Friday, December 08, 2017 12:55:12 AM
in Dry Bulk Market,International Shipping News 08/12/2017
Freight rates for large dry cargo ships on key Asian routes, which hit three-year highs this week, could stay around the current levels or nudge slightly higher if shortage of vessels for prompt hire continued, brokers said.
“It’s a good lead up to Christmas for the capesize market,” a Singapore-based capesize broker said on Thursday.
“The market is taking a breather. I can see rates holding near where they are if not moving up a bit,” the broker said.
Owners are resisting charterers’ attempts to push rates lower from Australia to China, while owners of ships from Brazil are holding out for rates of more than $22 per tonne.
“Charter rates from Australia have hit a floor. Rio Tinto is pushing for $9.50 a tonne, but owners are resisting,” the Singapore broker said.
“The number of ships on the water in the Pacific is quite tight. From Brazil it is still very tight for ships with loading dates in December and early January,” the broker said.
That came as iron ore stocks at Chinese ports climbed to 140 million tonnes in November, from 132 million tonnes in mid-October, ship broker Banchero Costa said in a China commodities report.
China’s iron ore imports rose 6.3 percent between January and October, while coking coal imports climbed 20.2 percent and steam coal 9.6 percent, the report said.
Iron ore and coal are staple cargoes for capesize ships, which can carry around 170,000 tonnes of the steel-making ingredients.
Supply issues in China’s steel sector has pushed demand for imported iron ore even higher, Australian bank ANZ said in a note on Thursday.
“With domestic production struggling to grow steel mills will be forced to rely more on imported iron ore,” ANZ added.
Iron ore prices are expected to stay around $70 per tonne, ANZ said.
“The freight market for capesize vessels continues up in line with firming iron ore prices,” Norwegian ship broker Fearnley said in a note on Wednesday.
Capesize charter rates on the Western Australia-China route rose to $9.75 a tonne on Wednesday from $9.44 a tonne in the previous week. Rates climbed to $9.95 a tonne on Dec. 4, the highest since April 2, 2014.
Freight rates from Brazil to China climbed to $20.94 per tonne on Wednesday from $19.79 a tonne the same day a week ago. They hit $21.27 a tonne on Dec. 4, the highest since Nov. 12, 2014.
Panamax rates for a north Pacific round trip voyage soared to $10,859 per day on Wednesday, up from $9,750 per day last Wednesday, the highest since Nov. 8, on more cargo and tighter tonnage supply.
Rates in Asia for smaller supramax ships were largely unchanged from the previous week, varying between $8,000-$11,000 per day depending on the trade.
Source: Reuters
Recent SHIP News
- Form SC 13G - Statement of Beneficial Ownership by Certain Investors • Edgar (US Regulatory) • 08/09/2024 08:13:13 PM
- Form EFFECT - Notice of Effectiveness • Edgar (US Regulatory) • 08/09/2024 04:15:09 AM
- Seanergy Maritime Reports Record Second Quarter and First Half Financial Results for the Periods Ended June 30, 2024 • GlobeNewswire Inc. • 08/06/2024 12:00:00 PM
- Seanergy Maritime Announces the Date for the Second Quarter and Six Months Ended June 30, 2024 Financial Results, Conference Call and Webcast • GlobeNewswire Inc. • 08/01/2024 01:15:00 PM
- Form F-3/A - Registration statement by foreign private issuers: [Amend] • Edgar (US Regulatory) • 07/30/2024 09:30:07 PM
- Form F-3 - Registration statement by foreign private issuers • Edgar (US Regulatory) • 07/12/2024 08:34:04 PM
- Leading Shipowners Presented at the 4th Annual Capital Link Decarbonization in Shipping Forum • GlobeNewswire Inc. • 07/08/2024 03:39:35 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/14/2024 08:15:15 PM
- Seanergy Maritime Announces Successful Delivery of a Japanese Capesize Vessel and Two New Time Charter Agreements with Costamare Bulkers Inc. • GlobeNewswire Inc. • 06/13/2024 01:00:00 PM
- Sphinx Investment Corp. Issues Statement on Seanergy • Business Wire • 06/03/2024 08:44:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/31/2024 06:45:52 PM
- Seanergy Maritime, CEO, Stamatis Tsantanis Interview at Schwab Network • GlobeNewswire Inc. • 05/31/2024 05:27:07 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/17/2024 08:15:19 PM
- Seanergy Maritime Reports Record Financial Results for the Quarter Ended March 31, 2024 and Declares Cash Dividends of $0.15 Per Share • GlobeNewswire Inc. • 05/15/2024 01:00:00 PM
- U.S. Index Futures Flat Ahead of April CPI Data Release, Oil Prices Drop • IH Market News • 05/15/2024 11:50:05 AM
- Seanergy Maritime Announces the Date for the First Quarter Ended March 31, 2024 Financial Results, Conference Call and Webcast • GlobeNewswire Inc. • 05/09/2024 01:00:00 PM
- Seanergy Maritime Announces Availability of its 2023 Annual Report on Form 20-F • GlobeNewswire Inc. • 04/03/2024 08:05:00 PM
- Seanergy Maritime Reports Financial Results for the Fourth Quarter and Twelve Months Ended December 31, 2023 and Declares a Cash Dividend of $0.10 Per Share • GlobeNewswire Inc. • 03/15/2024 01:00:00 PM
- REMINDER - Leading Dry Bulk & Container Shipping Companies Participating at Capital Link’s 18th Annual International Shipping Forum Monday, March 11, 2024 in New York City • GlobeNewswire Inc. • 03/06/2024 02:00:00 PM
- Seanergy Maritime Announces the Date for the Fourth Quarter and Year Ended December 31, 2023 Financial Results, Conference Call and Webcast • GlobeNewswire Inc. • 03/05/2024 02:00:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/14/2024 09:09:50 PM
- Leading Dry Bulk & Containers Shipping Companies Participating at Capital Link’s 18th Annual International Shipping Forum Monday March 11, 2024 in New York City • GlobeNewswire Inc. • 02/13/2024 04:27:51 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/31/2024 09:05:15 PM
- Seanergy Maritime Achieves Key Partnership with European Union Funding and Major Industry Stakeholders Under SAFeCRAFT to Revolutionize Maritime Propulsion for Existing Vessels • GlobeNewswire Inc. • 01/30/2024 01:30:00 PM
- Form SC 13D/A - General statement of acquisition of beneficial ownership: [Amend] • Edgar (US Regulatory) • 12/28/2023 10:15:14 PM
FEATURED Cannabix Technologies and Omega Laboratories Inc. Advance Marijuana Breathalyzer Technology - Dr. Bruce Goldberger to Present at Society of Forensic Toxicologists Conference • Sep 24, 2024 8:50 AM
FEATURED Integrated Ventures, Inc Announces Strategic Partnership For GLP-1 (Semaglutide) Procurement Through MedWell USA, LLC. • Sep 24, 2024 8:45 AM
Avant Technologies Accelerates Creation of AI-Powered Platform to Revolutionize Patient Care • AVAI • Sep 24, 2024 8:00 AM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM