By Keith Wallis

SINGAPORE, Feb 2 (Reuters)– Freight prices for huge capesize completely dry freight vessels on trick Asian paths are most likely to hold about the present degrees following week on adequate tonnage supply also as chartering task is most likely to raise adhering to completion of the Chinese New Year vacations.

“Some people think rates may have hit a floor in the Pacific,” a Singapore- based capesize broker stated on Thursday.

“At the moment there is no sign of a revival in rates. It really depends on the volume of cargo that comes out next week,” the broker included.

Both the Atlantic and also Pacific containers are well equipped with capesize vessels waiting on work, the broker stated.

“Rates in the Pacific are pretty flat with the last charter fixed at $4.90 per tonne. Nothing has been fixed for a while from Brazil,” the broker stated.

Freight prices on the course from Brazil to China are simply listed below $8,000 daily, down 13 percent week-on-week, Norwegian ship broker Fearnley stated in a note on Wednesday.

“The outlook for February/March Brazil loaders is not great,” because of the lot of vacant ships cruising in the direction of Brazil,” Fearnley included.

Charter prices on the Western Australia- to-China course for basic 180,000 deadweight tonne (DWT) capesize vessel are around $6,500 daily, down 20 percent from recently, Fearnley stated.

Dry freight need in the initial quarter might get by approximately 5.4 percent in the initial quarter compared to the 4th quarter 2016, stated Peter Sand, primary delivery expert with market entrance hall team BIMCO pricing estimate numbers from ship broker SSY.

That will certainly accompany a flurry of brand-new vessel shipments with 5.3 million DWT supplied in January and also 10.9 million DWT in Q1-2017, Sand stated in a completely dry freight record on Tuesday.

“For the coming months January-April, BIMCO expects vessel supply to outstrip demand and a level of loss-making freight rates will follow in its wake,” Sand included.

Charter prices from Western Australia to China was up to $4.95 per tonne on Wednesday, the most affordable becauseOct 27, from $5.19 per tonne recently.

Freight prices for the course from Brazil to China slid to $12 per tonne on Wednesday versus $12.45 per tonne the exact same day recently.

Charter prices for smaller sized panamax vessels for a north Pacific round-trip trip reduced to $5,600 daily on Wednesday from $5,625 daily a week previously on reduced freight need.

Rates in the Far East for supramax vessels were influenced by slow-moving chartering task degrees with charterers paying $4,000-$ 5,000 daily for ships to bring coal from Indonesia to China, brokers stated.

The Baltic Exchange’s major sea products index was up to 786 on Wednesday, from 862 recently. (Reporting by Keith Wallis; Editing by Sherry Jacob-Phillips)

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