Asia Dry Bulk-Capesize rates to hold steady on subdued chartering activity
* Asian and European holiday season to weigh on market
* Capesize market remains overtonnaged on current cargo volumes -broker
By Keith Wallis
SINGAPORE, Aug 4 (Reuters) - Freight rates for large capesize dry cargo ships on key Asian routes are set to remain around current levels next week as a lack of cargo and holidays in Asia subdued the chartering activity, ship brokers said.
"Next week is likely to be a non-event," a Singapore-based capesize broker said on Thursday.
"Singapore is off on Tuesday so that will wipe out Monday and probably Wednesday. On Thursday, Japan is off. I can't see much happening," the broker said.
The holiday season in Europe also made a sudden recovery in the capesize market seem unlikely, Norwegian shipbroker Fearnley said in a note on Wednesday.
That came as freight rates this week held around last week's prices with limited cargo volumes as major miners BHP Billiton and Vale stayed out of the market.
"The Pacific is a disaster zone - there is no continuity and no volume. Brazil isn't much better," the Singapore broker said. Continuación...