Capesize (Atlantic and Pacific)
Another lousy week on the Capesize market that lost other 129 points. The average of 4 T/c routes lost other $ 1,074 daily reaching $ 2,425. All the week was basically showing almost no activity with few fixtures notwithstanding the high number of ships left drifting along Brazilian and Singapore coasts. During the whole week only one time charter fixture was reported: a 180,000 dwt built in 2007 being reported for one Transatlantic round at $ 1,000 repeat $ 1,000 daily. Vale continued to take tonnage on a two to four months basis at a rate of about 9/10,000 daily plus about $ 175,000 ballast bonus for delivery arrival pilot station Brazil.
Panamax (Atlantic and Pacific)
Market this week declined further and nobody can foresee for how long this will be. In the Atlantic, two days of USA offices closed due to the local holidays brought many ships available spot prompt and few fresh inquiries. Rates were 7000/mid 7000s for trip out while trans-Atlantic rates were between usd 4000/5000. The Pacific market was similar to the Atlantic with not much fresh business. The Indian Ocean appeared instead of little more active but again numbers of ships available, in excess of the demand. Long/medium period does not exist at the moment; 1 year T/C for a lme Panamax type is about usd 11/12000.
Handy (Far East/Pacific)
Some fresh fixture reports could only show the market crisis is still affecting this area. Local short trips were not showing any rate premiums and only business via Australia can be fixed at slightly better rates.
Handy (North Europe/Mediterranean)
Fresh chartering interests for scrap from Northern Europe to the Med were too little to bring any positive influence to rates. The new stems were oriented to handy-sized vessels and were fixed as very low levels. Activity from the Black Sea and Mediterranean was very limited.
Handy (USA/N.Atlantic/Lakes/S.America)
The market from Atlantic Americas proved to be quite tough for owners. Unattractive trans-Atlantic rates were agreed both for loading the U.S. Gulf and South America. A larger handy was fixed as an unattractive rate for short period via South America with Atlantic redelivery. The Thanks-Giving celebration in the U.S.A. on Thursday made the small existing activity almost frozen.
Handy (Indian Ocean/South Africa)
The enquiries from India to China led to a large number of fixtures concluded, showing a climb-up of the rates which ended into daily time-charter rates over usd 10,000 for lme types. The very small amount of available business to other destinations was showing to be paid a rate which looks almost ridiculous.
Banchero Costa and Co Spa
Mail: research@bancosta.it
Web: www.bancosta.it