Asia Dry Bulk-Capesize rates to fall as charterers control fixtures
* Charterers pushing rates down on Thursday - broker
* Year-end recovery elusive - broker
* Average earnings now $14,000 a day, against $20,000-$25,000 forecast at start of year - broker
By Keith Wallis
SINGAPORE, Nov 27 (Reuters) - Rates for capesize bulk carriers on key Asian routes are likely to continue their fall next week as charterers keep a tight rein on cargo volumes in what is becoming an over-tonnaged market, brokers said.
The drop in freight rates, which are at their lowest level for six weeks, meant optimism of a traditional fourth-quarter market rebound is evaporating, brokers said.
"I don't see how it can improve. Vale can take 10 ships and it's not going to make much difference" because there is so much tonnage available, said a Singapore-based capesize ship broker on Thursday.
"There are two or three weeks left of fixing for this year. I can't see a recovery by the end of this year and not early next year either. It's a bit of a bleak picture."
"Average capesize earnings for this year are about $14,000 a day. People were forecasting an average of $20,000-$25,000 a day at the start of the year." Continuación...