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Capesize rates strengthen despite Chinese holidays

Capesize rates strengthen despite Chinese holidays

London: This week saw a stronger market for the big dry bulk ships despite the Chinese holidays, reports the Baltic Exchange. In its end-weekly update to members it noted that the Tubarao/China run is hovering around $30.00 and the timecharter rate hovering close to the mid $60,000 daily range.  

In the East, as rates rose charterers were forced to fix tonnage on timecharter to cover West Australia/China hovering around $40,000 daily, continues the Baltic. The major shippers were active this week and BHP Billiton and FMG still remained in the market for October tonnage although were dropping their rate ideas. Period activity too was evident with short period in the east nudging the upper $30,000 daily and the mid $40,000 daily in the Atlantic.

"Most were now marking time waiting for next week when the Chinese are fully back in action," concluded the Baltic's gloss. "Some talk circulated they were now short on ships and long on cargoes...the market awaits."  [08/10/10]

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