Cape and Panamax podcast. Discover how 2014 started in Dry Cargo marketsBy james tweed • Jan 11th, 2014 • 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 January 10th 2013. This report looks at the Capesize and Panamax markets.
Starting with the big ships and the Pacific market fell this week by over 63% on the round voyage. The Atlantic maintained levels until the last two days of the week, ending with a considerable fall of 37% on Friday and closing the week 47% down. This means that the timecharter average has lost almost 48%, from over $33,500 per day to under $17,500 a day.
As the week closed there was talk of two vessels being fixed for West Australia/China off end January dates at a level close to $7 per ton with Fortescue Mining. There has been a lack of fixing on this route since before Christmas and that route was marked at $10.49 at the start of the week.
Anglo American appears to have fixed six or more vessels this week for Saldanha Bay/China.
Moving to the Panamaxes and this week has seen extreme weather conditions in the North Atlantic, as ships heave-to and passages take over 20 days across the Atlantic…what a life the seamen live. As the week progressed, activity picked up and the US Gulf held steady with a good volume of fronthaul enquiry, despite a number of vessels in ballast from the Pacific and rates around $19,500 daily and $950,000 ballast bonus. Activity from the European side was thin and transatlantic rates came under pressure.
Fronthaul activity from South America continued to attract tonnage from further afield and a mid 90s built 72,000 tonner, open Middle East Gulf, went for a trip via East Coast South America to the East at $14,000 daily, with delivery passing Muscat.
There was good period activity to give support throughout the week to an easing Pacific market, with a number of grain houses taking cover for up to a year. A Kamsarmax, open Hong Kong mid January, secured $15,500 daily for short period.
Thanks for listening