Capesize (Atlantic and Pacific)
Again another unexciting week for the big ships. Owners tried to regain the ground lost when most of rates were still below the Panamax levels and some even below Supramaxes. The Atlantic is showing few signs of recovering with few cargoes reported fixed especially on the Brazil and Colombia to China run, but they are not affecting the market very much. Pacific market is unchanged with several fixtures reported on the West Australia to China at about $ 10 levels. The Baltic Capesize Index gained 2022 closing at 28,441 Usd/day. Period activity almost nil with just a few reported fixtures for 3-5 months and a 177,000 tonner ex Namura shipyard in May for 23-25 months t/charter at Usd 31,500 daily.
Panamax (Atlantic and Pacific)
A very quiet week in the Atlantic and the Pacific. In Atlantic there was limited early tonnage and enquiry remained very limited especially for trans-Atlantic business. Tonnage in the East continued to serve the South American market and the Atlantic. Charterers managed to lower these rates. NoPac/Australian round voyage rates slipped as tonnage built up and few new cargoes emerged, levels in some instances went below $30,000 daily. Despite of the drifting spot market charterers maintained interest for longer period and rates so far remained at steady levels.
Handy (Far East/Pacific)
The volume of business was still not large enough to feed the number of vessels available, which made owners fix unexciting rates. The Far East rounds kept driving the spot market activity with rates for large modern types averaging in the low usd 20,000 daily level. A similar boat was rumoured to have fixed some usd 2/3000 daily more for a North Pacific round, but no further details reported. The Supramax coal trade showed a very unbalanced trend through the week with slightly better levels initially agreed, but followed by considerably lower ones. It ended up again with a very fancy type earning firmer figures including rate escalation for extra duration. A few Supramaxes were booked for period from short duration to 2 years, i.e. a tess52 type for 5/7 months was fixed at $25,750 and a 58,000 dwt for a 2 years commitment was fixed at usd 20,000. Owners
of the larger units showed preference to commit their tonnage for longer durations rather than play in the spot market.
Handy (North Europe/Mediterranean)
News about the market trend around the European waters was slowly emerging. The chartering interest was more for loading out of Black Sea where the Supramax rates levels kept similar to last dones'. Handysizes were rumoured to enjoy a firmer market due to increased demand for loading ex Ukraine to China, but no rates were reported. Cement in bulk still kept elder tonnage busy from the East Med to West Africa, reported rates showed to be realistic even more considering the afterwards better positioning for South America loading. A regular demand for cement and fertilizers from West Med/North Africa to Americas assisted charterers to conclude 2 laden legs fixture.
Handy (USA/N.Atlantic/Lakes/S.America)
The week started showing less demand but the prompter tonnage kept fixing at quite firm rates from the USG to trans-Atlantic business both for fancy large types and smaller aged tonnage. Firmer rates were seen agreed for a Supramax loading South America to the Far East, while another one earned fat money as well delivering in North Africa for loading ex Brazil into MEG. The working days ended showing a general uptrend all around the Atlantic Americas Coasts.
Handy (Indian Ocean/South Africa)
The Supramax rates on the India/China iron ore stayed stable between high 20,000's and low 30'000's daily level, depending on size, dates and loading costs. Smaller Handies were said to be enjoying a much firmer market for business into the Far East.
Banchero Costa and Co Spa
Mail: research@bancosta.it
Web: www.bancosta.it