By Keith Wallis

SINGAPORE, March 3 (Reuters)– Freight prices for big capesize completely dry freight vessels on secret Asian courses might continue to be rangebound following week as bountiful tonnage places a ceiling on products prices also as some proprietors stand up to efforts by charterers to press prices reduced, brokers stated.

“I expect the market to take a breather. Rates have been on a yo-yo this week,” stated a Singapore- based capesize broker on Friday.

Charter prices dropped at the start of the week, however recoiled after charterers, consisting of Cargill and also Fortescue Metals Group, taken care of ships from Brazil and also Australia to China, he stated.

There were around 25 capesize components in the week to March 2, compared to greater than 30 in the previous week, hiring information on the Reuters Eikon incurable revealed.

“The capesize market continues to be volatile,” Norwegian shipbroker Fearnley stated in a note on Wednesday.

“The Brazil to China market has been quiet, but it is not unexpected as it is the seasonal rainy season and shippers do use this time for maintenance,” Fearnley stated in the note.

Some shipowners are likewise standing up to charterers’ efforts to press prices from Brazil to China reduced by securing vessels off South Africa, the Singapore broker stated.

Charterers with coal freights from the eastern shore of Australia were providing a $2 per tonne costs over iron ore freights from western Australia.

But the capesize market stayed overtonnaged with a wealth of ships offered for filling in March, the Singapore broker included. That would certainly top any kind of gains in prices.

Charter prices from Western Australia to China held around eight-week highs, at $5.99 per tonne on Thursday, compared to $6.01 per tonne a week previously.

Freight prices for the path from Brazil to China climbed to $11.42 per tonne on Wednesday, the highest possible becauseFeb 2, versus $11.05 per tonne.

Charter prices for smaller sized panamax vessels for a north Pacific round-trip trip reached the highest possible because November 2014 on Thursday on solid freight quantities and also favorable view amongst shipowners.

Rates climbed to $9,170 daily, the highest possible becauseNov 24, 2014, from $7,704 the very same day recently.

Rates in the Far East for supramax vessels climbed by about $2,000 daily on the week, reaching $10,500 daily for a trip from Indonesia to China, Fearnley stated.

The Baltic Exchange’s major sea products index reached 904 on Thursday from 856 recently and also might climb in the direction of a technological resistance at 1,029 in a week. (Reporting by Keith Wallis; Editing by Subhranshu Sahu)

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