DRY FREIGHT STRUGGLES FOR IMPETUS

摘要

Over the past three weeks the Baltic Exchange Dry Index has stabilised around 600 points, not far short of the year-ago level. This lack of movement in the BDI hides some localised areas of softness and relative firmness across the dry bulk freight market. The most positive developments have mainly been found in the Capesize sector. Average TC rates for 180 kdwt vessels improved from the beginning of June, led by gains in the Pacific, with the West Australia-China C5 route advancing from $4.35/t a week ago to just short of $5/t. This contrasts with declining TA rates, which have slid $3,400/day from 18 May to $6,420/day at present, marking a discount of $2,000/day to the corresponding rate in the Pacific. China continues to dominate growth in iron ore imports, with January-May volumes up 34 Mt to 412 Mt. As noted on page 8, although PRC import expansion has been dominated by low-cost supplies from Australia and Brazil, iron ore cargoes from alternative sources climbed to a 16-month high in April.