Busy big ships. Poor Panamaxes.By james tweed • Jun 9th, 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 June 6th 2014. This report looks at the Capesize and Panamax markets.
Starting with the Capes and it was an active week for the big ships, with rates largely steady in the East and improving in the Atlantic. The West Australia/China rate moved between the upper $7’s and low $8’s range for June positions with too many ships still preventing any real push higher, combined with very little congestion in Chinese ports. Rio Tinto paid $8.15 for a 24-27 June cargo from Dampier to Qingdao whilst Vale stepped up activity this week, taking at least six ships for Tubarao/Qingdao. The majority were fixed based on the BCI C3 route Tuesday & Wednesday which was $21.05 and $21.53 respectively.
The Atlantic saw increased trading with Bocimar re-letting around six ships that they had fixed in basis transatlantic and fronthaul options. Shandong Steel took a Bocimar ship for 10-15 June cargo from Pepel to Qingdao at $22.20. Transatlantic rates have improved with ‘K’ Line allegedly taking the 2013-built Navios Joy for Dunkirk delivery for a Colombia/Continent run at $16,000 daily.
It has been an exceptionally slow week for panamaxes with rates continuing to slide and little to suggest any improvement in the near term. There was a touch more activity in the north Atlantic as the week drew to a close, but this had little impact with still a long list of ships open and coming open shortly. Some owners were ‘idling’ ships on the Continent and Mediterranean, but there were ships still in ballast to South America. A 78,000 tonner spot Ghent was said to be close to fixing at $4,000 daily for a trip via Kokkola to Turkey with Cape Passero redelivery.
In the East the market was moving to APS and BB rates with a 75,000-tonner fixed APS West Australia to Singapore-Japan with ore at $7,500 daily plus a $200,000 bonus. Period trading was limited with charterers dropping their ideas for short period up to year at under $10,000 daily with delivery in the East.
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