June 19 – 25 2010 Weekly market report.. Banchero Costa

Tuesday, 29 June 2010 10:49:39 (GMT+3)   |  
       

Capesize (Atlantic and Pacific)

It seem that market has bottomed as the week drew to a close after several days of falling rates: minus 417 points on Baltic Capesize Index and minus Usd 5,215 on the 4 T/c routes. Many Owners/Operators with tonnage open in Far East tried all the week to maintain Usd 9.00 or so for the West Australia to China iron ore route, but with so many tonnage available such a rate was not always available and in some cases it went below 9's. The Atlantic market registered increased demand from Vale who apparently fixed one 1986 built ship of about 200,000 dwt at a rate of about Usd 22.00 for Tubarao to China trip. There remained limited business within Atlantic with the average rate of the Time charter round voyage which dropped to little more than the mid Usd 20.000 range.

Panamax (Atlantic and Pacific)

During the past week there was little evidence of recovery in either basin as a consequence of little new business. Charterers continued to draw their tonnage for their East Coast South America cargoes from the East. The Continent remained fairly quiet. Demand for period tonnage dried up, and sources said some business had failed. In the Pacific basin, a NoPac round fixed an LME at $23,000 daily then rates declined to levels around the $20,000. The rates in the East have found a floor, but the stability remained fragile with still many ships on the market. There was some period activity, with short period of 3-5 months trading reportedly earning about $23,500 daily and 4-6 months trading at about $25,000 daily. The week ended on a negative note with any optimism in the market gone for now, brokers said. The Atlantic saw a few more ships fixed in the East, but essentially the market suffered from a lack of fresh trans-Atlantic business and for now most of the business in the South Atlantic has been serviced from tonnage in the East. The East was over tonnage with little round voyage business in the market and short period business taking a pause.

Handy (Far East/Pacific)

Despite a good number of reported fixtures, the rate level was still going down. The average for a round in the Pacific by a modern Supra was in the low 20k, but older and grabber vessel found problems to get more than mid teens for similar business. Period business have been quite active, most of the operators there evaluated Supras in the low 20's for 3-5 or 4-6 months.

Handy (North Europe/Mediterranean)

Less cargoes coming out ex the Black Sea and a big number of vessels opened in Med - Black Sea area have influenced rates level. From the Cont there were less cargoes of scrap, but still some fertilizer cargo especially to Feast - Mid East area.

Handy (USA/N.Atlantic/Lakes/S.America)

Many players thinking the USG market was touching the rock bottom level. Supras were running at very low 30 k basis levels for trip the Cont Med, but most of operators are thinking that from end of July the trend will change. South America had few demand of grain, still good quantity of sugar were coming out from Brazils.

Handy (Indian Ocean/South Africa)

Still some cargoes of coal from South Africa to India MEG area were available for July August dates. Spot rates were in the high teens for a supra open in WC India area. Still few shipments of iron ore form EC India, but most of the vessels ending up in the Indian Ocean start to sail in ballast towards South America or the Black Sea.


Banchero Costa and Co Spa
Mail: research@bancosta.it
Web: http://www.bancosta.it/


Similar articles

August 1– July 7, 2011 Weekly market report.. Banchero Costa

09 Aug | Steel News

April 11– April 17, 2011 Weekly market report.. Banchero Costa

19 Apr | Steel News

April 04 - April 10, 2011 Weekly market report.. Banchero Costa

12 Apr | Steel News

March 28 – April 03, 2011 Weekly market report.. Banchero Costa

05 Apr | Steel News

March 20 – March 27, 2011 Weekly market report.. Banchero Costa

29 Mar | Steel News

March 14 – March 20, 2011 Weekly market report.. Banchero Costa

22 Mar | Steel News

March 07 – March 13, 2011 Weekly market report.. Banchero Costa

16 Mar | Steel Matters

January 23 - 28, 2010 Weekly market report.. Banchero Costa

03 Feb | Steel News

December 20 – January 10, 2010 Weekly market report.. Banchero Costa

11 Jan | Steel News

December 12 - 19, 2010 Weekly market report.. Banchero Costa

22 Dec | Steel News