Shipping Podcasts finalists for Maritime Media award

Podcast news of Cape and Panamax markets. Jan 24

By • Jan 25th, 2014 • Category: Dry Cargo

The Coracle Dry Cargo podcast for Jan 24, 2014 in association with The Baltic Exchange

To learn more about the dry cargo chartering market, why not take Coracle’s Dry Cargo Chartering course?

This podcast comes from Coracle –

Thanks for downloading the dry cargo market report from Coracle Online and the Baltic Exchange for week ending January 24th 2014. This report looks at the Capesize and Panamax markets.

There was more activity with the Capes this week, with both Rio Tinto and BHP fixing a number of vessels for West Australia to China at levels in the high $7’s to low $8’s early in the week. As the week closed there was talk of the ‘Iron Miner’ fixing at $7.60 basis 5/14 February, with Sinochart and the Vangelis fixing $7.50 and Rio Tinto for early February loading. For Tubarao to China the week started at around the $22, but rates dropped and ended the week $20.50. The build up of tonnage appears to be the reason for the weaker levels and, with the Chinese New Year looming, it remains to be seen if this trend will reverse before or after the holidays. There have not been many timecharter fixtures reported this week but levels have dropped sharply from $15,575 to $8,505 in the Atlantic for the round voyage route. There were some period timecharter fixtures concluded, with rates for about 12 months hovering around the $20,000 level and other vessels fixing basis index linked rates.

Moving to the Panamaxes and despite the number of vessels ballasting in the East, fronthaul levels from the US Gulf have held up pretty well. Transatlantic rates have fallen substantially. A kamsarmax in ballast from the East went for a trip from the US Gulf to the East at $19,300 daily plus $930,000 ballast bonus, while a seven year old 75,000 tonner in ballast from the Continent agreed $18,750 daily plus $875,000 ballast bonus for a similar run.

Short trips from the Baltic have given a measure of support and a kamsarmax open on the Continent was reported to have fixed in the mid $12,000’s. Owners willing to agree a couple of legs were able to secure premium over single trip rates.

Rates in the Pacific weakened further as spot vessels built up and owners are having to contend with A.P.S. rates. A number of vessels were heading off towards the US Gulf and others in South East Asia sought better times in South America. All was not gloom though as a late 90s built 75,000 tonner open China secured $12,000 daily for a trip via West Australia to the Middle East Gulf and a new 77,000 tonner, open Japan, obtained $14,000 daily for a similar run.

Thanks for listening