Capesize (Atlantic and Pacific)
The Capesize market remained flat both in the Atlantic and the Pacific basins. In Pacific all major miners were active and rates remained in the mid $4/mt basis eta W Australia early/mid April. Only a few fixtures reported from S Africa with rates from Saldanha Bay to Qingdao agreed around $7.10/mt. The Atlantic markets was more active with more fresh requirements, however the relevant number of Capesize available forced owners to accept a $4.75/$4.80/mt rates bss Bolivar to Rotterdam. Fronthaul trips from Brazil to China were mostly fixed between $10.50/10.70/mt basis dely mid/end April. Some fixtures timecharter basis were done at rates around $3,500/$3,750/d. Almost absent the period activity due to the weak market conditions and uncertainty about the future.
Panamax (Atlantic and Pacific)
Very quiet week for the Panamax market with Atlantic still driven by ECSAm. Rates were slightly softer for first half April dates. Some trades agreed around $22/mt on voyage basis and less than $12,000/d + 200,000 bb. End April/early May cargoes were fixed at an higher $23/mt on voyage and $12,500/d + $250,000 bb. Transatlantic activity is still slow with not many fixture reported for business via Baltic and BSea. On the Pacific side, despite quite a good start of the week, with some fresh enquiry, another drop was registered. The NoPac RV was fixed around $5,250/d for a standard Panamax and near to $6,000/d for a nice Kamsarmax. Indonesia RV was fixed around $4,000/d on standard Panamax. Australian RV was fixed in the low $5,000/d basis dely dop China on a 82,000 dwt. Period trading was still of interest in accordance with the S American enquiry, but charterers tried to push rates down. Short period was fixed in the $7,000/$7,250/d bss dely China on lme type.
Handy (Far East/Pacific)
Last week started very slow with little interests for transpacific trades but the market was steady with rates for spot employments in the Indian Ocean similar to the previous week and slightly better figures agreed for Far East directions. A standard 56,700 dwt for a trip from S Korea into the MEG was fixed at $9,000/d while a very similar size delivering at Singapore agreed $8,000/d for a trade via Indonesia to WC India. Nickel Ore to F East improved with a 54,000 dwt agreeing a reasonable $7,000/d from Singapore via Philippines to N China, followed by a 58,000 dwt with same delivery fixed at a much better $8,000/d for a similar trip, also in consideration of the Taiwan redelivery (better for the owners). Renewed interest for backhaul showed an improved $5,000/d for first 50 days on a trip from S China to the USG. Less attractive was the $6,250/d agreed on the first 65days duration from S Korea to N Europe.
Handy (North Europe/Mediterranean)
Handymax and Supramax were active with grains, steel and scrap cargoes from N Europe to Med destinations at firm rates. Several units were booked in the $9,000/d level including a 20 years old 45,000 dwt basis delivery lower Baltic. A fancy 58,700 dwt got a firmer $10,750/d basis the same dely to carry scrap to Turkey. Fronthaul trade ex BSea further softened with a 53,000 dwt that agreed a lousy $6,600/d rate. Comparatively the low and high $5000/d paid for a 39 000 dwt and a 45 000 dwt to carry grains to Morocco and Italy seemed attractive figures.
Handy (USA/N.Atlantic/Lakes/S.America)
The number of cargoes loading out of USG improved and quickly drove rates upwards for all destinations. A fancy, large Ultramax agreed a firm $13,500/d to F East, on same trade a 53,000 dwt got $11,300/d, a slightly smaller Ultramax was fixed at $12,500/d and a 52,000 dwt was reported at $11,500/d to carry grains to Japan. The TransAtlantic trade began with a 58,000 dwt fixed at $11,700/d to Italy and ended up showing an Ultramax done at a great $14,000/d to load petcoke to Turkey. Quite attractive was also a rate of $12,500/d reported for a 61,000 dwt basis redely WCCAm and the $11,000/d for a 15 years old 46,000 dwt to go WAfr. Activity in S America was quieter and a 56,000 dwt got $10,000/d + 175,000 bb from Recalada to SE Asia and a few Handysize fixed for costal trading around $9,000/d.
Handy (Indian Ocean/South Africa)
Only one fixture reported. An intra MEG aggregate trade that however showed some positive trend. The $6,000/d shows an improvement of around $2,000/d compared to the previous week. It appears also that S African market is getting tight because of some first half April Supramax stems which need to be covered.
Banchero Costa and Co Spa
Email: research@bancosta.it
Internet: www.bancosta.it