Capesize (Atlantic and Pacific)
Capesize market is still increasing although still far from the record highs at mid May of this year when the 4 T/c routes reached $114,537. Last Friday it reached $107,593 which is a very good average anyhow ... The market too further 460 points, with the fronthaul rate especially very active to reach the $61.50 fixed on the Itaguai/Qingdao route. Also period was quite active with few modern capes fixed in excess of $100,000 for one year time-charter. Also the five years period tc shown very good signs and in this section there was one 171.000 dwt built 1999 reported fixed at a strong $56,000 for such a period with delivery July-August 2008.
Panamax (Atlantic and Pacific)
After the considerable improvement of rates of last weeks, particularly in Atlantic rates have eased this week. Also the front haul trip decreased from the $70,000 of about $5/6,000. Pacific was somehow lower than Atlantic therefore the decline of rates was less evident but still real. Short period is now paid in Pacific levels of about $56/57,000 against the very hi $50,000 paid about ten days ago.
Handy (Far East/Pacific)
The prompter tonnage was not always able to book a next business timely enough and single-trip rates have further decrease. A larger discount was seen for Handymaxes and Supramaxes where the run from China to the Persian Gulf lost $3,000 daily from the previous to the next fixture. Also the smaller handies which have traditionally become the strongest size of the market suffered rate decrease for single employments.
Handy (North Europe/Mediterranean)
The trend has generally improved to owners benefit in both the European basins. A little less activity for loading out of Atlantic Americas has not prevented rates to increase both from Continent and Med/Black Sea. Also a few short period fixtures were concluded at attractive money while rates for trips from Black Sea to the mid-East kept growing.
Handy (USA/N.Atlantic/Lakes/S.America)
The volume of the enquiry was quite smaller from these areas, but this hasn't affected the market strength so far. No fixtures were reported concluded on Handymax sizes but rates paid to Handies for Transatlantic business proved how strong still this market is. At the end of the week there were some rumors about prompter South American open tonnage not being able to achieve rates according to owners' expectations, but it was not confirmed so far by any fixtures concluded at lower money.
Handy (Indian Ocean/South Africa)
With still not a large enough amounts of tonnage available, agreed rates remained quite nice for owners even if there is still not that much of tonnage enquiry. Even the concluded period fixtures with tonnage delivering in these areas show that charterers are no longer managing any savings compared to the rates available for tonnage delivering in the Pacific basin.
Banchero Costa and Co Spa
Mail: research@bancosta.it