China Capesize Bookings Jump 38% on Australian Cargo.
The number of iron ore and coal- carrying capesize ships hired to deliver cargoes to China jumped 38 percent last month, led by rising bookings from Australia, data from Clarkson Research Services Ltd. showed. Raw materials producers and traders hired 80 of the vessels to ship cargoes to China in January, up from 58 in December, the data show. The vessels are called capesizes because they are too big to fit through the Panama Canal"s locks and must instead sail around South America"s Cape Horn or South Africa"s Cape of Good Hope.
Bookings to transport Australian consignments advanced 41 percent to 52 vessels, while charters for South Africa-loading cargoes jumped to six from one, the data showed. Brazilian rentals were unchanged at 14.
The data provide a snapshot of single voyage, or spot, charters. They do not capture long-term freight contracts that commodity producers and steel mills may have in place, and may not be complete because brokers and traders are not compelled to report shipping deals.
Lease rates for capesize ships last month declined 13 percent to $32,182 a day. The average capesize vessel chartered to deliver a cargo to China will haul about 163,000 metric tons of cargo, according to the data.