonners. Brazilian activity remained piecemeal and rates slipped below $20 for Tubarao/Qingdao cargoes.
The on-going Drummond coal strike in Colombia, combined with an expected summer slowdown, meant rates slid. The collapse began with an MOL-controlled ship open Cape Passero on 12 August fixing to Cargill for a transatlantic round at $5,500 daily whilst a ship spot Falmouth did a similar level.
Looking at Panamaxes and Atlantic rates drifted gently lower this week with the market still lacking transatlantic mineral cargoes. A 78,000-tonner open Hamburg fixed for a Baltic round voyage at $9,500 daily and a kamsarmax fixed from Wilhelmshaven via the Baltic to the Mediterranean at $10,750 daily. There remained limited fronthaul activity, but equally there were still few ships willing to go east. A 74,000-tonner, clean for fertilizers, fixed from Gibraltar for a trip via Klaipeda to the East at $15,000 daily.
The East saw a significant slowdown with holidays impacting on trade. Rates have dropped sharply with charterers able to secure APS rates for Indonesia cargoes at levels around $6,000 daily and bonuses around $100,000. Period interest remained, but charterers were able to select the optimum ships and were talking something above $8,000 daily for short periods.
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