Bunge has been linked to a pair of timecharters involving the 76,600-Crest Trader(built 2006) and 75,700-dwtSalvatore Cafiero (built 2001).
According to the Baltic Exchange theformer was fixed for five to seven months at a rate of $14,250 per day and thelatter is due to earn $14,000 for seven to nine.
Yesterday, a leading European shipbrokertold clients that daily levels for tonnage in the 75,000-dwt category of thetime charter arena have hovered around the $14,000 mark for the past two weeksand noted this figure also represents the average high for 2014.
Today, panamax bulkers were seeing dayrates of around $10,400 in the spot market, which is nearly identical toyesterday’s average and well above figures reported 12 months prior but formany operators it’s still a challenge to turn a profit when earnings are thislow, observers note.
While most industry forecasters areconfident that the drybulk market is in the early stages of a recovery despitethe crash that followed the rally in late 2013 many also believe ratevolatility will continue in the months ahead and are uncertain about when thenext spike will materialise.
In a recent client briefing Nordea saidit expects panamax bulkers trading in the spot market to see day rates of around $10,000,$14,000, $17,500 and $15,000 on average in the first, second, third andfourth quarters of 2014, respectively, due to rising demand and drop fleetgrowth.
More recently Benjamin Nolan, an equityanalyst at Stifel, warned clients that it could take months for rates torecover from current lows even though many are expecting earnings to bounceimmediately back to pre-holiday levels upon the conclusion of the Chinese NewYear.
