October 11– October 17, 2014 Weekly market report.. Banchero Costa

Tuesday, 21 October 2014 09:52:12 (GMT+3)   |   Brescia
       

Capesize (Atlantic and Pacific)

Sentiment in the Capesize market was still negative but there were some positive signals at the end of the week. In Pacific, W Australia/China charterers paid $7.45/mt on Monday but, by the end of the week, managed to get rates down to $7.10/mt; despite that, bunker prices dropped heavily and time charter equivalent looked less unattractive. Atlantic market looked very poor: for a RV $5,750/d was the rate paid, while it was reported that a fronthaul trip of 75/80 days duration from N Atlantic was done at a healthier $22,000/d. Period charterers were very shy as expectations for the months ahead are now melting: a modern vessel dely ppt was fixed for 11/14 months period at $14,100/d.

Panamax (Atlantic and Pacific)

Week 42 started quietly as many of the professionals of the dry bulk market attended the Coaltrans event in Copenhagen. Atlantic market remained quiet with rates for USG businesses around $14,750/15,000/d + $475,000/500,000 bb (the equivalent of $41.00/42.00/mt on voyage basis); not much activity from ECSAm either where rates were stable below $13,000/d + $300,000 bb. Only TA and short RV improved thanks some fresh requirements; rumors about a fixture for USG/E Med done over $12,500/d + $200,000 bb were heard. Pacific market was still solid with interesting rates for trips to India, paying a premium, and for NoPac RV, over $9,000/d. Not much activity for short/long period and just a few fixtures reported.

Handy (Far East/Pacific)

Quite some interest for Handysize stems was shown during week 42, generating a number of reported fixtures. A modern 32,000 dwt was fixed at $8,300/d basis dely China for 2/3 laden legs in the area; for a NoPac RV on a 36,800 dwt vessel dely Japan the rate was $9,000/d. Less attractive was the 28,000 dwt performing a trip from Australia to S Korea at only $6,000/d with dely Spore. The growing interest for stems in NoPac showed a Supramax done at $9,000/d + $300,000 bb with a more attractive redely SE Asia. A trip with steels from N China to SE Asia paid $8,300/d for a 58,000 dwt, although the rate might have been influenced by slow loading/discharging terms prolonging the duration. A smaller Supramax was done at $1,000/d to move a coal stem from Indonesia to EC India while a modern 44,900 dwt got a premium rate of $8,000/d basis dely China to perform a trip via CIS Pacific to SW Asia. A 22 year old slightly smaller vessel got an interesting $8,750/d to do short period.

Handy (North Europe/Mediterranean)

A huge rate of $15,500/d paid to a fancy 34,000 dwt for a trip from Cont to F East, very close to the $15,000/d agreed for a nice 58,800 dwt to go from same area to the E Med, showed this market area to be more "in the hands" of the Handysize owners. Trend from BSea/Med was soft and contradictory. For a nice 35,000 dwt delivering E Greece $10,250/d were agreed to perform a trip via BSea to E Med; such report clashes with strong rumours heard of another Handysize 32,000 dwt being fixed at $7,000/d with dely Dardanelles for a trip via BSsea toW Med.

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

Less interest was shown in Atlantic: a 58,000 was reported done at just $17,000/d for a trip from the USG to China, strongly contradicted by the two reported voyage fixtures to carry grains, done at $ 41.00/mt for a 49,000 tons cargo to Japan followed by a larger 55,000 tons cargo done at a higher $42.15/mt to China.

Handy (Indian Ocean/South Africa)

Business slow for the owners as the chartering demand from these waters was still not sufficient to support any improving trend. A small number of Supramax iron ore enquires started to show: charterers managed to book a 57,000 dwt at only $4,000/d for a trip ex WC India to China. Comparatively the rate agreed for an almost sister vessel loading ex SAfr was better, but mostly to compensate the ballast to position at delivery port and the longer duration. Otherwise lots of rumours about fresh enquiries building up from this area but so far not much did materialize.

Banchero Costa and Co Spa
E-Posta: research@bancosta.it
Internet: www.bancosta.it


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