Capesize (Atlantic and Pacific)
The market was slightly better last week with Rio Tinto driving the rates up in the Far East. The West Australia to China trade improved from about $7.65 level to $8.25, but then started to decrease again on Friday. In the Atlantic there were mixed views with T/A rounds being fixed down to about $9,000 and one 177,000 dwt open in the Continent claiming to have seen $10,500 for a round. There was also sustained activity with coal cargoes fixed from Colombia to China at level around $25.50 on voyage basis. The Baltic Index 4 T/C average improved by $ 709 during the week 31.
Panamax (Atlantic and Pacific)
The Atlantic market kept dropping due to the excessive number of vessels ballasting from the East. By the end of the week there were rumours that the market would be unlikely to drift much lower. The Trans-Atlantic voyage was hovering at $ 14,000 daily levels, while US Gulf fronthaul business was being at low $20,000. In the Pacific fresh cargoes were still far from being enough to meet the amount of tonnage open, despite the ballasters. However more activity was registered for Nopac and Eastern Australia cargoes with rates hovering between $ 8,500/9,000 daily. For an Indonesia round a good LME in South China could gain $ 8,500. There were limited talks about period business because few owners were willing to consider rates at about $11,250 daily.
Handy (Far East/Pacific)
The market remained depressed both for Supramax and Handymax sizes. North Pacific round voyage showed a little recovery at the beginning of the week with a couple of fixtures at around $10,000 daily, but the recovery quickly faded and rates went back to low $9,000. Rates for local trips remained unattractive even though it was still slightly better than from Middle East. More fixing and failing was seen on the nickel ore trades. Smaller Handies also suffered negative influences from the general trend although rates for them remained proportionally better. Period interest was low. There were rumours about a large unit booking long term commitment at $11,750 daily but no details were reconfirmed.
Handy (North Europe/Mediterranean)
Northern Europe registered a decrease in demand and owners had to look around, especially at firmer business ex Americas. For this reason owners with tonnage open in Europe, at the moment, didn't suffer major losses. Some fertilizer enquiries ex-Baltic to Latin Americas kept being pushed around without reaching any fixture because charterers were quoting unattractive figures. The atmosphere was quite similar from the Mediterranean where activity was livelier along with the resumed grain export from the Ukrainian ports that however was not strong enough to have a consistent positive influence over the market.
Handy (USA/N.Atlantic/Lakes/S.America)
In US Gulf market started bearish, but then re-increased due to stronger interests for Trans-Atlantic Supramax business. Vessels on that trade were fixed at levels similar to the last done or slightly lower in the end. Demand for East bound business was quite small with charterers evaluating fancy and large Supramax at just around $20,000 daily. Activity was stronger into the U.S. West Coast destinations where charterers were said to pay firm money, even though no concluded fixtures were revealed so far. South American rates kept very steady to previous week's levels with some positional units allowed to grab a little firmer level.
Handy (Indian Ocean/South Africa)
Iron ore export from India was still very small and limited to the East Coast. Supramax owners were fixing ex Indonesia at much lower levels, but it was still better than the reported rates for a large unit delivering South Africa for a trip into the US Gulf. Smaller Handies also found business ex South Africa at improved rates showing that market was equally good for smaller units. A fancy 55,000 tonner was fixed at $12,000 for a year showing that the period rates were decreased.
Banchero Costa and Co Spa
E-Posta: research@bancosta.it
Internet: www.bancosta.it