Dry cargo report podcast…By james tweed • Sep 10th, 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 September 6th 2013. This report looks at the Capesize and Panamax markets.
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Starting with the Capesize sector and a heady surge in rates this week was largely driven by appetite from China for iron ore. With all three of the big West Australian shippers competing for tonnage with a host of other charterers, rates climbed sharply – almost two dollars in 24 hours. Timecharter rates were around the mid $20,000 daily range while a 19 year old 157,000 tonner agreed a strong $21,000 from Xiamen for a trip via Newcastle to China.
Brazilian shipments were also in evidence, with rates closing out the week at $26 for a 10-20 October 160,000 tonne 10% shipment from Tubarao to Qingdao with demurrage at $27,500 daily. The North Atlantic saw sharp rises in rates, though trading was limited and there were still a few spot ships around.
Transatlantic rates moved sharply after talk that a 179,000 tonner had seen $20,000 daily for a transatlantic round. Earlier in the week, a 171,000 tonner agreed $16,000 daily from Rotterdam for a Colombia round. News suggested that the Drummond coal strike in Colombia could be over by next week.
Moving on to the Panamaxes and sentiment drove the market with the expectation of a stronger final quarter. A shortage of tonnage in the North Continent kept short round voyages at a premium but, as the week closed, owners preferred to take quicker trips to be better placed for an expected overall improvement. There remained little transatlantic mineral demand and voyage rates paid very poorly against timecharter and prompt ships in the US Gulf absorbing the mineral cargoes.
Rates for the longer rounds hovered in the low to mid $7,000 daily range, with a 79,000 tonner fixed from Gibraltar via Norfolk and Turkey with Cape Passero redelivery at $7,350 daily. Rates for a couple of laden legs still held in the low $10,000 daily range for Atlantic trading. A clear out of early ships in the US Gulf and some new business going forward lifted rates, with charterers allegedly bidding tonnage $16,000 daily from Cape Passero for a trip via the US Gulf to the East.
There has been a clear out of early ships in the East and, with increased spot cargoes, there has been improvement, though this is somewhat positional.
Thanks for listening