Dry cargo podcast in a lacklustre week for the Capesize ships.By james tweed • May 12th, 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 May 9th 2014. This report looks at the Capesize and Panamax markets.
It has been a lacklustre week for the Capesize ships with the West Australia/China run briefly breaking $8, but slipping back to $7.50 by the end of the week. There was little time charter activity, although a 172,000 and 180,000 tonner was said to have gone for a round voyage at $10,000 daily. Period rates were still at relatively reasonable level with the ‘Navios Phoenix’ 180,000-dwt 2009-built open Jintang 17-19 May agreeing around $27,000 daily for 6 to 9 months with Swissmarine. In the Atlantic valiant attempts to shore up transatlantic rates came under pressure with a lack of any significant cargo making charterers cautious. There had been reports of $13,000 daily agreed for a round trip, but this proved unfounded. Vale appeared in the market briefly this week fixing based the BCI C3 rate from Tubarao to Qingdao.
For the Panamax there was cautious optimism for north Atlantic traders with the list of ships looking balanced as the week closed. A significant volume of transatlantic voyage business has been done already however and as yet there is limited new business. Some sources claimed that LME’s have seen rates at least around $6,000 daily for transatlantic rounds. Voyage rates have also improved. The pace quickened for east coast South America grain cargoes moving East as it appeared that some charterers were looking to cover the last of the May business. Rates have been flat, hovering around the mid $14,000 daily and near the mid $400,000 mark for bonuses. One charterer paid $15,500 daily plus $550,000 bonus for super eco kamsarmaxes and this did prompt owners to up their rate ideas.
In the East a significant volume of new business spread across several loading areas lifted rates, but some owners had mixed results. At one point round voyage rates varied from $7,000 to the mid $8,000 daily. Period trading had been limited with rates slipping, but if the pace in the East is maintained next week this could lift levels.
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