Capesize (Atlantic and Pacific)
Very slow week mainly due to Chinese holidays and the Arab countries celebrating the end of Ramadan that ended with September. We have at least noticed during this week the end of the falls in the Capesize market and a small increase in the Far East mainly the iron ore from West Australia to China where the freight reached $ 11.75. The Time-Charter period and especially the one year showed an average of about Usd 55,000 daily with about half a dozen fixtures reported Capesizes ships on time-charter to Transfield reletted for one year period mainly to SwissMarine and other various Charterers. The Index lost 398 points and the average of the 4 T/c routes $ 5,867. Reports that Vale settled a price dispute with the Chinese Steel Mills now appears to have been premature.
Panamax (Atlantic and Pacific)
The Atlantic market continued to fall this week, which made many charterers hold their position. There was hardly any new business entering the market. It is unlikely we will see much fresh enquiry entering the market in the coming week. Even if with some prompt ships fixed, the prevailing feeling is negative. Also the Pacific market continueed to decline, there has been very few business conducted. Someone hopes market to come up a little bit next week, with new enquiry coming into the market and Chinese holidays over. There are still a few prompt vessels in the basin, which are looking to be covered.
Handy (Far East/Pacific)
In view of the Chinese Golden Week and of the national holiday in Korea on Friday, we have seen less activity in Far East - Pacific area. The few reported fixtures show quite well, even if also in this area rates are dropping and especially for trip to USG and to India, remain a bit more more stronger the Continent - Med route.
Handy (North Europe/Mediterranean)
Only one fixture was reported by the Baltic exchange this week. Also in these areas rates dropped seriously. As the National holiday started on the second part of the week the market remained very quiet. Rumours said that quite a number of trades in the area were willing to do short period.
Handy (USA/N.Atlantic/Lakes/S.America)
Few cargoes on spot basis coming out from USA, and rates dropping on daily basis. As a bit more activity ex South America, rates seems a little bit better even if it seems there will be a new strike of the farmers on the following days.
Handy (Indian Ocean/South Africa)
Rates were still dropping, probably because of few cargoes but a lot of ships in the Indian Ocean area and the high price of the iron ore. Rates for trades from WC India to China were a bit better than those from EC India.
Banchero Costa and Co Spa
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