Capesize (Atlantic and Pacific)
After quite a long time the Capesize market slowed down by mid-week, possibly because of the imminent Chinese holidays or it might be a correction of the market. On West Australia/Qingdao rates dropped $1.70/mt from $14.50/mt done for a prompt position at the beginning of the week to $12.80/mt agreed on Friday for mid October dates. With a softening market in FEast the number of ballasters increased immediately putting pressure on Tubarao/Qingdao which lost $3/mt in just a couple of days from $31/mt to $28.25/mt for end October / beginning of November laycan. In Atlantic the number of units open remained tight and only a few fixtures were concluded in the low $40,000/d which is still a good rate. Limited activity was registered on backhaul were $14.95/mt were agreed for Saldanha Bay/Rotterdam for mid/end October.
Panamax (Atlantic and Pacific)
Last week was strong, with just a slow end. A large amount of fixtures were concluded on the USG/FE route at consistently higher rates. Rates climbed for USG tonnage with TransAtlantic market firmer with short rounds at higher levels and 2llegs still at premium. BSea and Continent to FEast were done at steady levels as per last week closing numbers. The East saw rates improving further with several ships more attracted by single Pacific RV rather than ballasting towards USG. Period was still an interesting option for charterers which kept on fixing tonnage for short and also medium periods. The week closed with an activity slowdown Charterers were looking for a prompt vessel willing to fix lower rates next week (expected weaker due to Chinese holidays from Tuesday) and Owners refusing to give lower rates.. The derivatives market dropped around $1,500 on Q4 and period activity slowed. Charterers were looking for a prompt vessel willing to fix lower rates next week, expected weaker due to Chinese holidays from Tuesday, and owners refusing to give lower rates.
Handy (Far East/Pacific)
A regular flow of fresh enquiries for Supramax tonnage generated a long list of fixtures at firmer rates. The main reason was probably the holidays in China during this week. From SE Asia a number of Supramax were fixed to load Nickel Ore at firm rates: a 56,800 dwt achieved $14,000/d basis dely Shanghai, a 56,000 dwt achieved $17,000/d basis dely Manila, an Ultramax dely S China got $17,000/d and N China delis got 13/14,000/d. Apart from fixtures out of SE Asia, a 55,000 tonner achieved $10,550/d basis dely Japan for a trip via FEast to PG and an Ultramax fixed for NoPac RV at $12,000/d basis dely S Korea followed by a similar units fixed on the same trade fixed at $14,500/d basis dely N China. The firm trend pushed period interest with a non Eco type booked at $9,700/d for 12 months, a tess 52 got $10,500/d for 3/5 months, another 52 achieved $11,550/d for 4/7 months and a 58,500 dwt Eco $12,000/d for 4/6 months. Supramax trend influenced positively Handies with a 38,000 dwt fixed at $9,400/d for 2 laden legs basis dely Japan, a 34,000 dwt $12,000/d bais dely WC Mexico for a trip to FEast and another 34,000 dwt was fixed at $9,250/d for 5/7 months basis dely S China.
Handy (North Europe/Mediterranean)
The Supramax market in this area was described firm and active, but the majority of the deals remained confidential trying to limit rates growth. The sole positive report showed a non-eco type 57,000 tonner fixed at $9,000/d basis Egyptian RV with grains via BSea. Reports of concluded business for smaller sizes were lacking as well. A vessel was reported on voyage basis with a 25,000 ts of corn from Romania or Bulgaria to Ravenna at an unexciting $16,75/mt, but the lower rate was a little better than it looks considering the cheap load port costs compared to Ukrainian loading and the agreed fast discharging rate.
Handy (USA/N.Atlantic/Lakes/S.America)
The week in USG started with a fresh flow of Supramax Grain cargoes that promptly imfluenced the freight rates upwards. An Ultramax was booked at $26,000/d for a trip to FEast followed by a similar unit fixed on a similar trade at $30,000/d. At the end of the week a 47,000 dwt got $22,000/d to carry Petcoke to China. TransAtlantic trade saw a 58,000 dwt Eco type fixed at $19,500/d from NCS America to Cont and very similar fixture to carry Petcoke from Texas to Turkey. Also the market from ECSAm fired again with a 58,000 dwt fixed at $13,500/d + 350,000 bb basis dely Santos redely FEast. Another 58,000 dwt got $15,800/d for 3/5 months redely Atlantic and a 53,000 dwt achieved $11,000 with same terms.
Handy (Indian Ocean/South Africa)
A fixture from last week (21 yrs old 43,500 dwt for trip via Iran to China) was amended to a rate $1,000/d lower. Freight rates started to go up significantly. A 58,000 dwt Eco got a quite strong $16,500/d basis dely S India for trip to Iran to China. Ongoing strong market from Indo forced charterers to agree $11,000/d for a fancy 57,900 dwt to perform New Mangalore to China.
Banchero Costa and Co Spa
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