Cape 1 year TC rates can achieve around $13,500/pdpr with the market strong for Australia to China coal business.

Mixed market this week with Cape 1 year rates achieving $13,500/pdpr.

The week has showed signs of a slowing market as spot rates begin to come down, particularly in the East.

Buoyed by improved Australia/China spot business, Capesize 6 month TC rates can achieve around $11,500/pdpr, with one 6 month fixture reported at $14,500.

The Cape 1yr period market dropped to around $11,000/pdpr on the back of weaker coal stems both from Brazil and Australia as Chine turns the screw on its import restrictions.

With improved rates across the market, principals have been in standoff over rates.

Despite holidays across much of the Middle East and South East Asia, the market has remained firm with a steady flow of cargoes reported, particularly for the larger tonnages.

This week saw an increase in activity as charterers look to cover their cargo before holidays in the Indian Ocean and Pacific begin, however with a mixed outlook for rates.

The market continues to feel the effects of limited cargoes and excess vessels, particularly in the Pacific, whilst diplomatic complications in the Middle East has pushed vessels toward ECSA and India.

The market has been hampered this week with a continued decline in freight rates attributed to holidays, monsoon seasons and now  an escalating diplomatic dispute in the Middle East.

Falling freight rates of late have been attributed to both Western and Eastern holidays as well as  poor weather in the Indian Ocean and Australian coasts.

A sudden burst of activity at the end of last week assisted Cape rates to slightly improve from Brazil to China trips,  while on the TC side, 6 mos tc is also up achieving around $14,850/pdpr.

The short period Cape market has dropped off to $14,250/pdpr as the 1 year market can trade around $15,000/pdpr.

The period outlook for dry bulk this week has remained subdued in light of weak freight rates, poor weather and holidays, patricianly in the East.

A slow start to the week for the Cape market despite some positive spot movements from Australia as 1 year period rates can achieve around $16,000/pdpr.