Capesize (Atlantic and Pacific)
The Capesize Market registered another weekl of big losses, it seems holidays already arrived and the market is sliding daily. The Baltic Capesize Index lost 627 points and the T/C Average Usd 7,809 daily. Rates for West Australia to China are dropping close to about Usd 12.25.
In the Atlantic the Brazil/China route is now in the region of Usd 33.00; once again were registered a few Time Charters or on Short Periods. It is likely we must wait couple of weeks before we can register an healthy market again.
Panamax (Atlantic and Pacific)
It seems that rates in both basins have bottomed after many operators/owners rushed to get fixed prior to the holidays. However by the end of week some slightly improvements have been noticed, unfortunately this was not to be considered indicative and most of the operators remained cautious. The Atlantic saw a dip in rates but the volume was limited even if not too much prompt tonnage was available. In the Pacific situation was a bit hesitant, nervous ended to the week with the market potentially having levelled out, but players remained cautious here.
Handy (Far East/Pacific)
The irregular flow of the enquiry did not manage to affect the rates so far. Supramaxes kept fetching daily time charter rates in the very high teens for the Pacific rounds and a little less via Australia. Local trips for these sizes fixed similar levels showing there was less pressure on this trade while period rates were still extremely firm with a dolphin type agreed at usd 16,000 daily for 3 years and another one done at 21,000 for 4 to 6 months. Smaller Handies kept enjoying reasonable levels for Australia rounds and very good rate was agreed on a modern 32,000 tonner on a North Pacific round.
Handy (North Europe/Mediterranean)
The smaller volume of business available from the Northern Europe attracted owners to look at business loading out of the USG and from the North Africa. The downwards affection of the ballast leg on trips fixed via the USG, managed to reflect some decrease to the latest agreed rates for trips to this area, straight into the Med. Some activity from the Black Sea to the Middle East kept this market alive with prevailing rates in the upper 30,000's for Supramaxes and around usd 10,000 daily less for smaller Handies. Some Handymax/Supramax tonnage was fixed with delivery in the Med for a 2 laden legs employment within Atlantic waters, at levels averaging in the low 20,000's daily.
Handy (USA/N.Atlantic/Lakes/S.America)
The South American and USG markets were more active this week, mostly on cargoes to the Atlantic destinations. The smaller activity from the Continent attracted several owners to look into business out of Americas which so far did not damage the very strong rates which tonnage open in the loading area kept on getting. Smaller Handies showed to suffer a little more with round voyage rates now lining up to the Pacific market levels.
Handy (Indian Ocean/South Africa)
The week showed that iron ore charterers from India to China were active again on stems loading out of the West Coast. The fixtures reported through the week showed a progressive increase of the rates leading to the last modern Supra booking at very high 20,000's, shortly followed by a similar sized and aged one, much heavier on consumption, fixed similar at only usd 1,000 daily less, which would proportionally lead to a rate well over usd 30,000 for a modern type. Possibly higher rate was paid by charterers due to positional reasons.
Banchero Costa and Co Spa
Mail: research@bancosta.it
Web: www.bancosta.it