Capesize (Atlantic and Pacific)
Freight rates drifted generally lower than the previous week despite Rio Tinto and BHP Billiton were actively taking tonnage for iron ore from Dampier to China. There is still congestion affecting most of Chinese ports and some estimates than 20 per cent of the fleet is currently waiting for berth. Congestion in the Dalrymple Bay coal terminal has reached almost 40 days which is very serious and affecting most of ships. Index lost 346 points and the 4 T/c routes minus Usd 14,644 daily.
Panamax (Atlantic and Pacific)
Rates dropped significantly this week: paper market values declined very deeply, which had a very negative impact on the period market, also new business was limited in the spot market. In the Atlantic few businesses concluded and rates off last done, only good rates seen for the cargoes from the Black Sea to the East made advantage of the Red Sea to command premiums, while other business to the East was not in big volumes with some charterers having back stopped tonnage. The Pacific saw values drop sharply due to some holidays around and rates already under pressure dropped again. The quick Indonesian rounds saw charterers paying better numbers for tight dates, and owners were reluctant to take short duration business that would make the ships back on the market prior to Christmas/New Year holidays.
Handy (Far East/Pacific)
Rates stayed at good levels for owners, supramaxes showed to be able to achieve rates very similar to last dones if not slightly better. This week market showed to be more active for smaller handies, which earned firmer rates not only for the North Pacific and the Australia round voyages but also for short period and tips into the Indian Ocean. Charterers were less interested in handymaxes and supra's for period, and activity generally slowed down by the end of the week.
Handy (North Europe/Mediterranean)
Fresh steel enquiry from the Black Sea to the Far East led to a couple of larger handies fixing at nice rates on TC basis. Interest for grain loading was more limited with the Mediterranean bound stems. Chartering interest for business loading out of the North Continent remained active, together with the on-going scrap export. There were also grains and fertilizers to be moved, and charterers who were entertaining the Far East-bound business have started considering route via the Panama Canal against owners' reluctance to trade their tonnage via Gulf of Aden. Charterers have stil shown interest to book larger tonnage for short period durations.
Handy (USA/N.Atlantic/Lakes/S.America)
Activity remained on a strong mood similar to the previous week, with a good amount of larger sized business from the USG into the Far East and still a regular demand for trans-Atlantic bound cargoes. Fresh sugar enquiry from South America further pushed up supramax rate and allowed owners to manage very convenient position, repositioning deliveries and redeliveries, especially for the USG loading charterers who ended up in thinking to switch their single trip enquiry into short period. Activity slowed down at the end of the week due to holiday in the U.S.A. on Thursday and other holidays followed in the Far East on Friday.
Handy (Indian Ocean/South Africa)
Demand for larger tonnage to load sugar from the South America into the Middle East was again attracting charterers to look for tonnage becoming coming open at Indian Ocean, which added further tension to the India/China iron ore trade and stabilized the WC India loading rates to the usd 30,000 mark. Activity was not so remarkable on other trades.
Banchero Costa and Co Spa
Mail: research@bancosta.it
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