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'Resurgence' for Capes but still 'miserable' for Panamaxes: Baltic

'Resurgence' for Capes but still 'miserable' for Panamaxes: Baltic

London: The Baltic Exchange reports that the Capesize market has seen a resurgence this week. Renewed interest on the period market has seen modern 177,000 dwt tonnage fixing for a year at $17,500 daily. In Asia reports of Chinese buying spot iron ore from Australia for December shipments and resulting enquiry has seen the West Australia rate rise from about $4.35 to in excess of $5.50 by the week's end which is approximately $11,000 daily for the round voyage, says the Baltic.

But for Panamaxes the Far East has endured a miserable week, the Exchange reports. A modern 76,000 dwt, open Japan, agreed $3,000 daily for a round via Australia and a mid 90's built 70,000 dwt in south China fixed a trip Indonesia to Korea at $2,500 daily. India, however, has been busy, including a 72,000 dwt obtaining $6,000 daily from Muscat for a trip India/China. Period trading has given some encouragement with rates reflecting a marked premium over the spot trip market, including a grain house booking a modern 72,000 dwt, open Continent end December, for a year at $10,750 daily.

In the Handy/Supramax market East of Suez it was still the Indian ore markets that were providing the bulk of the business, with rates remaining at least steady, according to the baltic Exchange. It was becoming apparent that tonnage open further east with little to go for was now being attracted back into the Indian Ocean. The 2005 built 53,702 dwt Sapphire Seas was reported to have been booked by AHT with retroactive delivery Rizhao 5 December for a trip via West Coast India back to China at $3,300 daily. Earlier in the week, the 2005 built 55,695 dwt POS Freedom open Dalien spot was reported booked for a Pacific round voyage at a relatively respectable $5,000 daily.  [12/12/08]

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