Bulker Update by BMTI’s London Shipbroker (8 July 2020)

panamaxCapes has seen rates falter in both the Atlantic and Pacific basins. The tonnage situation still remains relatively tight in the Atlantic but the enquiry has thinned noticeably on the fronthaul market which is now focusing on August. The bid/offer spread widened but with the Cape FFAs taking a wobble on Q3 in particular, down US$ 2,500 per day, it may have spooked the market and Tubarao/Qingdao route was heard to have fixed low US$ 21/mt for 1st half August. On the trans-Atlantic routes rates remained reasonably steady. In the Pacific the momentum appears to have swung back in the charterers’ favour for the time being with the West Australia/Qingdao route heard to be fixing around US$ 10.50-10.25/mt level. Time charter rates have also weakened.

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