Asia Dry Bulk-Capesize rates in freefall as cargo evaporates
* Rates on Brazil, Australia routes to China hit new lows for year
* Rio Tinto only miner chartering ships this week -broker, Reuters data
* Panamax rates sliding on lack of cargoes -broker
By Keith Wallis
SINGAPORE Dec 4 (Reuters) - Rates for capesize bulk carriers on key Asian routes, which set new lows for the year on Wednesday, are set to continue their decline next week as too much tonnage chases too few cargoes, brokers said.
"It's a pretty dire market at the moment," said one Singapore-based capesize broker on Thursday. "I can't remember rates being this low for a long time."
Rio Tinto is the only one of the big miners actively chartering ships, the broker said, and even if other miners such as Brazil's Vale SA too some charters, "it would not make a dent in the tonnage available."
Rio Tinto chartered two capesize vessels in the past week, Reuters data showed, while other miners such as Vale and Fortescue Metals Group stayed out of the market.
Some owners are hoping there will be one last rally in the capesize market before the Christmas holidays, Norwegian ship broker Fearnley in a weekly note on Wednesday. Continuación...