Capesize (Atlantic and Pacific)
Capes market decreased more or less for the whole week due to holidays in
Far East.
China,
Japan, South
Korea and
Taiwan even if in different dates were closed and the market slowed, in particular the Atlantic basin. Pacific basin decreased but not as much as the Atlantic one and at the end of the week there was a rebound that was seen as a sign of the new week trend. BCI lost only 35 points, the average 4T/C routes passed from $55,234 to $54,589; ore from
Brazil to
China was stable at around $30.75. Atlantic basin decreased more passing from $54,000 to $50,000, but many units open in October are not able to achieve more than $46/47,000. We believe next week, with
China and
Japan back, the market will recover especially in
Far East, instead Atlantic basin should suffer the cargo offer.
Panamax (Atlantic and Pacific)
It was a quiet week in the Panamax sector, with little to report from either basin mainly due to the feastern. There was more inquiry emerging in the Atlantic, but business, if any, was being done off-market. In particular route
US Gulf/
Japan showing reported two 54000/5 HSS stems
US Gulf/
Japan at $50.50 and $50.25 on a day when the average was $49.60. In the Pacific, the Panamaxes seem to be on steady levels and latterly some improvements showed as Pacific round voyages and Atlantic trip home straddled $35,000 daily.
Handy (Far East/Pacific)
The major
Far East holidays celebrated this week in the
Far East have appeared not to touch at all the
freight market levels.
China was closed the full week, South
Korea for 3 days and some smaller holidays in
Taiwan and
Australia only managed to reduce the volume of concluded business. Period interest up to 24 months for Handymax tonnage is still very much alive, and some healthy fixtures were reported concluded in spite of the festivities. Single trip rates are otherwise excellent to all directions and Handysize tonnage is earning attractive figures. Most of the available requirements for October dates remain there to be fixed and owners of prompt tonnage are sitting tight to watch what will happen next Monday when everybody shall be back to work.
Handy (North Europe/Mediterranean)
Another wave of quietness went through the Continental market but the charterers with requirements to cover are struggling to get proposals as tonnage is lacking in the area. East Mediterranean/Black Sea fixing showed contradictory deals but market stays firm and reluctance to send tonnage to the Indian Ocean is growing affecting rates upwards.
Handy (USA/N.Atlantic/Lakes/S.America)
In a general firm
Us Gulf market, the Pacific market strength has made rates for Mediterranean / Continent destinations higher than what charterers manage to pay for cargoes to the
Far East. Reported fixtures from
South America lacked a bit but market is described as being very good.
Handy (Indian Ocean/South Africa)
The volume of the activity remained smaller but the
iron ore rates from
India to
China are growing up again while the monsoons season gets to its end. Chartering from South
Africa was generally quiet while more demand was seen for
trading between Indian and Persian Gulf.
Banchero Costa and Co Spa
Mail: research@bancosta.it
Web: www.bancosta.it