Capesize (Atlantic and Pacific)
Remarkable week again with Capesize index dropping again while Panamax rates rising: 874 points lost on index, but especially minus $11,847 on the 4 T/c routes which were ending the week at $88,866. Basically market was falling on all routes with quite an excessive of ships in Far East contributing with the drop in market bringing the West Australia iron ore rates down to close to $18/mt and the T/c Pacific rounds down to about $80,000 from the about $94,000 at the beginning of the week.
In Atlantic there was bit more activity however the T/c rates for rounds were resulting in fixing modern capes at not more than about $98/99,000 daily; South Africa was also falling down to about $24.00 on Richards Bay/Rotterdam route. Period t/c was also not much active however with few fixtures reported still holding in the level of about $90,000 for one year T/c.
Panamax (Atlantic and Pacific)
All the week rates maintained firm in the Atlantic due to limited tonnage availability and quite good numbers of new inquiry. A short continent round is done $59,000 daily, while trans-Atlantic round has made $56,250 daily but with sentiment that we will see soon $60,000. Atlantic short period business of 3-4 months trading fixed at over $55,000 daily. In the Pacific, its the demand for period business which keep rates up. Australia round made $59,250 daily for modern tonnage, while a NoPac round fixed at $54,000 daily. In period business, 6-8 months trading fixed at $52,000 daily, while periods of 2-3 years trading are seeing $39,500-$40,000 daily.
Handy (Far East/Pacific)
An increase of the tonnage demand was suddenly came out with the start of the week although market remained a little "shaky" due to several vessels fixing and failing on subjects. An afterwards growth of charterers interest for period fixing influenced the stabilization of a more positive trend, ending up in a good number of deals reported concluded. Agreed rates show that market remains positional, partly also due to the large number of tonnage available. Agreed rates showed some contradictions, with low money paid for a Handymax fixture to Atlantic and a similar size for a local trip. The average of the best rates agreed was for period employment.
Handy (North Europe/Mediterranean)
A shortage of tonnage in the Continental area combined with a bunch of fresh requirements coming into the market brought some more vitality to rates agreed from this area both for handy and Handymax size. A modern Supramax was booked for very short period at quite reasonable money, even more taking into consideration the area where she was delivered.
Handy (USA/N.Atlantic/Lakes/S.America)
Atlantic Americas kept the leadership of the market. Tonnage is scarce and chartering demand keeps building up which lead to charterers having to agree $50,000 for taking a small Supramax with delivery West Africa to go load in South America for destination Far East. Handysizes achieve good figures for transatlantic trades and a few Handymaxes were reported booked for short period basis delivery US Gulf at very interesting money, one of them was even over 20 years old.
Handy (Indian Ocean/South Africa)
The chartering demand from this area remains very limited. Owners earlier wisdom for trying not to avoid their tonnage to end up in these waters during the monsoon season has created a huge shortage of available tonnage in the Indian Ocean, charterers involved with prompt requirements to cover are struggling to find suit tonnage and end up to pay firm rates to owners, especially for handy-size tonnage.
Banchero Costa and Co Spa
Mail: research@bancosta.it
Web: http://www.bancosta.it/