Capesize (Atlantic and Pacific)
Another week with a lot of activity from Atlantic to Far East, Vale continued fixing vessels either for 1 voyage only or a couple of vessels for 1 year period. Good activity in Pacific but numbers corrected a bit, last fixtures for Australia / China were in the level of usd 5.40 / 5.50 pmt. Baltic Exchange index after 3 days going up from 1728 of Friday 9th January upto 1888 points, then close to the level of previous week at 1760.
Panamax (Atlantic and Pacific)
The Atlantic was still quite active with rates over $9,000 daily for trips to the East, but started to suffer the pressure for early tonnage. While trans-Atlantic business rates started the week around $5,000 daily or just over but now have been a little down. Pacific market was remaining almost null without a good sign of recovering due to the Chinese holidays coming, rates ranged barely from $1,000 daily to $2,000 daily. Some ships have been waiting now around three weeks to a month. Short period rates in the East were hardly in the mid $6,000 daily range.
Handy (Far East/Pacific)
Even if the volume of the chartering enquiry circulated stayed small, a lot more fixtures were reported concluded, showing charterers' attempt to keep market low by reacting on vessel's positions rather than quoting out their business. The larger amount of booking so far did not bring any benefit to rates which in several occasions were proved even to decrease a bit, allowing charterers to grab tonnage open in Pacific at very low level and to involve in iron ore loading ex Indian coasts.
Handy (North Europe/Mediterranean)
A little more chartering interest, mostly for stems loading ex Continental ports, showed that rates are more or less keeping the levels of the previous week. More contradictory figures both for single trip and short period employment were seen from the concluded business from Mediterranean and Black Sea waters. Export from these areas was still quite limited; very few steel stems were seen from the Black Sea where the enquiry to load grains was a little more frequent.
Handy (USA/N.Atlantic/Lakes/S.America)
An increased chartering interest both from the U.S. Gulf and Atlantic South America led to quite a number of reported fixtures. The large amount of tonnage ready in these areas so far prevented rates from increasing. On the other hand the larger enquiry as well avoided rates to drop. And if the demand from South America will not weaken, we may see rates of this area improving next week.
Handy (Indian Ocean/South Africa)
Once again, the chartering activity has concentrated on the India/China iron ore trade. Rates agreed were lower than the previous week. Hopefully for owners the forthcoming Chinese New Year holidays may generate some last minute fixing, pushing this week into ending up in better rates again. The sole reported fixture from South Africa to the Continent showed rates decreased compared to previous week's levels.
Banchero Costa and Co Spa
Mail: research@bancosta.it
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