Asia Dry Bulk -Capesize rates to climb as owners, charterers play cat and mouse

Thu Sep 17, 2015 4:03am EDT
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* Shipowners confident rates will climb on tighter tonnage supply -broker

* Shipowners seek rates premium for Australian coal cargoes -broker

By Keith Wallis

SINGAPORE Sept 17 (Reuters) - Freight rates for capesize bulk carriers could continue to recover as ship owners scent the possibility of higher cargo volumes on tighter tonnage supply, ship brokers said.

"Owners and charterers are playing a game of cat and mouse," said a Singapore-based capesize ship broker.

Charterers were offering $12 per tonne for a capesize iron ore cargo from Brazil to China while owners were holding out for $13 per tonne, a Shanghai-based broker told Reuters on Thursday.

"Owners do have confidence rates will increase and are grabbing the chance to push up the market," the Shanghai broker said.

"The number of open vessels is getting fewer," the Shanghai broker added.

Freight rates from Brazil and South Africa to Asia had firmed in the last two days as operators including Cargill and Pan Ocean chartered capesize vessels to haul iron ore, Reuters freight data and another Singapore capesize broker said.   Continued...