Baltic Exchange Shipping Insights, Transport
After the BCI timecharter average went over $26,000 mid-week, the highest level this year, the market then went into a correction.
In Asia, the West Australia/China route peaked at $10.30 for an early position cargo from Port Hedland to Qingdao, but by the week's end dropped to $9.30 from Dampier.
The Australian miners eased back during the week, unsettling the market, with some owners quick to chase rates lower but others suggested it has reached a floor.
Saldanha Bay/China rates climbed over $17.00, then wobbled as charterers dropped their rates. However, this might be short lived, with a Brazil push expected.
Late last week, Vale took several ships for first half August, Tubarao/Qingdao, for around $22.50, and with fewer ships coming, owners were pushing for over $23.00.
CSN reportedly took five ships on Thursday, with a couple allegedly at $22.50 to China, basis 1.25% total commission.
The coming week needs increased activity from both Australia and Brazil to halt declines. North Atlantic fortunes changed, with cargoes drying up particularly for those owners wanting to stay within the Atlantic.
The C7 Puerto Bolivar/Rotterdam took a hammering, with a 16-25 August fixed significantly lower at $11.70.
There was fresh fronthaul inquiry, but here too rates dipped, with a well-described 2016-built 179,000 tonner, open Rotterdam 1 August, fixed for a trip to the East, via Port Cartier, allegedly at $43,000 daily with a South Korean charterer.
The Atlantic witnes....