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Asia Dry Bulk: Pacific, Atlantic Capesize Rates Set to Diverge

marinesalvage by marinesalvage
May 7, 2024
in News
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bulk carrier bow shipping maritime ship

Asia Dry Bulk: Pacific, Atlantic Capesize Rates Set to Diverge

reuters logoBy Keith Wallis

 

SINGAPORE, June 4 (Reuters) – Rates for capesize bulk carriers may diverge subsequent week, holding regular within the Pacific on wholesome cargo volumes however easing within the Atlantic on an absence of coal and iron ore cargoes from South Africa and Brazil, ship brokers stated.

“There’s still a fair amount of cargo from Australia. But not a huge amount of action from South Africa and Brazil,” stated a Singapore-based capesize dealer.

“I think the Pacific has reached a bottom for now,” he added.

“Rates from Brazil and South Africa will likely drop – I can’t see them pushing up unless we see more influx of cargo.”

Several homeowners of bigger capesize ships this week shifted from chartering their ships on a spot to a voyage-time constitution the place earnings had been barely increased, brokers stated.

Oldendorff chartered two 200,000 dwt (deadweight tonne) capesize vessels for single journey time charters at $8,000 per day, barely increased than day by day working prices of about $7,300 per day, based on information from Reuters and delivery accountancy agency Moore Stephens.

“I can’t say the market has reached the $8,000 per day level. The capesize market is still around $5,000-$6,000 a day,” stated a Shanghai capesize dealer.

The increased day by day fee was as a result of the vessels can carry a bigger quantity of cargo and had good gas consumption, the Shanghai dealer stated.

Charter charges for the Western Australia-China route had been round $5.15 on Wednesday, just about flat from $5.13 per tonne final Wednesday.

Rates for the Brazil-China route eased to $10.93 per tonne on Wednesday, down from $11.08 per tonne final week.

Freight charges within the smaller panamax market are more likely to slide subsequent week as cargo volumes fail to match the provision of accessible tonnage, a Singapore-based panamax dealer stated on Thursday.

“We need to see an influx of fresh cargo … or a spot of bad weather (for rates to rise),” the dealer stated.

Rates for a panamax transpacific voyage fell to $4,334 per day on Wednesday, down from $4,496 on the identical day final week.

Freight charges for smaller supramax vessels had been round $7,000 per day for coal cargoes from Indonesia to India, Norwegian ship dealer Fearnley stated in a weekly report on Wednesday.

The Baltic Exchange’s important sea freight index closed up at 598 on Wednesday, in opposition to 587 every week in the past. (Reporting by Keith Wallis; Editing by Joseph Radford)

(c) 2015 Thomson Reuters, All Rights Reserved.

Asia Dry Bulk: Pacific, Atlantic Capesize Rates Set to Diverge

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