Capesize (Atlantic and Pacific)
The Capesize market was weakening again due to the absence of major Australian shippers in the Far East iron ore business. There was also a lack of business in the Atlantic market which resulted in a minus 292 points in the BCI; the 4 T/C routes lost about $2,761 daily. More Capes have sailed in ballast from the Far East with Brazil direction and Australian shippers are expecting a slowdown in the iron ore export. Brazil/China has been done at just below $30.00 and Australia/China close to $11.00/mt.
Panamax (Atlantic and Pacific)
The Atlantic market turned firm by the end of the week due to a shortage of vessels. The Baltic round rocketed to low/mid $20,000 daily and vessels could also get high teens for a normal Trans-Atlantic round. The fronthaul trade ex USG climbed up a little over $26,000 daily plus $600,000 bb whilst early ships in South America were struggling to find business. In the Pacific, after trending softer in the first several days of the week, the market turned firm again in the end. The candidates in S.China could gain $14,000 daily for Indonesia or Australia round and the vessels in Japan could also get similar rate for Nopac business. There were still some charterers interested in short period business, talking at $14,000 daily level for an LME in the Far East.
Handy (Far East/Pacific)
The very large number of fixtures reported did not lead to any market improvement. It was just a confirmation that the enlarged chartering enquiry was still not enough to feed the massive volume of the available tonnage. Furthermore, the Supramax Indonesia/India coal run which showed to dominate the spot chartering interest, reported several fixtures agreed at lower money. Rate for Indonesia rounds to China was agreed at better money, even for tonnage not loading nickel ore for which the trade will be interrupted until the end of the rain season. Supramax interest for North Pacific and Australia loading business was still small with North Pacific agreed at lower money. Short period interest for this size was small but still active with rates similar to last dones. Smaller Handies were fixed at squeezed rates especially on prompt positions.
Handy (North Europe/Mediterranean)
The Black Sea basin market kept steaming on in a positive direction for the owners. Most of the deals were kept confidential; the sole fixture reported showed that the market stayed firm to last week's levels with rates heading to further improvement. Northern Europe saw smaller chartering interest, the Supramaxes were back to fix scrap to the East Med at lower rates. Such rates were paid for the smaller Handies not so many days ago.
Handy (USA/N.Atlantic/Lakes/S.America)
There were only a couple of fixtures reported agreed for loading South America. Rates were quite good both for Supramax and smaller Handies, so the number of deals concluded should have been much larger. In the U.S. Gulf, Supramaxes persisted to fixing very firm rates for east bound business with another "peaky" rate agreed due to positional reasons for lifting a pet coke stem. Rates stayed quite good as well on Trans-Atlantic trades for both smaller and larger sizes, with no rumours about period interest.
Handy (Indian Ocean/South Africa)
The market was still very inactive on all sizes; rates for India/China Supramax trade were fixing very poor levels. The general weakness made owners agree lower rates to find employment. That allowed some trader to finalize material sales to more unusual destination.
Banchero Costa and Co Spa
E-Posta: research@bancosta.it
Internet: www.bancosta.it