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Shipping market news for Dry Cargo ships. Wk end Oct 11 report

By • Oct 13th, 2013 • Category: Dry Cargo

The Coracle Dry Cargo podcast for Oct 11, 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 week ending October 11th 2013. This report looks at the Capesize and Panamax markets.

We begin with the Capesizes and a sell off in the paper market unsettled the market and the instability saw owners willing to cut rates. A lack of sustained activity from Brazil left an imbalance and more ships looked to fixing what business was available from West Australia. BHP Billiton was the more active of the big Australian shippers and secured tonnage for a 20-25 October 170,000-tonne 10% cargo from Port Hedland to Qingdao at $11.30. Brazil rates were around $29 for 1-10 November. 

In the Atlantic rates slipped with a couple of 170,000 tonners fixed for transatlantic rounds at around $33,000 daily. Fronthaul rates also dropped with NSSMC awarding a tender for a 170,000-tonne 10% cargo from Port Cartier to Japan at $32.50 net –  a rate that some said equated to $50,000 daily.

Looking at the Panamaxes and the Atlantic market was still holding steady with several ships fixed at healthy numbers. The market was positional, but even in the US Gulf there were decent numbers being paid for end October ships for transatlantic runs. North Atlantic rates were steadier although there remained a shortage of cargoes for early positions from the US Gulf but more business was available for the first half of November. Fronthaul rates were steady with a 76,000 tonner fixed from Aughinish via  St Lawrence to the East at around $25,300 daily.

In the East, a sell-off in panamax paper as the week drew to a close curtailed interest for period tonnage. Charterers dropped their rates for single trips and although rates have eased most owners were prepared to sit tight with the alternative of ballasting to the US Gulf still available. Period rates remained at reasonable levels with a 76,000 tonner open north China fixing for 10 to 12 months at $13,750 daily.

Thanks for listening