"The combined congestion of the dry bulk fleet at Australian, Brazilian, Indian and Chinese ports has risen above 59 million deadweight tons. This is the highest level we have seen since January and is equivalent to nearly 11 percent of the entire dry bulk fleet, marginally greater than the year-to-date average of 10.25 percent," ICAP said in a research note.
The brokers said by far the largest single contributing sector in this congestion had been capsize vessels, which typically haul 150,000 tonne cargoes such as iron ore and coal.
"At any given time this year an average of 16 percent of the capesize fleet has been subject to port congestion," ICAP said.
"In contrast, panamax congestion has shown a clearer tendency to grow since January, rising above the 12.5 million deadweight tonnes level at last count, equating to 8.7 percent of the total panamax fleet,. considerably greater than the panamax year-to-date average of 7.5percent," the brokerage said.
Panamax vessels usually transport 60,000-70,000 ton cargoes of coal or grains. (Reuters)
