More leaps and bounds were made in the capesize bulk carrier market today, but spot rates have still to crawl out of the trough in which they’ve been languishing since early January.
The Baltic Capesize Index’s weighted timecharter average (TCA) rate grew by $506 from Wednesday’s level and was today assessed at $4,533 per day, its highest since January 7.
The index itself grew by 85 points and reached 562, a level not seen in almost four months, thanks to increased chartering activity and firmer rates on major iron ore export routes.
Spot rates on the major Western Australia to Qingdao, China route (C5) have wobbled during the past two weeks but, for the most part, growth has been consistent.
The C5 route was assessed at $3.777 per ton today, its best since December 13. Some nine capesizes were reported fixed for voyages on the C5 route today.
Similarly, trips from the Continent/Mediterranean to China/Japan (C9_14) have seen rates strengthen by $2,231 since April 1 and were today assessed at $9,336 per day.
The upturn has even extended to the backhaul route (C16) for ships going from the Qingdao-Beilun port range to major fronthaul export locations worldwide. Rates on the route have been in negative figures since November 12 and there they stay – but just not as negative as seen previously. Rates bottomed out at -$3,256 per day on March 2 and have been growing steadily to reach -$1,123 per day today, the best level seen since mid-December.
Firming conditions in the wider dry cargo market have helped the Baltic Dry Index grow by 17 points to be assessed at 517 today.
