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Dry cargo chartering update. Listen on..

By • Mar 31st, 2014 • Category: Dry Cargo

The Coracle Dry Cargo podcast for March 28, 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 28th 2014. This report looks at the Capesize and Panamax markets.

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Starting with the Capesize sector and it was another midweek sell-off with rates coming under pressure in the Pacific and taking a sharp drop for Atlantic tonnage. The West Australia/China rate dropped below $10, with Rio Tinto rumoured to have paid $9.45 for a Dampier/China run, but reports that the rate fell to the low $9’s were largely unfounded. As the week closed, there were rumours that $10 had been done for a Port Hedland/Qingdao cargo and a ship fixed for 5 April onwards at $10. Some prompt business was quoted with some delays becoming apparent in China. There was little reported on Brazil/China, but nervousness was evident. BTG Pactual booked tonnage for a 19 April 160,000 tonne 10% cargo from Tubarao to Qingdao at $23.75 – sharply lower, however, brokers have been suggesting that in the past couple of weeks Vale has been ‘quietly fixing’ and took at least 12 ships. North Atlantic rates had been holding with limited tonnage, but this week saw very little activity and a spot 174,000 tonner fixed for a transatlantic round with Cargill at a substantially lower $14,000 a day.

Now the Panamaxes and the Atlantic market remained awash with ships either in ballast or idle, with new business still scarce and owners/operators being prepared to fix cargoes and absorb waiting time, in some instances up to three weeks. In some instances, voyage business booked from the US Gulf to the Continent showed returns that only just covered bunkers. A 70,000 tonne coal cargo fixed from the US Gulf to Hunterston at $12.50 with laydays cancelling 17 to 26 April and the ship ready 28 March.

Timecharter rates for committed ships for transatlantic were barely in the $10,000 daily range with low $100,000 bonus. Rates to the East from the US Gulf dropped sharply, with a 75,000 tonner fixed for mid April to China at $14,000 daily with approximately a $400,000 bonus. The Chinese ‘washing out’ soyabean cargoes from Brazil or diverting a few shipments to the US Gulf has resulted in ships ready east coast South America booking April cargoes. Rates dropped, with timecharter levels around $15,000 daily and $500,000 bonus and the voyage rates from Santos to China are around $38 – $39. South America rates were holding reasonably well, in view of the fact that far fewer ships are considering the ballast option. Well positioned ships in Japan had earlier been fixing around the low $12,000 daily range for NoPac rounds, and around $11,000 daily for North China.

Thanks for listening