Rates for dry bulk carriers are firming, according to Fearnleys, as commodity price increases strengthens demand. The capsize market has seen strongest activity, but supramax and panamax markets are both firming.
Capesize rates have made a “big jump” on the back of rising demand, according to Fearnleys. On the C3 iron ore route between Tubarao, Brazil, and Beilun/Baoshan, China, rates are in excess of US$13 per metric tonne (pmt) with round trips approaching US$20 000 daily.
“Best of all; there is still potential for future improvement,” Fearnleys said.
Supramax and panamax markets are also firming with a “massive upswing with a flurry of fresh and old requirements giving owners a return not seen for a long time” in the panamax market, Fearnleys said. The north Atlantic in particular is “burning hot” with rounds done from US$12 000 to US$16 000 per day.
One year time charter rates all hit yearly highs, while the Baltic Dry Index hit 1145, compared to 954 the week before.
Read the article online at: https://www.drybulkmagazine.com/shipping/17112016/dry-bulk-carrier-rates-firming-on-increasing-demand/