Freight rates for the benchmark Asian route were buoyed by healthy demand to move spot cargoes, amid a medium-term spot tonnage squeeze as period-charter bookings increased, shipping sources said.
Spot charter rates for modern panamax tonnages on the benchmark US Gulf-Japan route were valued around $52 per tonne on Tuesday, up about $4 from week-ago levels, and about $8 from Monday's Baltic Exchange settlement.
Shipowners said more time-charter business was getting done, leaving fewer options on the spot tonnage market. Demand to ship iron-ore cargoes from Brazil to China, and coal from Australia to the Far East also added to the bullish sentiment.
Coal exports from Australia's Newcastle port, the world's biggest coal export terminal, exported about 1.62 million tonnes of coal last week, little changed compared with a week ago.
But the number of vessels arriving at the terminal to load cargoes rose to 22, the highest since March 22, port operators said on Tuesday. Panamax vessels normally carry between 55,000 tonnes and 80,000 tonnes of cargo such as grains and coal, while Capsize vessels typically carry 80,000 tonnes or more of iron ore and coal.
A recent Capesize booking spree by North Asian shipper Taiwan Maritime Transport Co Ltd (TMT) has further supported freight rates in the bulk market, shipbrokers and traders said.