Capesize and Panamax chartering report endNov 2013By james tweed • Dec 1st, 2013 • Category: Dry Cargo
To learn more about the dry cargo chartering market, why not take Coracle’s Dry Cargo Chartering course?
This podcast comes from Coracle – myCoracle.com
Thanks for downloading the dry cargo market report from Coracle Online and the Baltic Exchange for week ending Nov 29th 2013. This report looks at the Capesize and Panamax markets.
Before the market news starts, we have a question for you… Would you like a case of champagne from SSY? Go to ssy.mycoracle.com and enter their Christmas quiz by guessing the Cape Time Charter Average spot assessment for 24th December. Last entries are 5pm December 6th.
Now the Capesize sector and this was a strong week and most areas of the market saw significant gains. West Australian shippers saw rates rise over one US dollar in 24 hours, reaching around $12. There was talk that an early ship fixed from Dampier to Qingdao at $12.15, but other sources suggested the rate was $12.00 or even a little lower. A rumour that $12.50 was concluded for an early ship was denied. Round voyage rates also improved, with reports that a 176,000 tonner open Japan went at around $26,000 daily for a round voyage.
Brazil was more active with rates moving up around two dollars to $23.50 for mid-end December from Tubarao to Qingdao. There was a late report that a 10-20 December cargo was booked at $23.95.
The North Atlantic has also been tight for tonnage and took very little fresh business to push the market. Round voyage rates were rumoured to be nearer the mid $20,000 daily range, with a couple of ships fixed at $24,000 daily and others now seeing considerably more.
Looking at the Panamaxes and the bulls won out over the bears in the Atlantic market, with rates moving up sharply in the North and tonnage tightening. There appeared to be more cargoes in the market than was initially evident, and charterers finding a lack of committed tonnage in the US Gulf were switching to Gibraltar-Skaw for ships with 10-20 December business to move. Rates for quick US Gulf coal rounds were at $15,500 daily, with some talk of a 75,000 tonner fixing for retroactive Italy at $16,000 daily for a round. Fronthaul rates for prompt tonnage also firmed, with a Panamax booked for a trip from the Continent via the US Gulf to China at $24,000 daily. The US Gulf has largely been the driving force in the market and there was unconfirmed talk that $20,000 daily plus a one million bonus was agreed.
Paper values increased towards the end of the week, prompting period activity. An easing off in paper rates limited further trading as the week closed.
Thanks for listening and good luck with the Christmas quiz at say.mycoracle.com