By Keith Wallis

SINGAPORE, Oct 29 (Reuters) – Freight charges for capesize bulk carriers may slip additional subsequent week as too many ships accessible for rent weigh available on the market regardless of affordable cargo volumes, brokers mentioned on Thursday.

“There is no sign the market is going to be better – there are too many vessels,” a Shanghai-based capesize dealer mentioned.

Some homeowners strive to withstand charterers’ makes an attempt to push charges decrease however there are vessels accessible for charterers to repair at low charges, the dealer mentioned.

“It is really hard to push the market up.”

A flurry of iron ore cargoes from Tubarao in Brazil this week ought to have helped assist freight charges however as an alternative costs fell as a result of massive variety of vessels accessible for constitution and a scarcity of cargoes from Australia, in line with ship brokers and Reuters chartering knowledge.

Owners and ship brokers had hoped there could be a standard rush of cargoes within the fourth quarter that will push charges increased, however that has but to occur, brokers mentioned.

“Quarter four remains a continued disappointment for those believing in or depending on a strong finish to an otherwise miserable year,” Norwegian ship dealer Fearnley mentioned in a notice on Wednesday.

“Tonnage utilisation (is) again down as market clearly overtonnaged in all areas, taking daily average earnings down 12 percent week-on-week to $9,300,” Fearnley mentioned.

For Western Australia to China, current spot ranges of round $4.75 per tonne at the moment are equal to time constitution returns hardly protecting working bills, Fearnley mentioned.

Charter charges for the Western Australia-China route fell to $4.77 per tonne on Wednesday, down from $5.24 per tonne every week in the past. A fixture on Thursday at $4.65 per tonne – the bottom since Aug. 28 – confirmed the market was sliding decrease, the Shanghai dealer mentioned.

Rates for the Brazil-China route dropped to $11.35 per tonne on Wednesday, towards $12.43 per tonne the identical day final week.

Panamax charges for a north Pacific round-trip voyage eased to $5,326 per day on Wednesday in contrast with $5,772 per day final week, the bottom since June 15.

The market was overtonnaged for the quantity of cargo accessible for fixing, a Singapore-based panamax dealer mentioned.

“There is no light at the end of the tunnel,” the dealer mentioned, including day by day charges barely lined working prices.

Freight charges for smaller supramax vessels had been once more flat this week, Fearnley mentioned.

The Baltic Exchange’s essential sea freight index slipped to 736 on Wednesday, from 780 final Wednesday. (Reporting by Keith Wallis; Editing by Gopakumar Warrier)

(c) Copyright Thomson Reuters 2015.

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