Round up of Capesize and Panamax markets for week ending May 16By james tweed • May 16th, 2014 • Category: Dry Cargo
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Thanks for downloading the dry cargo market report from myCoracle.com and the Baltic Exchange for week ending May 16th 2014. This report looks at the Capesize and Panamax markets.
Starting with the Capes and despite a good volume of fixing from West Australia rates failed to break above $8 and even with several charterers in the market the rate slipped back to about $7.85, which illustrates just how many ships remain in the market. Timecharter trading was limited with rates varying widely. MOL Singapore booked a 180,000 tonner from Qingdao for a West Australia round at something in excess of $13,000 daily. There was some activity from Saldanha to Qingdao with Anglo American booking 3 early June ships at $14. There was period trading, but this was BCI linked with SwissMarine reportedly fixing a 175,000 tonner for a year based on the 5 timecharter average for 180,000 tonners. In the Atlantic Bocimar remained in the market for tonnage on transatlantic rounds, but little fresh was reported fixed. Cargil booked an EdF Trading 173,000-tonner from Rotterdam spot for a transatlantic round at $10,500 daily.
Looking to the panamax sector and in some areas the market was driven by sentiment although increased South American grain activity did lend support. There was a distinct increase in fixing over the week with a good eco kamsarmax achieving better rates. Some early ships sitting spot did take much lower rates for May, but essentially rates were hovering around the mid-high $15,000 daily plus $550,000 bonus for early June. Ships fixing transatlantic business from there saw some improved numbers as well. Further north and rates clawed their way up for transatlantic rounds. Short rounds also improved with numbers hovering around $8,000 daily. There were mixed views for the markets in the East. Owners were endeavouring to push numbers higher and although there has been some fixing the premium rates went to the eco kamsarmaxes. There has been a reasonable amount of Indonesian business and there remained the hope that the current South America activity would continue and offer a diversion for some of the ships in the East. Period trading remained slow.
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