Capesize owners glad to see freights stabilize (14 Feb 2019)

Slowly, it would seem that the Capesize freights are stabilizing, with the possible exception of long hauls on TARV and front haul terms, with voyages nearly all trending flat or slightly higher. Aussie voyages appear to be the most buoyant at the moment with upwards of US$ 5.3/mt being reportedly negotiated on tonnage of 170,000mt from West Australia to South China. This is around US$ 0.3-0.5/mt higher than the rate was trading at this time last week. There has been some considerable slowing in coking coal traffic from Australia to China, traders report, with customs delays causing vessels to have waiting times of up to 60 days to unload at Chinese ports. This, combined with recently disrupted operations at two coal mines in Australia, is expected to put a brake on Australian coal exports for the near term.

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