Atlantic Handysize Dry Market Taking an Upward Curve
- Business & Finance
Front-haul rates for handysize fleet are increasing in the US Gulf as more grain stems come onto the market and the tonnage list is thin, Platts writes citing unnamed shipping sources.
A 58,000 dwt vessel can now expect to achieve $20,000/d to take grain stems from the US Gulf Coast to China with September dates, $500/d higher than Tuesday. There is a lot of cargo available for September dates and the tonnage list is fairly thin, Platts’ sources said.
“As a result of thinning tonnage in the US Gulf, rates from the US Gulf to Amsterdam-Rotterdam-Antwerp have pushed up to $14,000/d for Supramaxes. While there is less cargo available for European discharge than front haul, with vessels achieving higher numbers for trips to the East, owners are raising their offers for trans-Atlantic business too,” Platts added.
What is more, as large operators book more vessels on the short-period market it can be assumed that “the market is on an upward curve and want to lock in vessels at the current rates.”
Source: Platts, August 28, 2014