Capesize (Atlantic and Pacific)
During last week the positive sentiment kept pushing up rates especially for prompt dates. Charterers had to pay over $8/mt for May loading out of West Australia to China. The activity was good also from East Australia with coal cargoes fixed at higher rates. The Atlantic basin failed to meet the good expectations of the previous week because the activity was thin in particular for fronthaul cargoes. The period market reported a strong 3 years timecharter fixture at $15,000/d for a good Eco Speed consumption vessel.
Panamax (Atlantic and Pacific)
Last week was again affected by holidays, on Monday and Thursday, with many European players away, this affected the market that was again slower. The Atlantic basin was steady and with little action: round trips were in the $8,500/9,000 daily range. Owners are confident looking at ECSAm grains fresh enquiries for June dates. The market in Pacific softened with the chartering activity mainly focused on Indonesia Round Voyages since the list of requirements for NoPac and Aussie RV are shortening. Indo RV were bidding in the $7/8,000/d whilst offers were in the $8,5/9,500/d depending on vessels' position and specs. In both basins charterers seem to be more and more interested in 2/3 legs scheme rather than periods in order to cover their future cargo requirements, period deal are becoming scarce. Owners are trying to hold on period rates, but are more and more flexible trying to encourage charterers to fix period deals; charterers on the other hand are not really there to fix periods since they are looking for rates competitive with spot market that in many cases is too low.
Handy (Far East/Pacific)
Supramax rates softened since the activity slowed in the area in particular on the coal trade from Indonesia to India. A 55,600 tonner delivery South of Taiwan via Indo to India was fixed at an unattractive $8,700/d and was followed by an awful fixture at $4,200/d for a similar trip of a 53,800 dwt basis dely Caofedian. The lack of demand allowed charterers to resume sea sand trand to Spore, a commodity that owners avoid during better markets. Three modern Supramaxes were agreed for short trips ex SE Asia at unattractive levels between $7,500 and $7,750/d. The news for smaller tonnage were scarce, however emerged that a 28,700 tonner was booked for 3/5 months at $7,250/d basis dely N China, a further confirmation that smaller tonnage is enjoying a better market.
Handy (North Europe/Mediterranean)
Once again news was scarce from Med/BSea and Cont waters. Even if demand is very small, the best rates achievable for Supramax are out of BSea where a nice unit was rumored at $14,000/d basis dely Cannakale for a trip to Sore/Jpn and another unit at $15,000/d basis redely Indian Ocean/Persian Gulf. Similar trips from Cont seem to be worth a thousand dollars less. Rates for scrap trade into E Med should be close to these levels. A 28,000 dwt modern type achieved a $10,000/d for a trip via Baltic to WAfr.
Handy (USA/N.Atlantic/Lakes/S.America)
The Supramax market remained stable at good levels confirming once again that the trip from NCSAm to WCSAm is still the highest with a irm $21,000/d agreed for a standard 56,900 tonner. Rates from USG to FEast remained in the high teens and a fancy 58,000 tonner achieved $12,500/d for a trip to Spain with dely WCCAm and charterers paying the ballast leg to the loading port in NCSAm and the Panama tolls. A 53,600 dwt was booked for 2/3 laden legs $9,500/d basis dely WAfr, 1st leg SA to WCSAm.
Handy (Indian Ocean/South Africa)
The area still missed enough demand to support rates, however tonnage suitable to trade Iran still got $10,250/d basis dely WC India via Iran to FEast. The Magnetite Ore voyage was also good, probably to attract owners towards North China where the market decreased substantially.
Banchero Costa and Co Spa
E-Posta: research@bancosta.it
Internet: www.bancosta.it