Capesize (Atlantic and Pacific)
Even though owners' efforts the market was falling all the week. Activity in Atlantic remained very low and the iron ore route from Brazil to China was covered with very few vessels fixed in the Usd 24.00 levels, Far East remained low as well with West Australia to China iron ore being fixed at very low Usd 10's levels. There has been some interest for short period with few fixtures reported admittedly at low level. Baltic Cape Index lost 278 points and the average of the 4 t/c routes decreased of Usd 3,615 daily to reach Usd 28,542. Long period T/C showed STX Panocean who took a Starbulk newbuilding 180,000 dwt with delivery ex yard S.Korea (Hanjin) September 2011 for 10 years T/C at USd 24,750 daily.
Panamax (Atlantic and Pacific)
A quiet week, with the market softer and rates under pressure all over the areas. The Atlantic is looking particularly panicky with owners substantially reducing their rates on spot/prompt tonnage and deciding to fix now than to ballast. Perhaps they can see the pressure of next week prior to Easter holidays. The Pacific has seen a little activity but rates continued to soften slightly with typical Pacific rounds at usd 28,000 level.
Handy (Far East/Pacific)
Fewer reported concluded fixtures were the result of the on-going reduced chartering demand. Agreed rates for Supramaxes managed to stay at very similar levels to last dones'. At the end of the week constant rumours circulated in the market that lower rates have been agreed on these sizes for North Pacific/Southeast Asia and India rounds. Smaller Handies showed to keep the market much better compared to their larger relatives with high teens agreed both for round trips and short period.
Handy (North Europe/Mediterranean)
Market kept a sound enough trend around European waters. Even if the volume of the enquiry wasn't that large nice rates were still being paid to owners with regular scrap activity going on from the Continent where some charterers were caught by positional matters and had to book a Supramax to Far East via South Africa in spite of approximately 10 days longer duration of the trip. Details of concluded business out of the Black Sea were missing, but the two Handymaxes reported fixed for one year trading at usd 22,000 showed a positive market for owners in the area.
Handy (USA/N.Atlantic/Lakes/S.America)
A good start of the week for owners with some strong fixtures concluded both from the USG and from South America. A Supramax was even taken with delivery in the Eastern Med. Most of the business concentrated on trans-Atlantic runs, where also the smaller units enjoyed nice levels. The week went on showing a progressive softening of the larger size market which ended up with a large modern type agreed lower rate to the East, while Handies managed to keep their market up.
Handy (Indian Ocean/South Africa)
West coast India kept showing better levels agreed on the iron ore trade to China, the eastern coast was active enough as well but rates from same are back to a 5/7,000 usd daily discount. Handy-size activity was quite positive as well for owners, with two vessels fixing firm rates from the MEG and South Africa into the East.
Banchero Costa and Co Spa
Mail: research@bancosta.it
Web: http://www.bancosta.it/