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Angelicoussis cape fixed on timecharter as spot rates climb

Angelicoussis-led Anangel Maritime has fixed one of its capesize bulk carriers on a four- to eight-month timecharter while rates in the spot market spiral upwards, according to Baltic Exchange data.

Anangel Argonaut was fixed to Jiangsu Steamship on Friday at a rate of $10,500 daily. The cape will deliver to the charterer promptly in Shanghai, China.

The deal is another in a string of short-term capesize period fixtures being seen as spot rates grow.

The period rate, however, is the same level as seen a week earlier, when Phaethon fixed Ceres Shipping’s Red Sage (182,443 dwt, built 2015).

The Baltic Dry Index today rose 36 points from Friday to reach 836, correcting a dip in chartering activity seen last week.

Capesizes are performing especially well, with big increases in rates shown on all the Baltic’s benchmark routes.

Rates on the Baltic’s Western Australia to Qingdao route (C5) have advanced a massive $0.410 per tonne since Friday’s assessment and were assessed today at $6.205 per tonne. This is the highest level seen for the route since mid-August last year.

Today also saw an additional $1,796 being added to the timecharter equivalent rate (TCE) for the Baltic’s China-Japan transpacific round voyage benchmark (C10_14). The run was assessed today at $13,896 per day.

Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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