Eastern Mediterranean’s new capesize gets first fixture as capes trend up

Eastern Mediterranean’s new capesize gets first fixture as capes trend up

Dry cargo shipping markets have today seen the capesize market firm, the Baltic Dry Index fall and a capesize owned by Eastern Mediterranean Maritime fixed on its first voyage since being delivered from the Japan Marine United shipyard.

Fortune (182,600 dwt) was reported fixed to Anglo American to carry a 150,000-ton ore cargo from Brazil’s Port Acu to Qingdao, China at a rate of $6.50/ton (laycan February 19-24), according to brokers.

The fixture, however, is still $0.20/ton less than the last fixture on this route, when Anglo American fixed Transmed Shipping’s cape Mangas (173,900 dwt, built 2001) for $6.70/ton on January 22.

Nevertheless, rates on the Brazil to China run appear to be rallying – albeit slightly. The Baltic Exchange’s benchmark Tubarao to Qingdao (C3) route was today assessed at $5.473/ton for 160,000- or 170,000-ton cargoes, which is an $0.058 increase on Monday’s level. Rates on the route having been trending upwards since hitting an all-time low of $5.325/ton on January 28.

Firming rates on this route and most other benchmarks helped the Baltic Capesize Index (BCI) rise by 2 points to 217 today – encouraging, but still too close for comfort to its historic low of 211, seen on January 29.

The BCI’s weighted timecharter average rate saw a $16 increase on Monday and was today assessed at $2,822 per day.

Eastern Mediterranean bought Fortune (was Behemoth) for $35.8m from Star Bulk Carriers in December, plus two other capesize newbuildings for $35m each.

Star Bulk has sold eight of its capesize newbuildings during the past two months, leaving 10 more and one 200,000-dwt super-cape under construction, mostly in China.

 

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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