London: The Baltic Exchange reports that the capesize market is "red-hot for now with no end in sight as more cargoes pile into the market and tonnage is 'incredibly tight' in the Atlantic." A 170,000-tonne 1997-built vessel open mid June on the Continent fixed for a trip via Brazil to South Korea at $90,000 daily - and a $100,000 daily does not seem far off, it says.
"Chinese demand continued to dominate, but per-tonne miles has a key role to play in the dynamics of this market. In the east, Rio Tinto and BHP Billiton now as in the past week, have an insatiable appetite for tonnage and the queues of ships outside Chinese ports lengthen as the stockpiles grow." [30/05/09]
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