Capesize (Atlantic and Pacific)
A hectic Capesize market last week with rates under pressure at first and then took off during the latter part. In Pacific rates rose from $10.50/mt for Western Australia to China up to $13.15/mt for spot ships giving eta within December and $12.00/mt for 02/05 January dates. Very tight tonnage affected activity on fronthaul business, there is still a lack of ballasters. Charterers agreed $31.50/mt for a trip from Tubarao to Kaohsiung and there are still cargoes to be covered for beginning of January dates. The situation is very similar in North Atlantic with charterers that agreed higher rates for ships able to breach IWL. A timecharter trip from Continent via P. Cartier to S. Korea was agreed at $58,500/d for January dates. TransAtlantic RV was fixed at $45,000/d although the tonnage list is short also there and possibly over
Christmas higher rates will be registered.
Panamax (Atlantic and Pacific)
Holidays approaching kept market under pressure over the last couple of weeks, last week the feeling was that what had to be fixed was done and charterers were starting to clean up desks for holidays. In Atlantic, demand for round voyage was lower with rates in the mid/high teens, charterers with requirements for end of January dates were more relaxed. On USG/FEast owners tried to remain around $20,000/d + $1 mill, but unless the requirement are for end Dec/very beginning of January dates the market is not there anymore and will be probably lowered for end Jan/Feb dates. Charterers were willing to bid for fancy candidates in ECSAm for end of January in the $18,000/d + $800,000 bb for FEast destinations and mid teens for Middle East. Also the Pacific market was slower with rates for Pacific RV to Spore/Jpn range at around $13,000/d. Period activity collapsed, but a few deals were concluded in the $13,000/d for 11/13 months and $13,500/14,000/d for short period basis dely Pacific.
Handy (Far East/Pacific)
Activity kept slowing in this area. This, and the tonnage list getting longer, pushed down rates in this area. At the beginning of the week a 56,000 dwt was fixed at $13,000/d basis dely Shanghai for an Indo RV. Later a fancy 58,000 dwt was fixed on the same trade at $12,600/d basis dely N China and a 51,000 dwt agreed $12,600/d with S China redely. An Ultramax agreed $12,560/d + $375,000 bb for a NoPac RV basis dely aps. The negative trend immediately had effects on period business with a 53,000 dwt dely Japan fixed at only $12,250/d for 4/6 months. The lack of interests on the Indo- India trades allowed charterers to fix a dolphin type at $13,000/d basis dely China for a trip with Clinkers via Vietnam to Bangladesh. The Handysize market was much firmer. A 34,000 dwt got fixed at $11,500/d basis dely Shanghai for a NoPac RV and a 28,000 dwt got $9,400/d basis dely Shanghai for a trip with Steels via N China to SE Asia, a good redelivery position.
Handy (North Europe/Mediterranean)
Supramax rates to carry scrap from N Europe to E Med lowered sharply during last week. A 57,000 dwt was reported fixed at $22,500/d basis dely Germany, another Supramax was rumored on the same trade at $22,000/d for the same trade with dely Ghent. Market softened due to a further slowdown of demand, possibly due to the imminent holiday period. BSea is also slowing due to the same reason and some ports are also iced. However demand for Handysize was growing and rates for shipments next year are higher than the few cargoes still to be covered this year.
Handy (USA/N.Atlantic/Lakes/S.America)
An Ultramax agreed a huge $38,000/d for a trip USG-UK. This was probably the highest rate for this season in the US Atlantic market. However the fixtures reported afterwards were still showing some resistance despite the imminent holidays. A 56,000 dwt was booked at $36,000/d with aps delivery in the same area for a trip to FEast and 58,372 dwt got a strong $25,000/d basis dely USG for 2/3 laden legs and redelivery Atlantic. A 15 years old 45,700 dwt achieved $26,000/d for a trip USG-Cont and a younger 48,000 dwt got $30,000/d basis dely Norfolk to go WCCAm. News from S America were lacking apart from a 38,000 dwt reported at $17,000/d + $240,000 bb for a trip from N Brazil to Norway.
Handy (Indian Ocean/South Africa)
Demand out of India remained quiet, but a large number of Supramax and Handysize were fixed thanks to a number of prompt enquiries from Arabian Gulf to FEast, in particular from Iran. Rate levels were largely lacking, although a fancy 32,000 dwt agreed $12,250/d for 3/5 months showing how strongly rates firmed up in the area. From S Africa a 17 years old unit 41,700 dwt was reported at 14,000/d basis dely Angola for a local trip to S Africa.
Banchero Costa and Co Spa
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