Capesize (Atlantic and Pacific)
Yet another week of highs and lows where the market finally closed down 158 points on BCI by week's end. The capesize market is indeed very sensitive to talks and speculation by in large generated by the Futures market. There are already some signs of improvement (Atlantic/Pacific) for next week (more cargo enquiry on the market). Moreover the number of prompt ships in the Atlantic is decreasing and cargo enquiry in the Pacific will most likely increase following the recent typhoon (cargoes delayed/postponed). Fixtures worthy of note – TMT time chartered in last week 3 (three) capesize vessels for 12 months period and 1 (one) unit for 5/7 months period at levels which one can say quite ’firm'. The BCI closed the week at 3410 (-158) and the average of 4 T/C routes at $33,794 (-2,229).
Panamax (Atlantic and Pacific)
ATLANTIC
Softening tone seen especially in the
US Gulf area. Trips out shaded slightly, with $19,000 delivery
US Gulf plus $425,000 ballast bonus paid to the "Yarrow" built 1996. For Trans-Atlantic rounds $18,000 was concluded for a trip via Orinoco to Skaw/Passero. On period there was a positive sign after Chinese charterers booked the 2001 built "Zagora" 73,000 dwt at $17,000 for 12 months.
PACIFIC
No big change compared with the trend of last week.. The "Mineral Star" 76,000 dwt built 2005, finalized at $18,250 for 4-6 months for account of Transfield. The spot market rates slipped a little for early tonnage. Modern units fixed at $17,500 delivery
Japan via East coast
Australia and at $19,500 delivery SE Asia via west coast
Australia back to the Atlantic.
India iron ore market has slowed down with some fixture fixed and failed because of port congestion or stem unavailability. USL fixed the 'First Endeavour' 69,000 dwt built 1994 delivery passing Muscat at $21,500 daily. On the long period the new building Kamsarmax was fixed at $14,500 per day for three years with delivery June this year.
Handy (Far East/Pacific)
An on going decrease of the
iron ore trade from
India to
China connected with a number of concluded fixtures in the Pacific for prompt positions, managed very well to balance the smaller volume of chartering enquiry. Less available tonnage keeps achievable rates quite firm and if a little more demand comes, rates will start climbing up again. Round voyages are done in the very high teens and charts pay low 20,000's to fix tonnage back to the Atlantic. Short period fixing goes one with owners achieving between very high teens and low 20,000's depending on vessel's type.
Handy (North Europe/Mediterranean)
More fixing concluded from the Black Sea was a result of charterers tactics by coming out of the bush with their requirements after available tonnage piled up in the area as agreed rates didn't show any upward trend. The Continental area is still a little to quiet to make chartering exciting and premiums are only seen to have been paid for tonnage which agreed to load out of the Baltic ports, which are still affected by ice.
Handy (US/N. Atlantic/Lakes/S. America)
Chartering interest from the
US Gulf decreased a bit again with owners of the elder types struggling for the competition they get involved with and struggling to get fixed. It is a little surprising to see that even if the pacific market keeps to much better levels, rates to east are several times better than what owners cud achieve for business to
Europe except for handysizes, which are paid same or better money of the smaller handymaxes on the cross trade. South American market keeps being handled confidentially with a number of fixtures concluded at much better levels than from the
US Gulf, but none of them being reported.
Handy (Indian Ocean/South Africa)
While the Indian iron trade is slowing down South
Africa keeps slowly increasing it's tonnage demand with charterers needing to pay good money for trips to
Europe and united states as the Indian
iron ore rates even if they have quite lowered are still high enough to command the market. Charterers in need of chartering tonnage from Indian Ocean to med-black sea area need to pay especially high rates to induce owners not to fix other east-bound business.
Banchero Costa and Co Spa
Mail: research@bancosta.it
Web: www.bancosta.it