Asia Dry Bulk -Capesize rates to fall on excess tonnage supply, uncertain demand
* Tonnage list grows in Pacific, Atlantic oceans - broker
* Lack of coal cargoes weigh on freight rates
By Keith Wallis
SINGAPORE, Aug 20 (Reuters) - Freight rates for capesize bulk carriers are set to slide further next week, after falling to their lowest level in five weeks, due to a mounting supply of tonnage and uncertain cargo demand, ship brokers said on Thursday.
"There's too many ships in the Pacific. There's a lot of ballasters (empty ships) sailing to Brazil," a Singapore-based ship broker said.
Capesize freight rates from Australia to China could fall to around $5-$5.20 a tonne next week on this overcapacity, with rates from Brazil to China at $12.50 to $12.75 a tonne, a Shanghai-based capesize broker said on Thursday.
While major charterers including Rio Tinto and BHP Billiton were active this week, just a handful of spot iron ore cargoes were concluded with virtually no coal fixtures.
A raft of transatlantic coal and iron ore cargoes helped push capesize rates to their highest level in eight months in early August, but this business has evaporated causing spot freight rates to steadily fall.
"Coal used to be the all-important dry bulk commodity," said Peter Sand, chief shipping analyst at shipping industry lobby group BIMCO. Continuación...