KEY routes from Brazil led the way in improving rates for the capsize market during the past week.
That was the verdict of analysts Banchero Costa.
According to BC, the standard route from West Australia to the great Chinese terminal of Qingdao gained around $US0.50 per metric tonne in a week ending at US$7.40pmt for dates at the end of August and early September.
For the time charter market, vessels were reportedly fixed in the region of US$19,000/20,000 a day depending on position and description.
“Out of Brazil the lack of prompt ballasters and the increasing number of cargoes in the market forced charterers to pay higher levels for early September dates,” Banchero Costa noted.
Brokerage firm Braemar ACM noted C5 (Australia – China) miners had remained open for tonnage.
“The C5 still holds a notable premium to the C3 (Brazil – China) in terms of time charter equivalent and the ballasting tonnage supply could potentially thin, as a result of an absence of a correction,” Braemar noted. In other dry bulk news this week, BHP Billiton has reported its annual results, including attributable profit of $US5.9bn.
Chief executive Andrew Mackenzie said they had enjoyed “a very strong financial year”.