Capesize rates jump up again but holidays in Asia could stop the party

The spot market for capesize bulk carriers saw another big increase in rates on Wednesday, but public holidays in Asia could bring the party to a close this week.

A massive $1,818 — equivalent to 7.6% — was added to the time-charter average spot rate on the Baltic Exchange's five major capesize routes, which was assessed at $25,631 per day on Wednesday. Most of this growth has come on routes heading to the Far East from the Atlantic. "While the upcoming Asian public holidays may have prompted some early fixing, it was Vale's strong presence and appetite running the show," the Baltic said in its daily market report on Wednesday. "Tonnage levels are now thought to be much tighter on the ballaster lineup, especially for October." Just over a dollar was added to capesize rates for voyages from Brazil to China, which were assessed at $21.461 per tonne. Brazilian miner Vale fixed an unidentified capesize on the route at $21 per tonne for loading dates commencing on 16 October, according to Wednesday's reported fixtures. Likewise, front-haul capesize trips from the European Continent and Mediterranean to China/Japan were assessed $3,394 higher at $48,944 per day.