Home / Shipping News / Dry Bulk Market / Dry Bulk Market: Capesize Market Rebounds Strongly Over Past Week

Dry Bulk Market: Capesize Market Rebounds Strongly Over Past Week


The Capesize market continued the trend from last week, seeing solid improvements throughout the week on all routes – but lost ground in the very last day of the week. The timecharter average was up to the highest of the bulker sectors in midweek, closing at $33,415. The booming C3 Brazil to China and C5 west Australia to China routes continued unabated in the first half of the week, driving the timecharter routes C14 and C10 up accordingly to new highs. A C5 fixture was reportedly done at $11.60 early of the week – followed by talks of $12.40 and $12.50 being paid – but slipped to the initial level when the week ended. Period activity included a 180,000-dwt 2012-built delivery in the Far East in August fixing for 12 to 18 months at $32,500. A scrubber-fitted 172,000-dwt 2007-built was fixed for one-year trade at $35,000 delivery Luoyu 22/27 June.


It proved to be another firm week for the Panamax sector, despite activity cooling down a tick as we approached the weekend. In the Atlantic, the week begun with good levels seen for both mineral and grain transatlantic demand, which gave the necessary support to the rises seen in rates. Midweek saw an upsurge of activity out of EC South America for first half July arrival with a raft of fixtures. Asia started out in a sluggish manner, only to come to life midweek with a surge especially for Japanese coal tenders. With talk of a shortage of stocks in Japan, this led to a hike up in numbers, with an 81,000-dwt delivery Japan fixing at $33,000 for a trip via EC Australia redelivery Japan. Demand from Indonesia remained generally thin for most part however rates in the region continued to build all week on the back of sentiment and Atlantic demand.


It has been a busy week in all areas with the US Gulf returning very strong fixtures, an Ultramax has been fixed from Mobile via US Gulf to Japan at $47,500. It was reported that Marubeni fixed out an Ultramax for two years at region $21,000 delivery Chittagong and for short period an Ultramax fixed at $31,000, including Nickel Ore. There have been reports of some fixing and failing as the week draws to a close – particularly in Asia – and brokers felt charterers were taking a break at the end of the week. Nevertheless, the general sentiment heard from brokers is that the strong rates are here to stay, at least in the short term.


The BHSI continued its progress this week reaching new yearly highs. With positive sentiment in the Atlantic, brokers felt that this might continue for some time. In the US Gulf a 38,000-dwt open in the Mississippi fixed for a cargo of grains to the Mediterranean at $22,500. The Indian Ocean and Arabian Gulf regions have also been active with a 38,000-dwt being rumoured to have been fixed for a trip to East Coast South America at $33,500. In Asia, a 34,000-dwt open in North China was fixed via South Korea to the Philippines at $19,250. Period has been active with a 38,000-dwt open in the US Gulf fixing for a minimum of 12 months with worldwide redelivery at about $20.000 and a 32,000-dwt in the Western Mediterranean fixed for four to six months with Atlantic Redelivery at $22,000. However, the vessel is unable to call either the USA or Canada.
Source: Baltic Exchange

Recent Videos

Hellenic Shipping News Worldwide Online Daily Newspaper on Hellenic and International Shipping