Capesize (Atlantic and Pacific)
Market slowed down this week after the run to the moon of previous weeks. Baltic Capesize Index marked - 375over the week. Period market remains very strong 1 year prompt delivery far east in the 130,000 level and 2 years at usd 108,000 daily. Pacific rv remained close to around 129/130,000 usd/daily whilst atlantic suffered due to few spot vessels needing employments, transatlantic round went below 130,000.
Panamax (Atlantic and Pacific)
This week started quite and during still not much fresh inquiry being heard therefore all rates were influenced with some business on fixing and failing going on. In Atlantic, charterers starting an offensive against high rates reducing them. In the Pacific, the market was steadier and rates were holding at or near last done. Short period business is still quite hot, with firmer numbers reported done. Long period business very quite and no fixture reported.
Handy (Far East/Pacific)
A large bunch of recently concluded period Handymax fixtures, from short term to two years duration, confirmed this is the leading trend of the chartering activity, mostly driven by operators speculating from the "fixing in" to the "re-fixing" out at higher levels, which market so far allowed without serious troubles. The on-going rate increase is however building up charterers resistance and recently the number of concluded period business has decreased, with charterers trying to drive back hire levels to more reasonable ones.
The spot market was rich of enquiry and owners inclination to period deals kept showing larger agreed rates. Owners still making strong resistance to Atlantic destination employments. Demand for smaller handies was larger with higher rates agreed and owners more inclined to short periods rather than single trips.
Handy (North Europe/Mediterranean)
A smaller number of chartering enquiries out of Black Sea are actually hiding a much larger number of cargo positions needing to be covered. The trade was nowadays mostly towards Middle East/Persian Gulf destinations, for which agreed rates kept growing and often charterers were in need to book tonnage basis delivery Mediterranean Sea. The Continent was again a little quieter in demand but some sizes are really missing, and some other units are getting "stolen" by charterers loading out of American waters.
Handy (USA/N.Atlantic/Lakes/S.America)
The best paying buziness for handymaxes avaialble at US Gulf waters remains the trip across. The reported concluded fixtures showed rates almost holding to previous week's levels, but even if some in-between slow down in the demand was afterwards followed by fresh growing demand, the absence of East-bound enquiries combined with very slow period interest may influence some downwards trend. Volume of South American enquiry was a little smaller but the almost total unavailability of tonnage open along the coasts has kept rates firm with excllent money paid for tonnage delivering ex European waters.
Handy (Indian Ocean/South Africa)
The sole fixture reported concluded was for the usual iron ore loading out of India and discharging to China.Considering vessel size and type, together with the loading out of East coast, the agreed rate was not so attractive. This iron ore trade seems to suffer about a delayed recovery from the customary "full steam" activity after the Monsoon season. On the other hand charterers involved with open enquiries for smaller tonnage are struggling to cover their requiremetns, as none of such tonnage appears to be avaialble close enought to the loading areas on prompt basis.
Banchero Costa and Co Spa
Mail: research@bancosta.it