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 August 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

New Bulk Carrier Design Puts Ecoships in the Lotus Position

Ecoships, the technical shipmanagement arm of Newport Shipping Group, has introduced a next generation bulk carrier design, developed to set the standard in ecologically

Rickmers-Linie Appoints Interliner Agencies

Hamburg based Rickmers-Linie has appointed Interliner Agencies as its new agent in South Central Europe. The agency contract covers Slovenia, Austria, Czech Republic,

Scrap Metal Exporter Pens Terminal Agreement

Port Canaveral Scrap Terminal LLC (PCST), a bulk ferrous scrap exporter, has signed a lease with the Canaveral Port Authority to operate a terminal in the north cargo area at Port Canaveral.

Container Ships

Fuel-saving Modifications for Containerships’ Engines

Mitsui Engineering & Shipbuilding Co., Ltd., and 100% owned subsidiary MES Technoservice Co., Ltd., have received an order from a Taiwan shipowner for fuel-efficiency

Evergreen Upgrades its Intra-Asia Service Network

Evergreen Line announced it will partner with Mariana Express in launching a joint South China- East Malaysia (SEM) Service. The new initiative will give a boost

Rickmers-Linie Appoints Interliner Agencies

Hamburg based Rickmers-Linie has appointed Interliner Agencies as its new agent in South Central Europe. The agency contract covers Slovenia, Austria, Czech Republic,

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Offshore Oil Pod Propulsion Port Authority Salvage Ship Repair Shipbuilding / Vessel Construction
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: 0.0881 sec (11 req/sec)