Dry bulk rates for grains and minerals are expected to hit new record highs in the three months to June on active grain shipping from South America to the Far East, regional brokers said on Tuesday.
Spot rates for the benchmark US Gulf to Japan route for mid-sized panamax ships were quoted at $72.5 per tonne against last week's $75 per tonne, brokers said. But on forward-month shipments, voyage rates were $75 to $80 per tonne, they said.
"Led by the new crop delivery, the upcoming three months from April to June will be the hottest," a Seoul broker said, adding that rates would probably ease after June as China's demand for iron ore and coal became more subdued.
Freight rates have more than doubled in the past six months alone, and Chinese mineral demand has been a key factor.
Last week, two South Korean feed makers jointly bought 50,000 tonnes of South American soymeal for April-May shipment. The Korea Feed Association in Seoul was considering buying 100,000 tonnes of soymeal - probably of South American origin - for arrival in June or July, traders said.
In the period market, timecharter rates for the US Gulf to the Far East ranged from $51,000 to $53,000 a day plus $800,000 to $850,000 ballast bonus (BB) for early April shipments.
A Seoul broker said timecharter rates for the same route were quoted at $53,000 a day plus $900,000 BB.
This compares with $50,000 a day plus $800,000 to $850,000 BB a week earlier.
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