14-19 September Weekly market report.. Banchero Costa
Capesize (Atlantic and Pacific)
Even week in the Capesize sector which is still unable to move from this doldrums: minus 90 points in the BCI index, plus $ 1,925 on the 4 T/c routes i.e. very stable, but in general very low compared with the levels reached only couple of months ago. Despite the record stock of iron ore in the Chinese ports there was still some fixing activity from West Coast Australia to China at rates in the $ 16/16.50 level with the time-charter round at about $ 60,000 daily. The Atlantic is also very scarce with fixture at minimal levels i.e. Tubarao / Rotterdam about $ 22/22.50 and time-Charter round at mid $ 50,000's. The only sector remaining strong is the long period of 5-10 years which is still in the low $ 50,000's and low $ 40,000 respectively.
Panamax (Atlantic and Pacific)
The rates in Atlantic market fell away for most of the week, and there was no sign of recovering: too many ships will be open by the end of September to balance few numbers of cargoes quoted. And there were ballasters and committed tonnage continuing to struggle. The drop in iron ore exportation from Brazil was one the biggest cause of such situation and the short of grain cargoes maintained the future market under pressure. The Pacific market showed a very good recovery this week with rates hitting $50,000 daily for an LME for a NoPac rounds. Many operators suddenly came off taking ships for the short/medium periods and rates jumpted towards the mid $50,000 daily range. Very good Indonesia activity noted
Handy (Far East/Pacific)
There were a bit more activity appeared in the Pacific area. In the first part of the week, some fresh Nopac round orders were put in the market. As per the reported fixtures below, there were some voyages via Aussie to India. However, cargoes to Cont Med were less, so the rates remained decreased.
Handy (North Europe/Mediterranean)
Few activities from Med but very aggressive rates for the T/A round have been reported. There were some orders for trip via Med to USG, paying very low rates. So Owners preferred other directions like Far East and MEG to PMO. Lots of ships were in Black Sea, but not so many requirements were showed since the previous weeks. Meanwhile, there were big operators looking for tonnage for short-medium period, but owners still rating to much.
Handy (USA/N.Atlantic/Lakes/S.America)
Texas ports resumed their activity from this week, but there were still some delays and problems due to the hurricanes of the previous week. We have seen some new cargoes ex USG, but there are still many ships open in the area for the end of this month and beg of October. In South America rates were still dropping but slower than last week. Some fresh cargoes were put in the market especially to Feast .
Handy (Indian Ocean/South Africa)
There were a huge number of ships open in PMO-WC India area but very few cargoes available. Owners were looking for business from South-East Africa and considering ballasting to the Black Sea to find some good business. In the EC India, there were still few activities, but rates were a bit better than last few days.
Banchero Costa and Co Spa
Mail: research@bancosta.it
Web: www.bancosta.it