Capesize (Atlantic and Pacific)
Again another week ended almost even on the Capesize Market: BCI closed with 6 points up, the average of the 4T/C routes at a min $580 daily which was unchanged. We also saw Atlantic and the Pacific market basically unchanged either on voyage or on time charter basis. With the expectations of Olympic games in China in the summer period, the Chinese activities is foreseen to slow down, and the Atlantic market does not seem to be very active as well. There was some limited period activity with very few fixtures reported on the short-medium one i.e. one Baltic Type 171,000 dwt reported to be fixed for a period of about 6 months at about $ 170.000 daily with delivery in China during August.
Panamax (Atlantic and Pacific)
Atlantic panamax rates were still under pressure with rates easing again for Trans-Atlantic rounds and trips out, and some fixing and failing has been noted. Still quite a lot of tonnage available and but no fresh inquiry. There was some new inquiry for period tonnage and short period business and rates earning in the high-$70,000's daily. Pacific business struggled again, but rates were still holding at/near last ones. Owners appeared fairly positive about rates in the next future and preferred to fix quick trips. Also here short period business rates are still quite firm. Still good activity noted for long terms time charter even for forward delivery.
Handy (Far East/Pacific)
The spot market turned a bit unsatisfactory for both the handymax and the handysize owners. Local trips, North Pacific rounds and Australia rounds kept paying lower rates. Only trips to India showed better rates due to a more difficult market on the next leg employment. Also better money was agreed for business in West Africa. The Atlantic/South American market was still quiet although it was foreseen to recover. Only period rates from 3/5 to 12 months kept upward trend.
Handy (North Europe/Mediterranean)
Last week's optimistic view failed to materialize. The outbound activity from the Black Sea reduced considerably, very few fixtures were concluded, with much lower rates. In the Continent there were only a few scrap enquiries which could hardly manage to keep the market active.
Handy (USA/N.Atlantic/Lakes/S.America)
As the some pollution led to the close of Mississipi River, an unstable demand from the USG prevented the market from being firm enough. In South America the predicted grain rush made the market situation the same as that of USG. Only handysizes seemed to have enjoyed better levels from both the two regions.
Handy (Indian Ocean/South Africa)
Lots of fixtures were reported to be concluded from this area mainly due to charterers taking advantage of the tonnage build up. Only the iron ore trade around the East Coast India/China had a firm market. And rates agreed on other trades were far below the levels achieved previously.