Hong Kong: Capesizes have crashed through the $100,000 a day level with the market reaching new highs. One ship has even been fixed for $110,000 a day for a Pacific roundtrip. The Baltic Capesize Index (BCI), has shot up to 8,795 points, renewing a record-high almost daily.
The rally in the spot charter market is causing the time-charter market to pick up with a one-year charter rate reaching an ultra-high $92,500 a day paid by STX Pan Ocean for a 2004-built ship.
Cargill fixed a 172,259-dwt vessel built in 2001 at $110,000 a day for a China-Western Australia-China trip - the first time a Pacific roundtrip has hit six figures, while Atlantic and Pacific cross trades cracked the $100,000 mark in mid-March.
The cape market has now surpassed the highs seen in 2004 and though summer is setting in there seems no sign of it cooling off. 'What's different this time is demand growth drivers are less while congestion in Australia is greater,' noted Citigroup in a recent report. [26/04/07]
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