Cape rates remain depressed with a slowdown in activity for the Australia/China route with short periods achieving $16,500/pdpr whilst reports of $18,000/pdpr for 12 months have been confirmed.

Cape short period rates in the Pacific are down $500 to $16500/pdpr as pressure on Australian single trips mounts given a surplus of vessels steaming toward the area.

Owners remain bullish on the Panamax market in the East with rates of $15,000/pdpr being achieved for short period and $14,000/pdpr for 1 year.

Cape 12 months can still achieve around $20,000/pdpr with expectations that the market will drop off mid-March. Panamax is mixed with rates from $12,000/pdpr up to $14,000/pdpr reported for short period in the East.

Notwithstanding a quiet start to the week, the dry Owners have a few more smiles than our tanker friends.

The Capemarket remains around $19,750/pdpr for 12 months with index fixtures reported for up to 20% of the BCI5.

Atlantic: Whilst a few inquiries surfaced the market in adding further support the market seems somewhat levelled.

Despite market reports of fixtures close to $20,000/pdpr, Cape 1 year rates are estimated at $18,000/pdpr ahead of the Asia Lunar holidays next week.

Cape short period has continued to come off fixing around $13,500/pdpr whilst 1 year remains around $17,750/pdpr.

Cape short periods can achieve $13,500/pdpr up from last weeks numbers by $1,500. 1 Year rates also rose $500 to $17,500/pdpr.

Capes rates have dropped markedly for short period to $12,000/pdpr.

Capes rates continue their January decline to $16,500/pdpr for 6 months and $12,500/pdpr less for 1 year.

DRY Capes have fallen slightly to around $19,500/pdpr for short period.

Capes remain strong for period rates as the spot market continues to provide decent returns.

As the Cape index falls, 1 year period rates can achieve $17,000/prpd as the spot market slows.