17 - 23 October Weekly market report.. Banchero Costa

Tuesday, 27 October 2009 08:14:49 (GMT+3)   |  
       

Capesize (Atlantic and Pacific)

Capesize market remained strong with major focus on the Atlantic where trans-Atlantic rates were up about usd 10,000 daily and also with usual lack of available ships. The East did not have the same progress but demand was constant on West Australia to China run with rates reaching usd 12.50 or more and with time charter Pacific run at about usd 42,000 daily.

Panamax (Atlantic and Pacific)

Panamax market under pressure for the whole week: tighter tonnage availability gave the market a ''booster'', and new business from South America were also pushing rates up. Charterers were looking to take ships for one or two years so the demand for period tonnage increased. Long-term period fixtures about 2-years trading earned in the level of $18,000 daily. Short period business of 4-6 months trading was being talked at about $30,000 daily. The Pacific market has not moved at the same pace but constant demand and fixing has made vessels being soaked up with the Australia and NoPac round voyages and rates near the mid usd 20,000. Good activity for short / medium period was also in this basin.

Handy (Far East/Pacific)

The reported concluded fixtures for single trips showed to be very much linked to the specific business and the required loading dates, with a few firmer rates agreed in contradiction with others done at weaker levels. The volume of the demand paused afterwards, revived again near the close of the week when owners of larger handies again got better rates. Period charter interest was still there for these sizes, mostly for short duration and some vessels were reported booked at still un-exciting levels. Smaller handies lost a bit of their strength with local trips agreed in the very low usd 10,000 daily level.

Handy (North Europe/Mediterranean)

Demand for tonnage to load out of North European ports was still limited, adding further corrosion to an Atlantic market where generally the handy-size market was slowing down in contrast with the market brought seen for the larger boats. Activity from the Black Sea was a little better with larger tonnage still fetching reasonably good rates to the East but agreeing at discounted levels for Atlantic bound business. The week ended reporting a couple of prompt vessels getting fixed out of the Continent with a handysize obtaining realistic level for a short trip to North Africa and a handymax booked at reasonable rate for a short period employment. It was also rumoured that steel business from the Continent was fixed at biter levels but no details were available so far.

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

The initially limited enquiry from the Atlantic Americas coasts attracted charterers to take advantage of the easier rates and translate into short period fixtures their single trip requirements. It was a short spot as handymax/supramax rates revived through the week showing some vessels again fixed at nice rates out of the USG and U.S. Atlantic, both for Atlantic and Eastbound employments. Similarly much better rate was paid for a suprmax delivering in West Africa to load in South America an East bound cargo. Smaller handies kept suffering a weaker market.

Handy (Indian Ocean/South Africa)

The chartering activity in these waters were still driven by the iron ore trade from India to China where agreed levels have been staying at acceptable levels with usual 1/2000 usd daily timecharter premium paid for tonnage loading out of the East coast, compared to the bookings concluded from the western side. Activity was otherwise limited with the smaller handies limited to local marginal trades.

Banchero Costa and Co Spa

Mail: research@bancosta.it
Web: www.bancosta.it


Similar articles

Iron ore prices continue to rise, heading towards $120/mt CFR

18 Apr | Scrap & Raw Materials

India’s coking coal import traffic at ports up 10% in FY 2023-24

18 Apr | Steel News

BHP Billiton’s iron ore output down in Q3 FY 2023-24, metallurgical coal output forecast lowered

18 Apr | Steel News

China’s iron ore output increases by 15.3 percent in Q1

18 Apr | Steel News

Major steel and raw material futures prices in China - April 18, 2024

18 Apr | Longs and Billet

Brazilian high-grade iron ore price increases sharply week-on-week

17 Apr | Scrap & Raw Materials

Iron ore production increases at Vale in Q1

17 Apr | Steel News

Daily iron ore prices CFR China - April 17, 2024

17 Apr | Scrap & Raw Materials

Ukraine’s ArcelorMittal Kryvyi Rih posts higher output for Q1, plans 50% utilization

17 Apr | Steel News

Sweden’s LKAB cuts iron ore output, considers closing pellet plant

17 Apr | Steel News