Firm Supramax rates force East Coast India iron ore, pellet cargoes on Capesizes
Expensive freight rates for chartering Panamax and Supramax bulk vessels have forced traders with iron ore and pellet cargoes from East Coast India to China to opt for bigger Capesize ships in a rare move, sources said.
By Carina Li, Isaac Eio, Pradeep Rajan | Platts
The East Coast India-to-China route is usually dominated by smaller bulkers given the stem sizes traded on this sector are largely 50,000-55,000 mt.
The sharp rise in hiring Supramax class ships, which are typically in the 52,000-57,000-dwt range, have seen charterers combining three 50,000-mt (plus/minus 10%) stems to ship them on a Capesize.
Time-charter rates on Supramax ships have been heard fixed around $31,000/d for a tonnage opening in Chittagong for a trip via East Coast India to China, while the voyage charter rate was heard indicated in the $20-$22/mt levels for a 55,000-mt (plus/minus 10%) iron ore cargo from Paradip to China…Full Story