Capesize (Atlantic and Pacific)
After a couple of weeks of a slowing down on Capesize Market, we started to see a more positive end of the week especially in Atlantic where tonnage availability remains very tight and more business available. The week ended with a loss of 228 points but with the Friday gaining 30 points instead: the average of 4 t/c routes lost other $2.927 ending the week at $68.942. The
Brazil/
China iron ore route is more or less recovering the losses and reaches in $36.00 while the Pacific is still suffering especially because of a lot of available tonnage compared with cargo quotations and modern 172.000 dwt are now getting just below $62.000 when it starts at $66.600 at the beginning of the week. The coal ex Richards Bay went just below $22.00 and the backhaul fixtures are getting slower as well. Period t/c was not much active except few fixtures on the short one.
Panamax (Atlantic and Pacific)
Difficult market to read: last part of the week the sentiment changed radically for Panamaxes with the outlook positive. At the beginning of week market showed good rates for short periods but no good as well for spot ships, by mid week a plentiful supply of tonnage pushed also period numbers down. Lately owners are once again seeing short period rates heading towards the mid $30,000 daily range. Spot rates move back to the low $30,000 daily range for rounds or trips to the Atlantic, but owners have now retreated sensing further gains to be made next week. Pacific rates remaining steadily improving and owners willing to wait until next week, when they expect numbers to be even better.
Handy (Far East/Pacific)
The spot activity was mostly around shipments to the Atlantic or local trips/rounds within the Pacific waters but fixtures to
Europe didn't show charterers paying any special premium over local trades, which would have been expected due to the lower Continent/Black Sea market. Period interest is alive again with charterers preferring 1, 2 or 3 years duration and some fixtures concluded at firm levels.
Handy (North Europe/Mediterranean)
This piece of the market keeps not finding its strength to build up a firmer trend. Demand is poor both from Continent and Black Sea; even on the Continent/Med run lower money was agreed. Rates fixed from the Black Sea to the East are a little better but not exiting enough and tonnage can be booked at cheap money for trips across as same are just helping owners to reach the firmer
US Gulf market.
Handy (USA/N.Atlantic/Lakes/S.America)
It's still the only place in the world where a fancy Supramax can fix a time-charter trip at a daily rate over $40,000, which is the current level charterers are conceding for trips to the
Far East. Transatlantic rates have shown some softening also due to an over-building of available tonnage due o the ballasters from
Europe, but the week ended with a fresh ignition of new business which should consolidate or improve present rates.
Handy (Indian Ocean/South Africa)
India/
China iron ore time-charter rates basis loading from the East Coast are slowly decreasing, but better money is aid to be available from he West Coast. The recent firming up of
US Gulf and
South America market generated a firm fixture from South
Africa to the
Far East.
Banchero Costa and Co Spa
Mail: research@bancosta.it
Web: www.bancosta.it