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It was up and down in the cape market this week. Dry cargo shipping report March 21

By • Mar 21st, 2014 • Category: Dry Cargo

The Coracle Dry Cargo podcast for March 21, 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 21st 2014. This report looks at the Capesize and Panamax markets.

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It was up and down in the cape market this week, with rates recovering sharply mid week and then falling as the week closed out. A March ship on the West Australia/China run reached $12, largely without the input of the major shippers. However, as paper values came under selling pressure there was some nervousness and one of the majors came in and took tonnage at $11.65 before booking a ship at under $11. Timecharter rates had been hovering around the mid to high $20,000 daily range. There was finally some evidence of cargoes fixing from Australia to the Continent, with sources suggesting that voyage rates were agreed and it was suggested that this gave a timecharter equivalent of at least the mid $10,000 daily range.

There was some Brazilian activity with the market peaking at $27.85 for a 5-15 April cargo from Tubarao to Qingdao. The expectation has been for a rising Atlantic market and certainly some improvement was seen for transatlantic rounds, with rates hovering around the mid $20,000 daily level.

Turning to the Panamaxes and this was another week of a build-up of ships, with more of them waiting and insufficient cargo to absorb the surplus. Charterers were able to take their pick of ships in the US Gulf, US east coast, Mediterranean and the Continent. A 75,000 tonner failed for a couple of laden legs with Bolivar delivery at $12,000 daily plus a $175,000 bonus. South American cargoes have absorbed some tonnage for east coast South America/Skaw-Cape Passero cargoes and are now looking at taking ships from this side for fronthaul, as are ballasters from the East. However, rates continued to slip and charterers are talking under $40 for grain cargoes from Brazil to China. There is still talk of the Chinese reducing their soyabean imports, largely on crushing margins after an outbreak of bird flu. 

Rates had been holding in the East, with ships in good positions like Japan seeing around $12,000 daily for NoPac rounds and more for Australia or Indonesia cargoes to India. The short rounds have been hovering around $11,000 daily. As the week closed out, new business has been in short supply and nervousness is evident. Owners were keener to look at period rather than risk ballasting to South America, with the result that period rates have eased.

Thanks for listening