Capesize (Atlantic and Pacific)
Following a previous very good week, the Capesize market has been falling down considerably during the week just elapsed: minus 1.363 points and with the 4 t/c routes loosing almost $ 20.000 (exactly $ 19.193)! All the market suffered heavy losses but especially the Far East where the round was down $ 19.208 and the backhaul $ 16.108; but also the Atlantic was down $ 17.454 and the fronthaul biz from $ 253.792 to $ 229.792 (minus $ 24.000) and the corresponding voyage rate missing about $ 4.50. There were quite a number of Capesize stems split in two Panamaxes, favoured by the much lower Panamax market, although there was talk that CVRD will not allow Cape splits in two panamaxes anymore, at least for loading in December. For now it seems however unlikely that this fall would be the start of a major reversal which most of operators are expecting; will have to carefully follow what will happen during next week.
Panamax (Atlantic and Pacific)
The Atlantic struggled for fresh enquiry during the week, with rates first holding than rumoured to have slighlty improved but with details scarce, then ending the weak relatively steady. For the Pacific, rates remain under pressure with little activity, still a number of early ships weighing on the market, and no sign of a bottom.
Banchero Costa and Co Spa
Mail: research@bancosta.it
Web: www.bancosta.it