Capesize (Atlantic and Pacific)
Another flat week for capesizes characterized by a very low activity with BCI time charter average now lower than Handysizes. Voyage rates for West Australia to China still below Usd 6.00 and time charter rates equivalent in the mid Usd 7,000 although above Usd 6.00 was done but for very prompt tonnage. The Atlantic was mixed with Tubarao/Qingdao done at Usd 17.40 that equates to about Usd 10,000 daily for a standard BCI type coming from the east. Some interest recorded for short period with one year period allegedly talked at Usd 25,000 daily, well above the spot market.
Panamax (Atlantic and Pacific)
Panamax rates have firmed in both basins this week: the Atlantic had more optimistic tone as rates continued to hold near last dones' levels and limited tonnage helped to keep numbers on an upward trend. A good amount of new cargoes entered the market, with the North Atlantic market being especially encouraged. In the Pacific market rates were supported by new grain cargo out of the South American East coast. Good activity was for short period vessels.
Handy (Far East/Pacific)
Nickel ore trade business from Philippines or Indonesia into China became a leading trade again in the Far East waters. Supramax which were already achieving over usd 15,000 daily time charter rate basis round voyage, saw higher rates available from charterers' pockets. Suitable grab-fitted tonnage started lacking and rates may become closer to the usd 20,000 level in a short-while. Also business from the North Pacific became more regular for larger units and the round voyage rate showed to consolidate in the higher teens. Interest to carry Indonesian coal into Indian was weaker and rates stayed slightly over the mid teens, also backhaul business showed to keep fixing in the 12/12,500 daily level. Fresh period interest from short term up to 2 years brought some optimism. Short period interest for larger units was seen again.
Handy (North Europe/Mediterranean)
Interest to carry scrap from North Europe into the East Med was larger this week on Handysize stems. The amount of available tonnage started to decrease, also due to some units fixing fertilizer cargoes from this area, bound to South America. The time charter rates for this trade presently standing in the mid teens levels are predicted to rise. Activity from Mediterranean waters stayed much quiet with most of the action oriented into the fertilizer movement from North Africa into South America and USG. Even at weaker rates this trade remains quite beneficial to owners who afterwards manage to achieve better "aps" rates out of Atlantic Americas loading areas. The Black sea was seen to be still quiet with some fixing and failing.
Handy (USA/N.Atlantic/Lakes/S.America)
Activity was still slow out of these areas, with more interest to load out of South America and a more difficult market for owners with tonnage available in the USG /E.C. South America range. Charterers entertaining the few coal/pet coke stems are fixing only good bargains and some times it proves to be more attractive for owners to take Far East bound business rather than get involved in the trans-Atlantic competition. South America showed a bit more regularity in its trend with larger interest on trans-Atlantic stems where Supramax rates showed to start to improve at the end of the week.
Handy (Indian Ocean/South Africa)
A little more Supramax sizes iron ore cargoes from EC India to China, in connection with some tonnage available locally getting stolen by Indonesia loading charterers; it pushed rates up a little further touching usd 17,000 daily level. The other activity in the area were quiet with little period interest showing that Supramxes delivering here were booking rates similar to the ones delivering in the Far East.
Banchero Costa and Co Spa
Mail: research@bancosta.it
Web: www.bancosta.it