World Grain - August 2010 - 49

FEATURE: FREIGHT RATES SOFTEN

Baltic Dry Index

Baltic Capesize Index
10,000

4,000

8,000

3,000

6,000

2,000

4,000

1,000

2,000

0

0
7-6-10
6-22-10
6-8-10
5-25-10
5-11-10
4-27-10
4-13-10
3-30-10
3-16-10
3-2-10
2-16-10
2-2-10
1-19-10
12-22-09
12-8-09
11-24-09
11-10-09
10-27-09
10-13-09
9-29-09
9-15-09
9-1-09
8-18-09
8-4-09
7-21-09
7-7-09

7-7-10
6-23-10
6-9-10
5-25-10
5-11-10
4-26-10
4-12-10
3-25-10
3-11-10
2-25-10
2-11-10
1-28-10
1-14-10
12-23-09
12-9-09
11-25-09
11-11-09
10-28-09
10-14-09
9-30-09
9-16-09
9-2-09
8-18-09
8-4-09
7-21-09
7-7-09

5,000

Source: The Baltic Exchange

iron ore in the earlier part of the year was still being reflected
in contract prices as summer commenced, despite spot prices
tanking as demand contracted with sliding steel prices. "The
steel market is fairly weak because of oversupply, so iron ore
demand has softened," said Norfolk. "The discrepancy between
spot and contract prices has also seen some steelmakers in China turn to domestic supply or carry out maintenance works. The
result has been that the cape market has plummeted."
Where the cape market goes, the other vessel categories almost always follow.
According to one panamax broker who asked not to be
named, another factor in the decline of the panamax market
had been the unexpected strength in demand for South America grains earlier in the year.

wi

"There was a wide spread between the Atlantic and the Pacific markets," he said. "As the spread widened, ships from the
Pacific headed to the East Coast of South America to load grain
for Asia. This took up a lot of tonne-miles for the panamax market from Chinese New Year in February through to May."
Figures from Informa Economics back up the analysis. During 2009-10, soybean exports out of South America dropped
17% to 33.9 million tonnes, a three-year low. For 2010-11,
South American soybean exports will rebound 54% to 52 million tonnes, a record year.
The panamax market was also buoyed earlier in the year by
heavy demand for Indian iron ore into China and for coal from
Indonesia into both China and India.
However, the end of the South American grain season and

.
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masters
in the art
of drying
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MAROT
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For more information, see Page 90.

