Dry Cargo Freight Market Starts Week Off Slowly

The dry cargo freight market got off to its customary slow start last week with few fresh identifiable trends, brokers said. Capesize activity was limited, and there was a possibility that rates might decline in the short-term, while Panamax conditions were generally quiet, they added. Sugar and grain charterers were more active in the Handysize sector from Brazil and Argentina but details of fixtures were slow to emerge. Grain: Apart from Andre's fixture of the 1981-built Pretty Lady for 50,000/5 tons wheat from the U.S. Gulf to Sri Lanka for mid December at $21.50 basis 5 days load/2,000 discharge, activity was negligible in this area for Panamaxes. Fixtures reported from South America were weaker, brokers said. Cargill booked Suzan S 65,716 dwt delivery spot Recalada for a trip to Skaw-Cape Passero range at $7,500 daily plus $175,000 ballast bonus, and Saroc fixed the 1980-built Ledra 61,900 dwt delivery Brazil prompt for 2 laden legs redelivery Mediterranean at $7,250 daily plus $140,000 ballast bonus. Bunge was thought to have fixed 1.5 million cubic feet grain from Brazil to France at the equivalent of $16.25. Dreyfus was believed to have fixed Koktebel for 25,000 tons pellets up river Plate/Ireland prompt at an unknown rate, and Cargill was thought to have covered 20,000 tons pellets up river Plate/Tunisia in the region of $25.75. It was also said that Cargill fixed 13,000 tons meals U.S. Gulf/Tunisia but that further details were withheld. - (Reuters)