Asia Dry Bulk-Capesize rates to remain flat despite capacity cuts
* Up to 50 capesizes idle, laid-up around the Pacific -broker
* 28 capesizes sold for recycling -ship buyer
* Rates remain near two-month lows
By Keith Wallis
SINGAPORE, March 26 (Reuters) - Rates for capesize bulk carriers, which have been close to six-year lows for the last two months, are unlikely to improve as a tonnage glut continues to weigh on the market even as owners increasingly idle, lay-up or scrap their vessels, brokers said.
"I don't think there's any positive news. There is no sign the market is going to improve," a Shanghai-based capesize broker told Reuters on Thursday.
The broker estimated there are around 50 ships in the Pacific basin waiting for charters, with a further 40-50 ships idled or laid-up around South Africa and the Pacific region.
Owners had also sold 28 capesize vessels for scrapping so far this year compared with 35 for the whole of 2014, said a Singapore-based buyer of scrap ships.
Despite these cuts in capacity rates have remained relatively flat, Reuters shipping data showed. Continuación...