Capesize (Atlantic and Pacific)
Another strong week either in Far East and in Atlantic. In the Far East we have seen major iron ore operators in a very active run to cover the October positions pushing the market close to the Usd 12 for the Port Hedland/Qingdao route. Time charter rates were reached about Usd 35,000 for modern tonnage. Atlantic as well was quite active with more spot orders coming mainly from end users, but also many operators had to cover positions under contracts and, in view of the lack of prompt tonnage becoming open in Atlantic, market went up to reach the Usd 46,500 for Transatlantic round voyage and about Usd 57,900 for the fronthaul. It is important to underline that this happened in absence of most of the Chinese players that were on holiday. Let's see next week what will happen when they will return to work although the general impression was that market should weaken in view of the most prompt position are now almost covered.
Panamax (Atlantic and Pacific)
A strong week for both basins but without participation of China. Rates in the East climbed significantly with charterers reluctant to pay more and waiting for the following week to see where this market really heading. The Atlantic remained tight for tonnage although there were still some ballasters from the East impacting on the market. Paper eased off largely on profit taking with as yet little change in sentiment in the physical trades.
Handy (Far East/Pacific)
The Chinese holidays slowed down the general activity but strangely did not affect the rates downward. Supramaxes and handymaxes kept easily fixing local trips at levels in line with last dones and some times slightly better. The absence of the major Far East based market operators was compensated by a strong fresh demand for tonnage to load coals from Indonesia and Australia to India. Also the period market for these sizes achieved some benefit with a large modern type booking short period well over usd 17,000 daily. Proportionally better numbers were paid for handysizes.
Handy (North Europe/Mediterranean)
Even if almost no fixtures were reported, largest interest from the Black Sea was in the handysizes. As the tonnage was lacking and the demand was strong, owners could enjoy the benefit of choosing which way to go with their vessels or to ask very strong rates for the less desired areas (like the Red Sea and the Middle-Far East). Charterers sooner or later may end up agreeing as a little less demand for larger vessels was seen from this area. North European market seemed to have lost a part of its long-lasting strength, scrap and fertilizer traders were quiet enough during this week, and especially the smaller sizes, while larger supramaxes still fetched very attractive rates for business to the East.
Handy (USA/N.Atlantic/Lakes/S.America)
The USG market started slowly and showed lower rates agreed for spot shipment. To the contrary forward positions were getting booked at higher rates which may result only into a momentary pause of the activity. Later on better rates was reported agreed for business between the American coasts. And the week ended showing a contradiction of higher and lower fixtures reported at the same time. South America stayed very quiet and so far there were just some rumours in the second part of the week about charterers whispering better freight ideas.
Handy (Indian Ocean/South Africa)
The further softening demand for tonnage to load iron ore from India to China was also partly a consequence of the Chinese long holidays with receivers stopping to trade. Luckily a larger demand of coal import in India kept these waters alive enough with a reasonable demand for tonnage to load coal out of South Africa.
Banchero Costa and Co Spa
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