Asia Dry Bulk-Capesize market 'imploding' on lack of cargo
* Capesize rates fall to six-year lows
* Capesize market "a disaster" -owner
* Capesize rates below ship operating costs -accountancy firm
By Keith Wallis
SINGAPORE, Dec 11 (Reuters) - Rates for capesize bulk carriers on key Asian routes, which crashed close to six-year lows on Wednesday, will continue their inexorable fall in the face of few fresh cargoes, brokers said.
"The market is not very pretty. I've never seen it this low in my time. There is absolutely nothing happening," one Singapore-based capesize broker said on Thursday.
"Capesizes are a disaster," a Hong Kong owner of dry bulk ships including capesize vessels told Reuters on Thursday.
Capesize spot rates from Australia to China are down to the equivalent to $5,500 per day, below the daily cost of operating a 180,000 dwt (deadweight tonne) capesize ship, the Singapore ship broker said.
Daily operating costs, including crew wages, repairs and insurance, for a capesize iron ore and coal carrier are around $7,300 per day, according to accountancy firm Moore Stephens. Continuación...