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Dry cargo report for Cape and Panamax sectors. March 7

By • Mar 10th, 2014 • Category: Dry Cargo

The Coracle Dry Cargo podcast for March 7, 2014 in association with The Baltic Exchange

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Thanks for downloading the dry cargo market report from Coracle Online and the Baltic Exchange for week ending March 7th 2014. This report looks at the Capesize and Panamax markets.

Starting with the Capes and it has been a fast paced week for the big ships, with rates strengthening sharply in both oceans and significant period fixing underpinning the market. Several vessels were booked for a year, with the rate for 180,000 tonners delivering in the East hovering around $30,000 to $31,000 daily.

Spot rates improved on the West Australia/China run with reports as the week was closing that $11 had been done. Timecharter rates are in the mid $20,000 daily range and rising. The Saldanha/China rate jumped sharply on Friday with rumours that a cargo was done at a hefty $22.
There was also a step-up in activity from Brazil to China with the rate hovering in the mid to high $20 range. Transatlantic rates soared with the rate for 180,000 tonners approaching $27,000 daily.
Turning to the panamaxes and the market took a turn for the better in the Atlantic. Owners pinned their optimism on increased activity from east coast South America and, as the week drew to a close, several ships were fixed, including some for March cargoes. Rates improved but some of the early ballasters will still have to wait for business. The list of ballasters has halved in the past couple of weeks but some have been idle for 10-14 days off South Africa. Rates for kamsarmaxes tipped over $16,000 daily plus bonuses in excess of $600,000 for trips to the East basis April loaders.

Further North there were still some early ships and very little transatlantic business. Those ships may have to fall on their swords before rates move.

In the East, spot ships and ballasters continued to struggle, although sentiment was more positive for later positions, with some rates a touch higher in a very positional market. A sustained improvement in east coast South America rates could see some ships once again ballasting for late April/May cargoes. Rates have been hovering around the low $11,000 daily range for North Pacific rounds. Period trading was sluggish for most of the week, but increased activity from South America has seen charterers once again looking for tonnage.

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