8-14 February Weekly market report.. Banchero Costa

Tuesday, 17 February 2009 11:42:08 (GMT+3)   |  
       

Capesize (Atlantic and Pacific)

A sharp change in sentiment caused at the middle of the week a complete change of direction resulting in a + 336 points in the BCI index and plus $3,426 daily in the average of the 4 t/c routes. The fronthaul rates reached the level of $27.50 equating to about $60,000 but then market turned down and rates were back again to about $ 50,000 daily for a TC trip del Continent via Brazil with iron ore to China. In the Pacific the iron ore from WC Australia to China saw gains on voyage basis with rates reaching in excess of $11.00 but then back again down to mid $10's. On period we have seen in particular Deiulemar quite active in taking again ships for one year t/charter at improved rate level.

Panamax (Atlantic and Pacific)

Atlantic Panamax market was very active with very high rates for trips from the Black Sea to the Far East. Rates for trans-Atlantic rounds were trending sideways and possibly "topped out" for the moment. Pacific Panamax business was again in negative trend, with rates said to be falling on most routes. There was also more fixing and failing seen this week. Still very active market from the Mid East especially supported either from India iron exports or from EC S.America ppt tonnage requirements.

Handy (Far East/Pacific)

The chartering interest concentrated on short duration period enquiries with a number of vessels reported booked for 3/5 or 4/6 months at premium rates compared to the spot market of single trip employments, which kept being quiet and was seen a lot of deals failing on subjects. Also a large new building Supramax was reported to fetch a 12 months period fixture at much better rate.

Handy (North Europe/Mediterranean)

Rates for Supramax tonnage loading out of the Back Sea kept growing especially for business bound into the Middle East. Handysizes slowly managed to follow the trend with some improved rates for them to attract owners of tonnage available in the Mediterranean waters who seemed to have more serious interest to business loading out of the Black Sea. The Continent remained active enough with spot chartering activity mostly driven by scrap loading for the Far East destinations.

Handy (USA/N.Atlantic/Lakes/S.America)

A very firm start of the week for U.S. Gulf loading fixtures progressively faded away through the days. Rates of Trans-Atlantic bound business were still remaining good enough for owners even if showing some decline. This might end up into a weaker market scenario next week. South America showed to keep a more stable trend with levels more in line with the previous week. Getting closer to the weekend some rate decline was seen from this area as well.

Handy (Indian Ocean/South Africa)

The chartering trend stayed stable on the usual India/China trade with more significant premiums agreed for tonnage loading out of the East Coast and short period rates were still much below what could be achieved on spot business.

Banchero Costa and Co Spa

Mail: research@bancosta.it
Web: www.bancosta.it


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