Capesize (Atlantic and Pacific)
During last week the Capesize market registered some recovery rates in Atlantic and on the standard routes W Australia/China remained at levels similar to the previous week. Rates agreed were between $4.10/mt and $4.20/mt for end of January dates and timecharter rates were around $3,5/4,000/d. A few cargoes were fixed at higher levels $7.90/mt basis 1.25% total commission for voyages from Saldanha Bay to China. Fronthaul market from Brazil was still dull without fresh cargoes and many vessels spot in S Africa waiting for more profitable rates. Furthermore there were rumors about a higher $10.60/mt fixed. A sudden presence of fresh cargoes in Atlantic for TransAtlantic RV and only a few Capes open, pushed rates up to $7/mt and the standard C7 route was fixed between $9/11,000/d.
Panamax (Atlantic and Pacific)
Atlantic Panamax market is still driven by USG and ECSAm fronthaul with rates around $12,500/d + $250.000 bb even if the grain trade was mainly fixed on voyage basis at $32.50/$33.00 from USG and $22.50 from ECSAm. TransAtlantic RV was still under pressure with too many vessels available and low demand. Quick RV was reported around at $6,000/d while longer durations got small premiums, e.g. a trip via Cont to Med was fixed around $7,000/d. In Far East the activity was still sleepy without any encouragement coming from the demand side. Rates remained under pressure and every day more deals were done on aps basis. NoPac trips to F East showed some fixtures at $5,5/6,000/d on dop basis and Australian trips were done at a few hundred dollars less. Indonesian coal was scarce fixed around $4,000/d on lme type. Period trading was still limited despite some charterers tried to test a few vessels, mostly looking for bargain deals.
Handy (Far East/Pacific)
Activity remains slow in this area and this leads to a larger number of fixing and failing and fewer concluded deals. These trends allowed charterers to fix fancy Ultarmaxes at no premiums. At the beginning of the week a 61,000 dwt was fixed at a low $8,000/d + $60,000 bb from Indonesia/India trip. A similar unit was reported a couple of days later at a better $8,000/d + $100,000 bb for the same business. On the backhaul a fancy Ultramax was fixed for a China/W Africa at $6,500/d for the first 65 days and $9,000/d for the balance. An unfancy 57,000 dwt agreed $5,500/d for the first 65 days and $9,000/d for the balance of the voyage from N China to USG. Another 57,000 dwt agreed $10,700/d from central China to MEG. The same day a fancier 55,000 dwt with dely at same port was reported at only $8,500/d for short period.
Handy (North Europe/Mediterranean)
Very little news available from European waters confirmed that BSea was still suffering especially for larger tonnage. A fancy 55,000 dwt agreed a fronthaul to F East at a very low $8,000/d basis aps dely and few days waiting for cargo laydays. In Cont a 21 years old 28,000 dwt was fixed at $7,000/d a trip from lower Baltic to India which, despite the aps delivery and redely area, was attractive considering size and age.
Handy (USA/N.Atlantic/Lakes/S.America)
Demand remained limited, but some positive indications were registered. US EC trades remained in line with the previous week and a couple of Supramaxes were fixed from USG to F East at $12,500/13,000/d. A 53,000 dwt from S America to F East agreed $10,500/d + $100,000 bb. On TransAtlantic trades basis dely S America larger sizes got rates near or lower than Handysizes on similar trades. Three trips basis redely Algeria were reported: a 27,000 dwt agreed $9,000/d, a 35,000 dwt agreed $11,750/d and a 48,000 dwt agreed $9,000/d. A standard 57,000 dwt was fixed at $12,000/d from Santos via R Sea to Port Said and a fancier 58,000 dwt was reported at $9,000 from the US EC to lower Baltic.
Handy (Indian Ocean/South Africa)
Very little fresh demand registered and the market was pending again. Freshly quoted inter MEG cargoes were not attractive for Supramaxes open in the area. A Supramax was rumored at $7,5/8,000/d from R Sea to India with fertilizers.
Banchero Costa and Co Spa
Email: research@bancosta.it
Internet: www.bancosta.it