Asia Dry Bulk-Capesize rates could hit bottom as owners wait for cargo rebound
* End-of-year cargo flurry still anticipated - brokers
* November freight rates from Australia marginally up - broker
By Keith Wallis
SINGAPORE, Oct 15 (Reuters) - Freight rates for capesize bulk carriers could bottom next week as owners resist charterers' attempts to force rates lower on the expectation of an end-of-year cargo flurry, brokers said on Thursday.
"Nobody wants to lock-in freight prices at the current levels (and miss a November rates rebound)," said a Singapore-based capesize broker on Thursday.
"I am confident there will be one more (cargo) push before the end of the year," the broker said.
Owners anticipate major iron ore and coal miners such as BHP Billiton, Rio Tinto and Vale will release a raft of charters for loading in the next few weeks that will push freight rates higher depending on the volume of cargo, said a Shanghai-based capesize broker.
"I feel charterers are holding back cargo to push the market down. But with rates from Western Australia at about $5 a tonne I don't expect it to get much worse," the Shanghai broker said.
Capesize rates have sunk after Chinese seaborne coal imports plunged this year by at least 60 million tonnes, according to British shipping services firm Clarkson. Continuación...