50

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World Grain - August 2010

Table of Contents for the Digital Edition of World Grain - August 2010

Contents
World Grain - August 2010 - 1
World Grain - August 2010 - 2
World Grain - August 2010 - 3
World Grain - August 2010 - Contents
World Grain - August 2010 - 5
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http://digital.world-grain.com/sosland/wg/2018_08_01
http://digital.world-grain.com/sosland/wg/2018_07_01
http://digital.world-grain.com/sosland/wg/2018_06_01
http://digital.world-grain.com/sosland/wg/2018_05_01
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https://www.nxtbook.com/sosland/wg/2018_02_01
https://www.nxtbook.com/sosland/wg/2018_01_01
https://www.nxtbook.com/sosland/wg/2017_12_01
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https://www.nxtbook.com/sosland/wg/2017_08_01
https://www.nxtbook.com/sosland/wg/2017_07_01
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https://www.nxtbook.com/sosland/wg/2017_05_01
https://www.nxtbook.com/sosland/wg/2017_04_01
https://www.nxtbook.com/sosland/wg/2017_03_01
https://www.nxtbook.com/sosland/wg/2017_02_01
https://www.nxtbook.com/sosland/wg/2017_01_01
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https://www.nxtbook.com/sosland/wg/2016_09_01
https://www.nxtbook.com/sosland/wg/2016_08_01
https://www.nxtbook.com/sosland/wg/2016_07_01
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https://www.nxtbook.com/sosland/wg/2016_04_01
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https://www.nxtbook.com/sosland/wg/2014_05_01
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https://www.nxtbook.com/sosland/wg/2014_03_01
https://www.nxtbook.com/sosland/wg/2014_02_01
https://www.nxtbook.com/sosland/wg/2014_01_01
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http://digital.world-grain.com/sosland/wg/2010_03_01
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http://digital.world-grain.com/sosland/wg/2009_09_01
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http://digital.world-grain.com/sosland/wg/2009_07_01
http://digital.world-grain.com/sosland/wg/2009_06_01
http://digital.world-grain.com/sosland/wg/2009_05_01
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http://digital.world-grain.com/sosland/wg/2009_03_01
http://digital.world-grain.com/sosland/wg/2009_02_01
http://digital.world-grain.com/sosland/wg/2009_01_01
http://digital.world-grain.com/sosland/wg/2008_12_01
http://digital.world-grain.com/sosland/wg/2008_11_01
http://digital.world-grain.com/sosland/wg/2008_10_01
http://digital.world-grain.com/sosland/wg/2008_09_01
http://digital.world-grain.com/sosland/wg/2008_08_01
http://digital.world-grain.com/sosland/wg/2008_07_01
http://digital.world-grain.com/sosland/wg/2008_06_01
http://digital.world-grain.com/sosland/wg/2008_05_01
http://digital.world-grain.com/sosland/wg/2008_04_01
http://digital.world-grain.com/sosland/wg/2008_03_01
http://digital.world-grain.com/sosland/wg/2008_02_01
http://digital.world-grain.com/sosland/wg/2008_01_01
http://digital.world-grain.com/sosland/wg/2007_12_01
http://digital.world-grain.com/sosland/wg/2007_11_01
http://digital.world-grain.com/sosland/wg/2007_10_01
http://digital.world-grain.com/sosland/wg/2007_09_01
http://digital.world-grain.com/sosland/wg/2007_08_01
http://digital.world-grain.com/sosland/wg/2007_07_01
http://digital.world-grain.com/sosland/wg/2007_06_01
http://digital.world-grain.com/sosland/wg/2007_05_01
http://digital.world-grain.com/sosland/wg/2007_04_01
http://digital.world-grain.com/sosland/wg/2007_03_01
http://digital.world-grain.com/sosland/wg/2007_02_01
http://digital.world-grain.com/sosland/wg/2007_01_01
http://digital.world-grain.com/sosland/wg/2006_12_01
http://digital.world-grain.com/sosland/wg/2006_11_01
http://digital.world-grain.com/sosland/wg/2006_10_01
http://digital.world-grain.com/sosland/wg/2006_09_01
http://digital.world-grain.com/sosland/wg/2006_08_01
http://digital.world-grain.com/sosland/wg/2006_07_01
http://digital.world-grain.com/sosland/wg/2006_06_01
http://digital.world-grain.com/sosland/wg/2006_05_01
http://digital.world-grain.com/sosland/wg/2006_04_01
http://digital.world-grain.com/sosland/wg/2006_03_01
http://digital.world-grain.com/sosland/wg/2006_02_01
http://digital.world-grain.com/sosland/wg/2006_01_01
http://digital.world-grain.com/sosland/wg/2005_12_01
http://digital.world-grain.com/sosland/wg/2005_11_01
http://digital.world-grain.com/sosland/wg/2005_10_01
http://digital.world-grain.com/sosland/wg/2005_09_01
http://digital.world-grain.com/sosland/wg/2005_08_01
http://digital.world-grain.com/sosland/wg/2005_07_01
http://digital.world-grain.com/sosland/wg/2005_06_01
http://digital.world-grain.com/sosland/wg/2005_05_01
http://digital.world-grain.com/sosland/wg/2005_04_01
http://digital.world-grain.com/sosland/wg/2005_03_01
http://digital.world-grain.com/sosland/wg/2005_02_01
http://digital.world-grain.com/sosland/wg/2005_01_01
http://digital.world-grain.com/sosland/wg/2004_12_01
http://digital.world-grain.com/sosland/wg/2004_11_01
http://digital.world-grain.com/sosland/wg/2004_10_02
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http://digital.world-grain.com/sosland/wg/2004_10_01
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http://digital.world-grain.com/sosland/wg/2004_08_01
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