Capesize (Atlantic and Pacific)
Another fairly quiet week. In North Atlantic tonnage is tightening and rates are still strong with some charterers looking to split their Iron ore stems into Panamax shipments. Rates in Far East are still easing with the Iron Ore from West Australia to Qingdao being fixed down to about $ 10.25/10.30 level. Time Charter rates are in the low $ 30,000 range while in the Atlantic rates were fixed in the mid $ 30,000's level and the fronthaul at about $ 50,000 level. BCI was closing below 86 points at 2155, the 4 t/c routes registered minus $ 963.
Panamax (Atlantic and Pacific)
Market kept dropping for the whole week and someone says that maybe it has bottomed ，but both two basins are waiting to see more concrete trend during next week. Atlantic market has suffered sliding rates since the beginning of the week with TansAtlantic very scarce and fronthaul biz done at lower rate despite of a little trend of recovery by the end. Rates in the Pacific were also very soft because of a long open tonnage list. Some more activity was seen by the end of the week at low rate, but a quick rise is unlikely because of too many vessels still open. However, biz out of India was still done at very firm rates. There is limited need for short period with 4/6 months biz done at Usd 18,000-19,000 per day for a LME.
Handy (Far East/Pacific)
Market started on a softer trend, initially positional fixtures or the premium usually paid to carry nickel ore gave to owners a small hope that the already low rates could resist from further decreasing, but additional fixtures reported through the week showed declining rates: trips via Indonesia to India are now fixed in the very low teens and the "premium" for a South East Asia round is just 1 or 2000 Usd/daily more. Supramaxe fixtures Pacific Rounds in the Usd 10,000 daily mark, backhaul cement business to West Africa was agreed at a more acceptable Usd 12,000 daily. A little fresh activity was seen for Supramaxes loading Australia which sadly ended up in a vessel fetching an extremely low Usd 8,750 daily for a local round and another one Usd 12,000 for redely Indian Ocean. Short period interest was very much alive and tonnage was fixed for 3 to 5 months at rates exceeding 3/4,000 Usd the single trip.
Handy (North Europe/Mediterranean)
The little activity going on from this area was more oriented to Handysize and Handymax with very small demand for Supramaxes fixed at low levels. A little more tonnage was fixed from the Cont with Handymax business to Indian Ocean going in the low 20,000's level, large Handysize at Usd 17,000 daily for scrap to East Med; similar units took positioning cargo to USG at 10,000 daily, and a Suprmax was fixed at only 25,000 for a trip with redelivery Sudan even though both were well over 20 years age. Very small business was concluded from the BSea at lousy money. The few Eastbound enquiries from this area keep hanging around rather than fixing.
Handy (USA/N.Atlantic/Lakes/S.America)
Further pressure for business loading out of Atlantic Americas spread panic around the market. Strong resistance from owners, in connection with a smaller availability of prompt tonnage in the USG area, managed to avoid rates to fall further, and the week ended showing stronger fixtures for Eastbound business due to which owners look forward to achieve some positive reflection on the Transatlantic business, unfortunately for owners no similar trend was seen from South America where demand for Eastbound business was very scarce compared to Transatlantic and both trades where reported to fix quite unattractive levels.
Handy (Indian Ocean/South Africa)
The chartering activity was extremely quite this week in the Indian ocean region. The sole reported Supramax iron ore fixture from India to China however showed an agreed rate very much in line with previous week's levels. Smaller tonnage is struggling to find employment.
Banchero Costa and Co Spa
Mail: research@bancosta.it
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