Asian shipping rates were a shade firmer this week, buoyed by gains in the Atlantic market on the back of a pickup in shipments of minerals and new crops from South America to Europe, brokers said on Tuesday. Panamax dry bulk rates for the benchmark US Gulf-Japan route were indicated on Tuesday at about $62-$64 per tonne on a spot basis, up slightly from around $62-$63 a week ago, they said.
"Shipping activities in the Atlantic market are becoming brisk, putting a positive influence on the Pacific market," said an official at a Japanese shipping company. But panamax rates could slip back later this week after South American grain shipments went into full swing and as rates on larger capesize vessels, which carry predominantly iron ore and coal, were declining, brokers said. On Monday, the Baltic Capesize Index shed 106 points, or 1.72 percent, to 6,054, while the Baltic Panamax Index rose 12 points, or 0.24 percent, to 4,956.
"Capesize rates are weakening probably because Chinese imports of iron ore have slowed down since a new import licence system came into effect," the Japanese official said.
Beijing introduced the license system on March 1 to bring some order to iron ore trade, which has overwhelmed the port and transport network in China.
In the period market, time-charter rates for the benchmark US Gulf to Japan route were quoted at $44,000-$45,000 a day, compared with $43,000 a week earlier.
The rate for the Pacific market was about $40,000 a day, up a tad from $38,000-$40,000 last week. The rate for the Europe to East Asia route was also firmer at around $44,000-$45,000 a day from $43,000 last week.