Capesize (Atlantic and Pacific)
The week was quite active although rates were sliding slowly almost world wide: Transatlantic market was idle with few requirements who brought the rates further down notwithstanding the persisting lack of tonnage coming open in North Continent. Tubarao to Rotterdam rates were falling down close to $ 15 with some exception who were even able to do below such a level such as Pt.Ubu being fixed by Elcano at $14.68 on a TMT ship. The Brazil / China route reached about $ 28.50 or equivalent to about $60,000 on time charter. In the Far East as well there has been not much changes with the West Australia/China remaining in the region of about $ 11.75 level.
Panamax (Atlantic and Pacific)
The rate trended down until middle of the week, lifted by pacific market. Trans-Atlantic rate was weighed down by too many vessels and limited new business. Rate for the trip out of the US Gulf to the Far East also kept loose for the same reason. However Pacific is quite different. After being soft on the first two days, pacific market became under pressure and firmer to end the week with many fixtures noted. Sources said that the port delay in the East Coast Australia may be a reason for the firmer rate. Short period rate kept fluctuating with spot market and end at the level of 22,000 to 23,000 USD daily.
Handy (Far East/Pacific)
The chartering activity still driven by coal and nickel or export from Southeast to India and China, where Supramax have to book rates between $15,000 to $19,000 daily depending on where the vessel were delivering and charterers positional needs; with usual premium paid to load nickel ore. Supramax rates started easing further but some fresh enquiry from Australia prevented any large decrease and weekend showed rates being similar enough to previous week's ones with Opac round still in the $17,000 mark and backhaul to USG at $10,000. Enquiry for smaller Handies was very limited with a $33,000 n/b seen fixing 12 months period at around mid $15,000's ex yard South Korea.
Handy (North Europe/Mediterranean)
Demand for tonnage to load ex Black Sea was extremely quiet while the announced end of the wheat ban export from Ukraine is yet to materialize. A 57,000 modern vessel booked 3/5 months period dely Gibraltar at a very low $17,500 daily while major Korean operator took a 52,000 tonner with delivery East Med for 5 years at $16,250 which may show that spot rates have now bottomed. Even if scrap was still fixed from North Europe, rates showed to line up with the general downwards trend affecting the Atlantic basin from the same area a 55,000 tonner fetched poor daily rate of $22,000 daily for a 2 laden leg trip into the Far East. Smaller Handies did a little better from this area with a 27,000 tonner paid $16,000 daily to load grains into North Africa, more likely linked to positional matter, considering an both larger and younger vessel got only $13,500 basi Gibraltar for 2/3 laden legs.
Handy (USA/N.Atlantic/Lakes/S.America)
An initial stability from the U.S. Gulf area was quickly followed by a downwards trend. Trans-Atlantic Supramax and Handymax demand was missing, the trip to the East initially paying $ 36,000 daily for the larger units ended up the week showing to have become high $20,000's only. A larger chartering demand near to the week ending did not help rates to recover at all. South America was poor of demand with no large enough demand for grains into Europe and a Supra delivering in West Africa to load and proceed to the East seen fix at lower money. Better rates where agreed from this area for smaller Aandies, both to stay in Atlantic or to go to the East.
Handy (Indian Ocean/South Africa)
Rates in these waters showed to follow the pessimistic direction experienced in other basins. The initial stability seen at the beginning of the week quickly showed it's weakness with deceased levels agreed from both Indian Coasts to China and proportion reductions reflected to the Africa coal round voyages and South Africa backhaul biz.
Banchero Costa and Co Spa
Mail: research@bancosta.it
Web: www.bancosta.it