Steel Products Prices North America
October 13, 2013
Capesize Shipping Rates Slowing Down—Rates Rising Elsewhere
Written by Sandy Williams
Shipping in the Capesize Market is beginning to slow down after a strong September driven by iron ore restocking in China and exports of ore from Brazil. According to the MID-SHIP Report on Oct. 10, average Capesize earnings fell to $33,368 from $42,211 two weeks ago. Time charters averaged $30,000 prompting owners to turnover cargo quicker increasing the supply of available vessels. Rates are down for Fronthaul, Atlantic Rounds, and Pacific charters as well.
The Panamax market has high rates in the Atlantic Ocean with Baltic area levels around $30,000 per day for trips to the East. Pacific rates are holding at $17,000 per day and MID-SHIP reports that at those rates owners are not anxious to bring tonnage back to the Atlantic—a factor that will “keep a strong supply/demand on this side of the pond.”
