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Dry cargo chartering market news from Coracle in a lively week. Also in Mandarin

By • Nov 8th, 2013 • Category: Dry Cargo

The Coracle Dry Cargo podcast for Nov 8, 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 Nov 8th 2013. This report looks at the Capesize and Panamax markets.

The Capesize sector saw a steady end to the week, with some new business around but little change in rates. There was activity from West Australia and rates moved steadily up to end the week at $9 on the key West Australia/China run. Timecharter activity has been less in evidence, though a 170,0000 tonner open North China fixed an east coast Australian round earlier in the week at $16,500 daily.

Rates for cargoes from Tubarao to China were holding in the low $20 range, with talk that a 20-30 November 160,000 tonne 10% cargo was fixed from Tubarao to Qingdao at $21.95. A 179,000 tonner ballasting from Qingdao was booked from Brazil to the Continent around the mid $18,000 daily range, with a bonus in the upper $400,000s.

Timecharter rates for ships coming open in North West Europe firmed, with rates touching $37,000 daily for ships loading US east coast/east coast Canada to China. Tonnage for the early positions remained tight but, so far, little fresh activity has been reported fixed, though the Pompano 174,000dwt 2006 built open in the UK did fix earlier in the week at $22,000 daily for a Colombia round voyage.

Moving on to the Panamaxes and the US Gulf provided the most interest with more November cargoes available than originally on the books. Rates moved higher, with the ballasters from the East largely the beneficiaries. Rates are now hovering at around $18,500 daily plus low $800,000 bonus range. There was an improvement for transatlantic cargoes with ships seeing around $15,000 daily and a $500,000 bonus. It was a different picture further north where a build up of tonnage in North West Europe and limited interest for transatlantic cargoes or fronthaul drove rates down as owners grabbed at business.

There were panamaxes open on the Continent willing to take under $13,000 daily for short Baltic rounds, while a post panamax vessel fixed the same business at $12,250 daily.
In the East, charterers were able to cherry pick tonnage. The key activity has been from Indonesia, with cargoes for India attracting a premium as owners were faced with little trading opportunity from there. Rates for quick Indonesian rounds hovered around $13,500 to $14,000 daily for kamsarmaxes. Ships coming open Japan-South Korea faced more difficult trading, with limited NoPac or Australia business and owners fortunate to see rates in the mid $11,000 daily range. Charterers were there to take period tonnage for longer durations but owners were reluctant at the rates on offer.

Thanks for listening