Capesize (Atlantic and Pacific)
Another very hot week especially at the end with strong rates seen basically in all areas either for voyages, trips and period business. One fronthaul business have been concluded at $120,000 daily although with a delivery Sines, Portugal, which is anyhow equivalent to about $115,000 on a BCI cape while T/a rounds have been done at about $ 104/105,000 daily; Pacific rounds at about $82/83,000 while backhauls at a rate in the $ 64/65,000 daily. The average of the 4 Baltic routes closed the week at a rate of $91,997 daily with an increase of $1,467 daily. But the short/medium t/c period is under pressure with many fixtures reported: two years at about $60,000 daily, twelve months at about $ 72/73,000 daily and 3/5 months at about $75,000 daily. There has been a bit of contradictory reports on Richards Bay coal to Rotterdam with few fixtures for mid/end April loading reporting modern tonnage fixed at $24.40 while over-aged tonnage being done by SwissMarine at $22/22.50; however, everybody knows that now this route is very much controlled by paper market.
Panamax (Atlantic and Pacific)
Panamax market still maintaining good in both basins; Capes splits were helping to support Atlantic market with one charterer reportedly splitting two transatlantic Capesize cargoes, with rates in the low-mid $40,000 daily range for the bigger Panamaxes, while Brazil/China cargo has also been split and two Panamaxes were done for trips to the East at $48,000 daily. The expectation is positive for second half April with more cargoes available. Pacific is dominated with good period activity with some slight improvement in short period rates with the level now at or hovering close to $40,000 daily for four to six months trading. The year rate is close to 36,000-range and around $30,000 daily for two years trading with May delivery in the East. Spot business has been limited but generally rates were holding fairly steady.
Handy (Far East/Pacific)
Period business remains the leading interest in this area, with the 52/55,000 modern types booking anywhere around $32/34,000 daily for 12 months engagements. Similar money is agreed for modern 45,000's on shorter duration of 5 to 7 months. Scarce spot chartering concluded reports showed contradictory rates agreed with a modern 50,000 fixing China/India at only $34,000 daily while a slightly larger unit got $38,000 with delivery South East Asia for a local trip. The rushing Indian iron ore export market is becoming more attractive for owners compared to crowded Pacific waters.
Handy (North Europe/Mediterranean)
The very few reported fixtures still show the Black Sea market recovered from its disease and owners are getting again healthy rates from there. A modern 52 fetching a very high $36,000 daily for short period coupled with another firm deal for a trip to Persian Gulf with a vessel that even being only a 40,000 tonner and 25 years old still booked at $30,000 daily.
Handy (USA/N.Atlantic/Lakes/S.America)
A good volume of interest for transatlantic coal and grain shipments kept the US Gulf market especially firm on this trade both for larger and smaller Handies. The sole US Gulf / Far East reported fixture still shows a big daily time-charter rate agreed but still quite smaller than what same vessel would have grabbed for a trip into Europe.
Handy (Indian Ocean/South Africa)
Owners' levels for single trips from India to China must have become a little too expensive for charterers who judged it to be more profitable to book tonnage for short/medium period and try speculating after their first leg business. Although available rates are still a bit far from what a similar boat would achieve in a better market area, South African fixtures kept showing improvement.
Banchero Costa and Co Spa
Mail: research@bancosta.it