| Despite a healthy number of bulkers being fixed prior to the Easter holiday, rates are still depressed as oversupply of tonnage remains severe. Last week saw 92 bulkers being chartered prior to 3 April, almost on a par with the 86 ships being fixed the previous week. Rio Tinto alone fixed 10 Capesize bulkers, all at the USD4.40–4.45/tonne range for Western Australia-China voyages. Capesize rates are now averaging USD4,140/day, a decrease of USD78 from a week ago. Panamax rates are averaging USD4,672, down USD36 from last week. Supramax rates are averaging USD6,522 per day, a decrease of USD132 from last week. Shipbrokers said that business has been slow this week as customers returned to work on 7–8 April. “Many charterers covered this week’s requirements last week, so business is flowing in drips and drabs,” said a Singapore-based broker. Dry bulk consultancy Commodore Research & Consultancy said, “Despite chartering activity remaining relatively firm, dry bulk freight rates came under pressure across the board last week due, in part, to a healthy amount of vessels continuing to be delivered. "Rates are low but we believe many segments will see rates reach considerably lower levels. Going forward, a deluge of dry bulk vessels [particularly Ultramax vessels] remains set to be delivered this year." Commodore estimates that this year, 290–320 Handymaxes will have been delivered (this total includes Supramaxes and Ultramaxes), along with the deliveries of 160–190 Panamaxes, 105–125 Capesizes, and 180–210 Handysizes. “The low estimate of 735 total deliveries this year would exceed the approximate 665 vessels delivered last year. The high estimate of 845 vessels would dwarf it,” said Commodore. |