Cited is the South American grain season, which has led to increased earnings as well as congestion around the key grain exporting ports in Argentina and Brazil. As a result, average time charter rates for march 2013 climbed over $8000, from below $6000 in January. According to the report, “Limited inflow of new tonnage and very high volumes being transported establish light at the end of the tunnel. Panamax is expected to hold on to recent gains and stay in the $5,000-$10,000 per day interval.
Meanwhile, massive overcapacity in the capesize market drove earnings down relentlessly, with average time charter rates falling from $7680 per day in 2012 to $6,300 year-to-date in 2013, despite large demand for iron ore and coal from China. “Bimco holds the view that capesize TC average rates are expected to remain subdued around $4,500-$8,500 per day. For the Supramax segment, Bimco forecasts freight rates in the $7,000-$11,000 per day interval, whereas handysize rates are forecast to stay at the interval of $6,500-$9,000 per day.”
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