Capes end week on a flourish thanks to 'almost insatibale' Chinese ore demand

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Saturday, 16 May 2009

The Baltic Exchange reports that the Capesize dry bulk sector enjoyed a very strong finish to the week with rates rising across the board. Chinese demand for ore appeared 'almost insatiable', it says , with BHP Billiton and Rio Tinto still actively taking ships with June cargoes now fixing. The rate climbed substantially with the former taking at least eight ships in the past 24 hours with BHP Billiton allegedly booking tonnage at $10.75. There was talk a ship fixed for an east coast Australian round voyage at $35,000 daily. Nearly almost all the available Atlantic tonnage for June loaders has gone for 'real' Far East. The rate here jumped to $25.50 for Tubarao/Qingdao with talk that possibly over $26.00 has been done. There was talk that the CSK Fortune, 2003-built 175,526-dwt went for a trip to the east in excess of $50,000 daily and $35,000 daily has been done for a transatlantic round voyage. However, the Baltic ends its weekly Capesize round-up on with the following note of caution: 'Be warned after a burst of activity such as this, no doubt charterers will do their best to talk the market down.' Source: Seatrade Asia Online