Asia bulk freight rates at 28-month high
Bulk freight rates for major Asian routes hit a 28-month high yesterday, as demand for time-charter bookings increased and port congestion persisted, tightening available tonnage.
Period charter rates for modern panamax tonnages plying the transpacific route were valued at around US$42,000, about 10 per cent higher than closing levels seen at the end of March, and about US$2,000 higher than last Thursday's settlement values on the Baltic Exchange, which was closed for Easter.
'The market picked up considerably towards the latter half of last week as we saw a scramble by charterers to lock in their shipping requirements before the long Easter weekend,' said a Singapore-based shipbroker.
April Freight Foward Agreements (FFA) for panamax vessels plying the transpacific (P3At03) were valued at around US$43,000 yesterday, while second-quarter FFAs were valued at around US$42,500, shipbrokers said.
'What we have at the moment to work with are closing values from last Thursday. I believe the market will re-open higher today and stay that way through the end of the week,' a shipbroker said.
Period charter rates for modern panamax tonnages plying the transpacific route were valued at around US$42,000, about 10 per cent higher than closing levels seen at the end of March, and about US$2,000 higher than last Thursday's settlement values on the Baltic Exchange, which was closed for Easter.
'The market picked up considerably towards the latter half of last week as we saw a scramble by charterers to lock in their shipping requirements before the long Easter weekend,' said a Singapore-based shipbroker.
April Freight Foward Agreements (FFA) for panamax vessels plying the transpacific (P3At03) were valued at around US$43,000 yesterday, while second-quarter FFAs were valued at around US$42,500, shipbrokers said.
'What we have at the moment to work with are closing values from last Thursday. I believe the market will re-open higher today and stay that way through the end of the week,' a shipbroker said.