The last days of October have brought some respite for Capesize charterers, but for how long, and just how much of a break are cargo interests really getting? With worldwide Capesize earnings at around $80,000 a day, exposure to massive demurrage claims for delays is still huge and potentially fatal in some cases. In time charter equivalent earnings, the iron ore and coking coal routes between Australia and China have been attracting close to $ 100,000 a day, although that level is now drifting. However, the delays averaging three to five days being incurred in obtaining loading berths in New South Wales and Queensland for coal, and discharge berths in China for both coal and iron ore, can easily result in demurrage claims running to $1M. At such a rate, the freight element in the iron ore import equation represents around 160% of the cargo value.
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