Atlantic Market Freight Rates Fall Steadily

Freight rates continue to fall in the Atlantic market as fresh grain enquiry failed to compensate a slowdown in demand, shipbrokers said on Monday. Brokers reported the chartering of the 1996-built Atalanta, of 73,301 dwt, for a Brazil to Iran voyage.

The ship will load 60,000 tons of maize between July 18 and 25, with a freight rate of $19.80 per ton.

In the timecharter market, the 2001-built, 76,397 dwt, Mega Wisdom had been chartered for July 6 to 12 North Japan delivery for a three to five months trading period at a daily rate of $10,500, brokers said.

In June, rates were quoted between $9,900-$9,750 daily for early July delivery.

Traders also said the Louis Dreyfus grain trader had chartered the 2001 built 74,766 dwt Angelic Grace for July 15 to 25 Recalada delivery. The ship will load grain in the river Plate area and eventually head for the Far East at a rate of $10,300 daily plus a $230,000 ballast bonus.

Shipbrokers also reported that the 1998-built, 74,744 dwt Samjohn Amity had been chartered for July 17-20 Santos delivery followed by a trip to China at a daily rate of $10,500 plus a $230,000 ballast bonus.