By Keith Wallis

SINGPAORE, Feb 23 (Reuters)– Freight prices for huge capesize completely dry freight vessels on secret Asian paths, which struck multi-week high up on Wednesday, are readied to remain to climb up following week on resilient iron ore freight quantities, brokers stated.

More than 30 capesize components were reported in the week toFeb 22, practically double the number in the last 2 months, according to information on the Reuters Eikon incurable.

“The capesize market should continue to push higher for now – it’s all looking good,” a Singapore- based capesize broker stated on Thursday.

The rise in charters for capesize vessels, which usually lug about 170,000 tonnes of iron ore or coal, has actually been sustained by overpriced iron ore rates which are close to a 30-month height.

“With iron ore prices as high as they are, miners are pumping it out, selling as much as they can,” the Singapore broker stated.

Freight prices from Western Australia to China can reach $6 per tonne following week, which would certainly be the highest possible given thatJan 6, a Shanghai- based capesize broker stated.

“Rates from Brazil to China I guess might be around $11.50 per tonne,” the Shanghai broker stated. That would certainly be highest possible given thatFeb 2.

“So far, the market looks like it will keep the upward trend into next week,” the Shanghai broker included.

Coal deliveries, especially right into China, are additionally assisting to sustain capesize prices.

After dropping by 11 percent in 2014 as well as 30 percent in 2015, coal imports climbed up 25 percent in 2014 to 255.5 million tonnes, ship broker Banchero Costa (Bancosta) stated in a record on Wednesday.

“Seaborne imports will still have a relatively fair game competing against a high-cost, inefficient and environmentally-disastrous domestic mining industry,” stated Ralph Leszczynski, head of study at Bancosta in Singapore.

Charter prices from Western Australia to China reached $5.58 per tonne on Wednesday versus $4.06 per tonne a week previously.

Freight prices for the course from Brazil to China climbed to $10.78 per tonne on Wednesday from $9.85 per tonne on the very same day recently.

Charter prices for smaller sized panamax vessels for a north Pacific round-trip trip skyrocketed to $7,454 daily on Wednesday for $6,891 daily a week previously on enhanced chartering task.

Panamax products prices however can slide on a surplus of tonnage, Norwegian shipbroker stated in a note on Wednesday.

Rates in the Far East for supramax vessels remained to rebound today with prices of around $8,500 daily for a trip from the west coastline of India to China as well as $9,000 daily from Singapore to China, Fearnley stated.

The Baltic Exchange’s primary sea products index reached 806 on Wednesday from 688 recently. (Reporting by Keith Wallis; Editing by Vyas Mohan)

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