Capesize (Atlantic and Pacific)
Baltic Capesize index decreased only of 107 points and the 4 T/c routes lost only about $ 2,000. The Capesize market, after a sharp increase at the beginning of the week, started his heavy slump after Tuesday. The iron ore West Australia to China reached region of about $ 13.50 but showed some decrease last Friday together with Atlantic market where there was a lack of requirements. There were couple of fixtures from Atlantic to the Far East with iron ore from Nouadhbou to China which went at a healthier level of about $ 87,000 daily with a good delivery El Ferrol. The Baltic Capesize Index closed last friday at 5,110 and the 4 T/c routes at $ 55,010 daily. Sentiment for the following week, however, is still not too optimistic in view of the uncertainty of economy in the Western Hemisphere which may induce steel mills to cut production.
Panamax (Atlantic and Pacific)
Trading slowed in the Panamax market, rates slid significantly in the East as sentiment took a bearish turn and new business was insufficient to absorb tonnage. A slowdown in Chinese demand especially for South American soybeans brought pressure to owners reducing the support and the demand for short period as the number of ships increased.Committed ships in South America and in the US Gulf undermined the levels for trips to the East. However quick Baltic round trips have fixed at higher levels reflecting tightness there. Pacific also remained with very slow activity except for some short period business.
Handy (Far East/Pacific)
Activity went on paddling slowly with Supramaxes fixing at lower numbers on Pacific rounds and committing themselves for short period at same levels. A little more demand came out at the middle of the week showing that levels for trips into the Indian ocean were keeping stable levels, but as week-end approached, reconfirmed a dull market with the existing short period interest progressively fading away. As usual the smaller sizes showed a little better resistance to the negative trend with at least a bit more business on spot trades dominated by Australian loadings.
Handy (North Europe/Mediterranean)
The number of reported fixtures is very small and showed lousy numbers also due to positioning business. It was however rumoured that a couple of larger Handies were booked at quite firm levels for trips into the East. Period chartering showed weakness as well, but the market was still supported by regular fertilizer export from North Africa to South America and Middle East.
Handy (USA/N.Atlantic/Lakes/S.America)
After an almost total paralysis of the business on Monday, due to UK and US on holiday the market from Atlantic Americas showed again firm trend which lasted only a while, and rates started trading sideways shortly-afterwards. In spite of this shaky atmosphere some larger units still fetched reasonable good rates for quick trips with coals from USG and NCS America to the Continent.
Handy (Indian Ocean/South Africa)
A little more life was seen in the India/China iron ore trade allowing rates not to decrease further and bringing a little of optimism to owners in consequence of a couple of modern types fetching better figures. Rates for Handymax delivering in S. Africa for a trip into the Continent were heading donward.