Capesize (Atlantic and Pacific)
Again last week was taking a positive turn in the Capesizes although the Baltic Capesize Index was getting only plus 97 points and the 4 T/c routes was declining of $1,497, however the feeling is for perhaps a further improvement coming by next week. There has been a revised activity for period time-charter with Classic Maritime very active and reported as having taken at least two ships for 5/7 months. Iron Ore Brazil/China was again reported as having reached level of about $ 40 on 150,000 tonner while the West Australia/China was stable around the $ 17 level, which represents anyhow a good $ 70,000 daily for a modern 172,000 dwt.
Panamax (Atlantic and Pacific)
The Atlantic suffered from a lack of early cargoes, particularly transatlantic business, to absorb prompt ships and ballasters; however the market closed the week very upbeat, with rates and inquiry suddenly flush again. Early ships have gradually been absorbed and there has been some increase in fronthaul cargoes from the us gulf, among other areas. Charterers appeared to be keen to fix forward positions. Period business of about 1-years trading was done at $23,000 daily. While 28-30 months earned a good $20,000. From South America, charterers continue to draw tonnage from the East to cover front-haul business. In the Pacific, a round trip via ECSA saw an lme fix at $20,000 daily. Pacific period business was good and rates are now being talked about $20,000 daily for 1-years.
Handy (Far East/Pacific)
Rates stayed at quite depressed levels with lots of tonnage available for fixing and a small amount of enquiry available. The activity in general was almost stopped in this area except for a small demand for intra-Asia liftings and few coal cargoes booked in India. Afterwards, additional period interest in the larger Handies was not enough to bring any strength or stability to the general trade.
Handy (North Europe/Mediterranean)
The limited amount of tonnage available in Northern Europe connected with fresh scrap enquiry was not strong enough to prevent rates from decreasing. Even if it was still necessary to book for this trade tonnage available in the Mediterranean, activity in this area was too soft to avoid fixing at discounted levels. Business out of the Black Sea showed a better mood, mostly due to premiums requested by owners in exchange of trading via the Gulf of Aden still affected by large piracy risks, although rates showed to soften also here.
Handy (USA/N.Atlantic/Lakes/S.America)
The weaker South American market attracted ballasters from Europe to head into the USG waters where firmer rates were still available. In a short while the overload of available tonnage exceded demand and ended up in lower rate agreed from this area and slowly led the USG market into a downwards trend until Friday when better fixtures were concluded again.
Handy (Indian Ocean/South Africa)
In a quieter business atmosphere arising from the general slowdown from the monsoon season, Supramaxes still managed to earn nice money on very prompt position fixtures from India to China, bringing a positive influence to the South Africa/India trade as well. Charterers still managed achieve lower rates for South Africa/Atlantic business.
Banchero Costa and Co Spa
Mail: research@bancosta.it
Web: www.bancosta.it