Asian freight rates steady

Panamax dry bulk rates were steady on Tuesday but many Asian brokers were awaiting direction from Europe, which returns to the market later in the day after the long Easter weekend, regional brokers said.
Modern Panamax rates for dry bulk cargoes were mostly steady from a week earlier at $70 to $75 per tonne for the benchmark US Gulf to Japan route, brokers said.
"Most ship owners, charters and brokers are taking a wait-and-see market direction after the Easter holidays, while in Asia, Chinese demand disappeared and only some Japanese made a few orders," a broker in Seoul said.
Regional brokers said shipment orders would be made in the period ahead of Japan's long Golden Week Holiday which begins on April 29, and these were expected to strengthen the market.
One Japanese broker said he had heard of a deal being concluded last week for a handymax vessel at $72 for the US Gulf to Japan route. The contract was for a vessel for late April to early May, he said.
Freight rates have more than doubled in the past six months alone and Chinese mineral demand has been a key factor. In recent months, new South American crop shipments were a big factor.
Asian brokers said they were watching the grain harvest in South America for any possible impact on freight rates.
Private analysts AgRural said on Monday that Brazilian producers had harvested an estimated 72 percent of the country's soybean crop by April 9.
It added that it expected the soy crop from Brazil, the world's second-largest soy producer, to be less than forecast.
The private Buenos Aires Grain Exchange said on Monday that rain last week had delayed Argentina's soybean harvest, which so far has produced lower yields than last year due to an earlier dry spell. Freight rates in the period market were also steady.
In the period market, time-charter rates for the US Gulf to the Far East were quoted at $51,500 a day plus $850,000 ballast bonus (BB), versus $50,000 a day plus $800,000 BB a week earlier, brokers said.