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Dry bulk indices take back last week's gains

AFTER climbing all last week, the Baltic Dry Index has come crashing back down, falling 167 points to 4,782 on Tuesday. All the major component indices suffered falls with a significant drop of 330 points for the Baltic Capesize Index to 6,078, with an average time charter equivalent of $62,105 daily, down $3,947. The confidence of late last week appeared to evaporate with lower steel prices promptiong concern that raw materials demand could falter. Classic Maritime, which was prominent in the fixture lists last week, has chartered the 2003-built 176,423 dwt Ina for a Pacific round voyage route for $57,000 daily, for delivery in Beilun between 5-7 October, with redelivery in China via West Australia. Time charter rates on all of the four main capesize routes lost ground with the largest drop in rates on the fronthaul route, dropping $4,827 to $96,500 daily. Panamax rates fared better but also fell with the average time charter rate dropping $1,578 to $42,119 daily. Charterers were said to be holding back grain, iron ore and coal shipments, prepared to wait for discounts from owners desparate to fix. Rates on the fronthaul, transatlantic round voyage and Pacific round voyage routes fell, while the backhaul route rose by $240 to $39,653 daily. More panamaxes were fixed for backhaul routes than any voyage, with Bunge fixing a vessel for $45,000 daily, well above the route rate. It has chartered the 2000-built 74,099 dwt Yong Feng for delivery in Taiwan between 23-25 September, with redelivery in Immingham via Indonesia. The Baltic Supramax Index fell 9 points to 3,103, an equivalent drop of $99 in the average time charter rate of $32,446 daily. The average time charter rate for handysizes fell $319 to $24,381 daily, an equivalent drop of 22 points to 1,661 on the Baltic Handysize Index.





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