The chartering market is taking a breather. Hopefully it is not the end of the upward rally, although several sources think the market may have peaked. Time will tell. The present indications are certainly down. Kamsarmax owners dropped their rate for a coal cargo from USEC to India by US$ 2.25/mt from US$ 33/mt to secure the cargo. Also from Black Sea charterers were suddenly seeing lower rates than offered and thus reduced their rate by US$ 0.50/mt from US$ 8.40/mt and had no problem to find cover for a cargo to the Continent.
Scrap rates off the Continent have come off by around US$ 2,000 daily for Ultra tonnage for a trip to East Med. Handy rates are still trailing the larger vessels, with 32,000dwt done at US$ 7,750 daily for a trip to West Med. Apparently very pessimistic owners booked a Rouen/Algeria cargo at US$ 14.75/mt for August dates. Grain charterers were rating 36,000dwt at US$ 8,500 daily to cover such similar stem. US$ 8,500 daily was the rate owners of a 32,000dwt were commanding for a trip to West Africa, ending up in South Africa would push the rate up to low US$ 10,000s daily.
For shipbroking insights like this each day, subscribe to the BMTI Daily Report.