Dry cargo report for week ending Sep 13By james tweed • Sep 14th, 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 13th 2013. This report looks at the Capesize and Panamax markets.
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Starting with the Capesizes and rates took off this week and the BCI ended the week at 3446 – the highest since December 2011. The major ore shippers were active, with Australian majors booking 11 ships in fewer than 24 hours as the week closed out. West Australia/China rates pushed past $12 and settled around $11.95 as the week drew to a close. Vale took a reported ten ships this week and seven ships in less than 24 hours, fixing most against BCI route Tubarao/Qingdao which stood on Thursday at $29,513. One of the major South African ore shippers was also active, taking half a dozen ships with the rate for 160,000 tonnes reaching $21.65. As rates rose, there was much talk of capesizes splitting but, again, this remained very limited and not viable for most shippers.
In the Atlantic, transatlantic rates also rose sharply. Ships fixed from the North Atlantic for trips to the East were hovering near $50,000 daily.
There were stronger rates too for panamaxes, with the pace stepped up from the US Gulf as a result of the expected increase in grain cargoes finally being in evidence. With rates also firmer in the East, both spot and period, there were fewer ships heading off in ballast and rates have improved now that many of the early US Gulf ships have been absorbed. Voyage rates from the US Gulf to China were hovering around the upper $40 range and timecharter rates are now around $16,500 daily with a $650,000 bonus.
Transatlantic activity remained very limited both from the Gulf and South America and committed ships were still struggling. A standard panamax in the River Plate fixed at $9,000 daily and a low $200,000 bonus for a trip to the Continent. Ships open Skaw-Passero have seen improvements for round voyages and charterers wanting ships for a couple of legs were paying firmer numbers. A 75,000 tonner open Cape Passero agreed $10,750 daily for a couple of legs.
In the East, increased activity from NoPac grain and coal from Australia fuelled rate rises, with ships coming open in Japan seeing some of the biggest gains. Period rates improved, with a kamsarmax open Japan fixing for 4 to 7 months at $14,750 daily.
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