It was a fast paced market for the CapesBy james tweed • Dec 16th, 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 Dec 13th 2013. This report looks at the Capesize and Panamax markets.
This will be our last market report podcast until the New Year so from all of us at Coracle we’d like to wish you a very Happy Christmas and successful 2014.
Starting with the Capesize sector and it was a fast paced market that saw rates climb steeply from the start of the week, as the big Australian miners snapped up tonnage and there was increased action from Brazil. Early in the week rates rose to around $16.50 for early cargoes from West Australia to China and were in the $15’s for later positions.
With rates firmer in the East, fewer ships have been heading off in ballast and charterers needing December tonnage for Brazil had to concede stronger numbers. Rates hovered around $30 for 160,000 tonne 10% cargoes.
Further north, rates have held in the Atlantic, with a 150,000 tonne 10% cargo fixed from Puerto Bolivar to Rotterdam for 1-10 January at a stronger $18.45. Transatlantic timecharter rates reached the low $40,000 daily range and there was talk of a voyage cargo fixed East equating to the low $50,000 daily range.
Now the Panamaxes and rates remained strong for Atlantic tonnage, though there were signs that the pressure was easing for prompt ships. One or two vessels that had held off fixing and pushed for long duration business or short period in the Atlantic were this week fixing single trips. Rates essentially hovered around the low $20,000 daily range for single trips, with big premiums paid for shorter duration. Activity from the US Gulf underpinned the market, especially for eastbound cargoes, with the emphasis on December cargoes. Rates have touched $21,000 daily with a $1.1 million bonus, paid for a kamsarmax fixing end December-early January.
In the East, Indonesia continued to underpin the market, but there were signs that it might have topped. Ships in South East Asia benefitted, with a kamsarmax coming open Port Kelang being fixed for a trip via Indonesia to China at $21,000 daily. Ships open North China or Japan-South Korea faced a tougher picture, with limited trade out of NoPac and Australia and rates for the longer trips hovering around $14,000 a day.
Period chartering had been active, but paper values eased as the week closed out.
Thanks for listening