Chartering report for dry cargo markets. Podcast for week ending April 4By james tweed • Apr 7th, 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 April 4th 2014. This report looks at the Capesize and Panamax markets.
Starting with the Capesize sector and there has been a lot of activity for West Australia/China, with close to 20 vessels fixed this week. Rates started the week at around $10.50 and dropped to a low of around $9.60. As the week closed there was talk of FMG fixing a vessel at about $10, which has given some hope for owners to take into next week. The continued weakness of the Atlantic market is making owners reluctant to ballast or consider ballasting there, which increases Pacific-based tonnage for charterers to pick from. There has been very little Atlantic business concluded and prompt tonnage is coming under greater pressure. Rio Tinto fixed the Cargill vessel Silver Road for Seven Islands to Dangjin off 20/29 April at $26.50, and there was talk of China Steel splitting a St Lawrence stem into two Panamax cargoes. The market will need to see more cargo from Brazil for the Atlantic to start improving.
Now the Panamaxes and it has been a grim week as the ongoing weak market continues with little relief in sight. Vessels in ballast in the Atlantic, having to contend with South American fronthaul and APS rates at levels well below running costs, continue to feed off tonnage in ballast from Asia. An 80,000 tonner Kamsarmax in ballast from the Continent agreed $10,000 daily and $120,000 ballast bonus, delivery Orinoco trip Continent, while a post panamax allegedly agreed $10,000 daily plus a $50,000 bonus from North Brazil to Spain.
In the East, NoPac rounds have slipped from five figures to below $10,000.
Thanks for listening