Saturday 17th Nov, 2018

Capes ride out the squall

Photo: Southern Cross Maritime
Photo: Southern Cross Maritime

DESPITE some small disruption in trading mid-last week, the overall week-on-week trend was positive, Allied Shipbroking reported.

“The late week rate drop was only a slight one and it seems as though it was very temporary in nature,” Allied reported.

“Position lists are still relatively tight all around and with fresh inquires still expected to be ample over the coming days, we should see further increases take place soon.”

Analysts Banchero Costa noted some market volatility, with bad weather having had a “huge impact on rates for (the) Aussie round voyage as it caused big disruption on ships in China which needed to be substituted”.

“On the standard route from West Australia to Qingdao (China), rates jumped up to over US$9per metric tonne for late October loading,” BC reported.

“Later in the week, freight rates were down to mid and even low US$8 per metric tonne.”

The Brazil-China route was reported to be more quiet, while the Atlantic market was similarly buoyant with the key route from Bolivar to Rotterdam trading mid-USD 10 per metric tonne.

In terms of mineral prices, the New York Mercantile Exchange showed global iron ore finishing last week at US$60.69, well down on the 2017 high of US$79.61 that occurred in February.

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