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• Bulk Carrier Freight Market Overview (13 Sep 2019)

  Capesize cargo has predictably dried up in both bas­ins, particularly in the Pacific, where a recent re­stocking drive into the Far East had fuelled some astronomical increases, in some cases to nine-year highs. Rates have been falling in response, but not as rapidly as might be expected, although day-on-day declines of US$ 800-900 on the front haul run (to settle in the high US$ 50,000s) is also rather dra­matic. It is anyone’s guess when the slide will stop. With South America no longer the powerhouse it was last week, Atlantic Panamax rates have levelled out in the US$ 18-19,000 range on TARV basis. On the other hand, ECSA export demand is still rather vibrant and arguably still the most relevant source of new cargo demand in either basin, hence the domi­nance of ECSA deals on Kamsarmaxes to NoPac on round voyage basis. As such, 2LL can even secure upwards of US$ 21,000 DOP on Continental deli­very, which isn’t too shabby considering such rates were looking fairly exotic just a few months ago.

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