Weekly Dry Cargo Chartering report for Nov 15 from Coracle and The BalticBy james tweed • Nov 15th, 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 15th 2013. This report looks at the Capesize and Panamax markets.
Before the market news, we’d like to let you know about 3 competitions. Top prize in one of them is £1,000 cash! If you’re interested in finding our more, head to our Facebook page at Facebook.com/coracleonline and look for the Keep Calm and Enjoy the Competitions story. Starting with the Capesize sector and rates generally eased as the week closed, although the West Australian miners were quietly taking early ships. The market reached the mid $9 range in the middle of the week on the West Australia/China route, however, the market’s fragility was highlighted when a low rate was concluded on a ship wanting to stay in the East, causing others to take fright and start fixing under $9. As the week closed rates were steady as Rio Tinto came into the market for 24-25 November onwards and took ships nearer $8.90.
Timecharter activity was limited and there was some pessimism, with suggestions that rates could dip on $15,000 daily for the longer rounds. There was little fresh action from Tubarao to Qingdao, with rates ending the week around $21.
Moving to the Panamaxes and the Atlantic market remains very fragile. Tonnage continues to build in the North Atlantic and the list of cargoes continues to shrink. Even owners prepared to chase the falling rates had very little to go for. Short Baltic rounds were little more than $10,000 daily and longer rounds were almost non-existent. The number of eastbound cargoes was very limited and rates for ships on the European side were barely in the $20,000 daily range, with ships willing $21,000 daily but seeing little response.
The US Gulf has been the bright spot but this has been largely for November positions and, even here, rates have eased back. A 20-30 November 60,000-tonne 10% HSS cargo from the US Gulf to China was reportedly done at $52, while 1-10 December cargoes were more like $50.50 and, for mid December onwards, rates were under $50.
Rates continued to slide in the East, with Indonesia providing the only real activity. The longer NoPac and Australian rounds were in short supply and rates hovered significantly under $11,000 daily for ships open Japan-South Korea. Despite this uninspiring spot market, there were still charterers willing to take period ships. Owners, however, were holding off.
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