Record capesize congestion in China

London broker Simpson Spence & Young said the 80 capesizes waiting off China was the highest ever and was more than double the number waiting two months ago.

There were nine capesizes waiting in January.

China’s Tianjin, Rizhao and Qingdao ports were the three most congested and Xingang terminal at Tianjin was experiencing the longest queues.

SSY Consultancy & Research director Derek Langston said average waiting times had increased to nine days.

The 80 vessels account for about 9% of the 855 capesizes in operation globally.

This has put upward pressure on freight rates for the past three weeks with the Baltic Exchange noting that Pacific round voyage rates via Australia for iron ore jumped 21% to US$54,200 a day.

China’s customs data shows that the country imported a record 57m tonnes of iron ore in April, representing a 33% rise for the same month in 2008.

This figure included 22.6m tonnes imported from Australia and 12.8m tonnes from Brazil.

Stockpiles at the country’s ore ports had also climbed to an unprecedented 75.5m tonnes at the end of last week, according to customs data.

Additional reporting: Hui Ching-hoo.
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