Dry Cargo podcast from Coracle and the Baltic Exchange (also in Mandarin)By james tweed • Nov 3rd, 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 Nov 1st 2013. This report looks at the Capesize and Panamax markets.
Rates for the Capesize ships showed signs of recovery this week after a massive sell-off. It seemed that the floor was reached and owners dug their heels in and resisted further cuts. The West Australia/China run generated much rumour but, as the week drew to a close the rate was certainly in the low $8 range for 160,000 to 170,000 dwt 10% cargoes, with rumours of higher numbers being vigorously denied.
Timecharter rates improved, with a 180,000 tonner open Dalian fixing a West Australian round at $15,000 daily, with an option of east coast Australia at $16,000 daily.
The Tubarao/China rate dropped to the low $19’s over the week. Further north, charterers upped their ideas for transatlantic rates and, with few ships wanting to go east owners were holding out for higher numbers. There was talk that one owner had seen $14 for a Bolivar/Rotterdam cargo but stepped back.
Now the panamaxes, and a growing list of ships in the North Atlantic and ships ballasting from the East to the US Gulf for November cargoes weighed on the market this week, leaving charterers able to secure lower rates. Transatlantic rounds for ships open North West Europe were struggling to make $15,000 daily. In the US Gulf, a 74,000 tonner fixed for mid November delivery for a trip to the East at $17,000 daily with a $700,000 bonus.
The market sent mixed signals in the East and, though there was a good volume of cargo, ample tonnage was available. There were few NoPac cargoes in the market and ships open Japan were competing on Australian cargoes as the US Gulf market is looking uncertain, though some are convinced there will be more business there for December/January. Rates for the longer rounds hovered around the low $12,000 daily range, with a growing numbers of ships fixing on voyage basis. Period trading remained limited and, with the market easier, owners again had to consider wider spreads.
Thanks for listening