August 21 – 27, 2010 Weekly market report.. Banchero Costa

Tuesday, 31 August 2010 14:25:52 (GMT+3)   |  
       

Capesize (Atlantic and Pacific)

Positive start of the week but with signs of weakness at the end: result minus 129 points and minus $ 1,168 on the 4 T/C routes. The Atlantic remained failed to stabilize with the route Tubarao/Qingdao at about $ 27.75 but decreasing at the end of the week down to $ 26.75 and in the Far East the route West Australia to Qingdao dropped dramatically from about $ 11.80 down to about $ 10.00 then to close last Friday at $ 10.80. Period enquiry remained quite steady with a 180,000 dwt new building being reported fixed ex yard Beihai end of August for 11/13 months at about $ 30,000 daily.

Panamax (Atlantic and Pacific)

The Atlantic and Pacific market had been significantly quiet and flat this week with little to report, sentiment remained generally easier. The paper trading and period activity faltered as a result of more ships appearing in the market. However as Capes appear to have shown some resistance in the last part of the week the underlying tone going forward remained optimistic, supported by talk of grain sales from the States. Short period business still has a good level higher than spot market whilst longer period like 1 year losing a bit of interest.

Handy (Far East/Pacific)

An optimistic start of the week with Supramaxes said to be now worth mid $20,000's daily for North Pacific market, quickly faded away bringing a more dull chartering trend for owners. A few larger units were still reported fixed for period up to 12 months at daily rates between $20/24,000 daily levels, depending on actual durations, vessel's specs and sizes. These levels were no longer that much attractive but still reasonable, considering spot market employments are now being smaller money. It was also rumored that a larger unit booked $19,500 for longer duration, but no further details were made available. Inside this generally limited activity, no fixtures were reported for the smaller Handies but the very fancy/modern ones are still said to be worth $16/17,000 daily for short period.

Handy (North Europe/Mediterranean)

The North Continental market showed to be more under pressure for Handysizes and Handymaxes while Supramax activity was not that good even if Chinese 52,000 tonner fetched a decent $23,500 daily rate for one year commitment. The officially reported 37,000 tonners fixed at $22,000 for trip from Continent via Red Sea with redely Cape Passero was quite a lot better compared to rumors of a Supramax getting mid $20,000's for same business with redely Port Said. There was only a Supramax fixture reported fixed for Black Sea to Feast at high $20,000's dely Adriatic, but owners of tonnage still available for this trade were sharpening their pencils and shortly we may hear similar business agreeing over $30,000 daily.

Handy (USA/N.Atlantic/Lakes/S.America)

Less business to be fixed in connection with several fixtures failed on subjects, still allowed levels to remain similar to last dones, allowing owners to conclude reasonable enough fixtures both on Trans-Atlantic end east bound business. Demand for loading out of South America further decreased through the week and even if no vessel has been reported yet being ripped off at a cheaper rate, charters were considerably under-cutting their tonnage evaluations and owners started softening their ideas. Rate for larger units showed a better resistance through the week from the US. Gulf with a 52,000 tonner still reported at $35,000 daily for Trans-Atlantic business.

Handy (Indian Ocean/South Africa)

India/China Supramax rates kept growing a bit day by day with East Coast India now worth near to $25,000 daily for larger modern eco types, and similar levels paid on another Supra for 3/5 months with spot delivery in the area. No reports were available for the smaller units, but from what surfaced activity remained very poor for them.


Banchero Costa and Co Spa
Mail: research@bancosta.it
Web: www.bancosta.it


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