Asia Dry Bulk-Capesize rates to remain steady on bullish sentiment

Thu Oct 6, 2016 6:03am EDT
 
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* Owners seeking to push rates higher, close to year-long highs

* Dry bulk sector to see greater consolidation - BIMCO

By Keith Wallis

SINGAPORE, Oct 6 (Reuters) - Freight rates for large capesize dry cargo ships on key Asian routes are likely to remain steady next week even as owners try to push rates up close to year-highs, ship brokers said.

That came as charter rates stayed firm despite China's week-long National Day holiday which ends at the weekend.

"Owners were asking around $6.10 per tonne from Western Australia to China on Thursday and $13 per tonne from Brazil to China," a Singapore-based capesize broker said on Thursday.

Freight rates are climbing towards the year-highs touched on Sept. 22.

"The market has been rising on the back of operators chartering vessels to move iron ore, but all the miners are in the market today. The market has been pretty busy today," the broker added.

The operators included ship owners such as Germany's Oldendorff and commodity traders Cargill and Hong Kong's Caravel, chartering data on the Reuters Eikon terminal showed.   Continued...