Asia Dry Bulk-Capesize rates gloom to persist on tonnage glut
* Capesize freight rates to remain flat - Shanghai broker
* Panamax rates to climb on healthy chartering volume - brokers
By Keith Wallis
SINGAPORE, March 5 (Reuters) - Rates for capesize bulk carriers, which have been hovering close to six-year lows for the last two months, are likely to remain relatively flat next week as excess tonnage continues to weigh on the market, brokers said.
That comes despite a flurry of chartering activity this week, with at least 10 capesize fixtures from Western Australia on Wednesday, Norwegian ship broker Fearnley said. Vale was also active, fixing ships from Brazil to China, Reuters freight data showed.
But this activity "failed dismally to move the market at all," Fearnley said in a weekly research note on Wednesday.
"There were quite a lot of west Australian cargoes but rates are still flat," a Shanghai-based capesize broker said on Thursday.
Rates are likely to remain flat next week on routes from both Australia and Brazil even if the heightened fixture activity is maintained, the broker added.
More owners had sent ships to the Atlantic in the hope of securing cargo from Brazil, creating "an oversupply (of tonnage) and correspondingly depressed rates," Fearnley said. Continuación...