Capesize Rates Take a Huge Dive

Wednesday, March 14, 2001
Freight rates for Capesize ships have been hammered this week, falling by the biggest margin seen in over four years, brokers said. London shipbroker SSY said this represented “the largest single week fall,” since it launched its Capesize indices in January 1997. The fall was caused, said SSY, by the fact that few bookings had emerged for ships to carry iron ore cargoes to Japanese steel mills at the end of March and start of April. This followed a spike in activity over the last few weeks as steel mills rushed to book ships for cargoes bought before higher commodity prices take effect on April 1. On the benchmark Atlantic basin ore route from Tubarao to Japan, freight fell by $1.1 per ton during the week to reach $9.1 per ton on Monday. “Tonnage supply was tighter in the Pacific market, but even this could not hold back the negative sentiment and rates fell accordingly.” said SSY. SSY noted that a wave of new Capesize ships was starting to be delivered. The influx of new ships is expected to alter the supply-demand balance in 2001. London’s Baltic Exchange downrated its Capesize freight index by 158 points to 1,813. — (Reuters)
Maritime Reporter February 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Baltic Sea Freight Index Falls to Lowest Level Since 1986

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, spiralled downwards to its lowest level in nearly three

Pacifica Rolls Out New Container Vessel

Pacifica Shipping, New Zealand's coastal shipping company, is launching a new container vessel from March replacing a smaller vessel whose charter has ended, reports The Stuff.

Shipping Pollution Will Skyrocket -Study

International freight volumes will grow fourfold by 2050 while the average length of haul will increase by 12 percent over that time, trends that will cause a spike

Container Ships

Imabari to Build 20,000TEU Containerships

Imabari Shipbuilding Co., Ltd. announced it has secured newbuild orders with the cooperation of Marubeni Corporation for 11 units of 20,000TEU Ultra-Large Container Carriers,

Congestion is Port of Long Beach’s Toughest Issue

Slangerup’s State of the Port address outlines goals for Energy Island, smarter supply chain   In his first-ever State of the Port address, Port of Long Beach

Imabari Bags Order for 11 ULCCs

Imabari Shipbuilding Co., Ltd. (Imabari), with the cooperation of Marubeni Corporation, has secured newbuilding order for eleven (11) units of 20,000TEU Ultra-Large Container Carriers,

 
 
Maritime Security Naval Architecture Navigation Pipelines Pod Propulsion Salvage Ship Simulators Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1342 sec (7 req/sec)