Weekly detailed analysis of world shipping freight markets for all major routes for February 3-10, 2025.
Capesize (Atlantic and Pacific)
Overall a softer week with a slight improvement at the end both in activity and rates. Freight derivatives also had a rebound in view of a firmer sentiment with the week ending on a positive note. In the Pacific Rio Tinto fixed the Solebay controlled MV Imperial Fortune (180159 dwt | 2008 built) and three other TBN vessels to lift its cargoes of 170,000mt +/- 10% iron ore from Dampier to Qingdao. The first two with laydays 21/23 February and 23/25 February at $6.70/mt and the other two with laydays 20/22 February, respectively at U$6.70 and $6.60/mt. BHP fixed two TBN vessels to load its cargoes of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, both with laydays 24/26 February at $6.65 and $6.70/mt. FMG fixed a TBN vessel to load its cargo of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 18/19 February at $6.85/mt. Mercuria fixed a TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 5/9 March at $7.05/mt. Libra fixed a TBN vessel to load a stem of 150,000mt +/- 10% coal from Indonesia to Mundra, laydays 1/6 March at $4.50/mt. In the Atlantic basin Trafigura fixed a TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from Sudeste to Qingdao, laydays from 3 March onwards at $17.30/mt. The MV Star Sienna (207,721 dwt | 2017 built) was fixed to load a stem of 190,000mt +/- 10% iron ore from Tubarão opt West Africa to Qingdao, laydays 24 February/5 March at $17.40/mt (charterer not reported). Solebay fixed the Oak controlled MV Chin Shan (175,569 dwt | 2004 built) to load 185,000mt +/- 10% bauxite from West Africa (Kokaya) to Huanghua, laydays 20/24 February at $16.85/mt. Glencore fixed a TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from Seven Islands to Qingdao, laydays 25 February/5 March at $22.85/mt. ST Shipping fixed a TBN vessel to load a stem of 160,000mt +/- 10% coal from Bolivar to Rotterdam for February dates at a freight rate around $8.00/mt. Cargill Metals fixed an Oldendorff TBN vessel to load a stem of 165,000mt +/- 10% iron ore from Pointe Noire to Bahrain, laydays 1/10 March at $18.65/mt. Out of South Africa, KEPCO fixed a TBN vessel to lift min 135k/max 140k tons of coal from Richards Bay to Taean, laycan 19/28 February at $13.32/mt. Assmang Ore & Metal fixed a TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from Saldanha Bay to Qingdao, laydays 20/24 February at $12.00/mt.
Panamax (Atlantic and Pacific)
Signs of improvement were recorded also in the Panamax Atlantic market. Despite the limited volumes on TA trades, demand for fronthaul voyages increased contributing to a positive sentiment in the sector. All the Atlantic routes increased more than $ 1,500 /d showing lots of fixtures. P1A_82 route saw an 83,000 dwt built in 2012 fixing aps NCSA 16/20 Feb trip redelivery AmsterdamBarcelona at $12,500/d. P2A_82 saw an 85k dwt built in 2022 open Gibraltar 11/12 Feb fixing tct via USEC redely Japan at $18,500/d. Routes from South America (P6_82) have seen a significant uptick, with rates higher than those observed at the end of February. For instance, a fancy 2022 built fixed retro Belawan 1 Feb tct via ECSAm redely Spore/Japan region around low $11,000s/d. Another unit, built in 2020 was fixed for second half of March retro Spore with redely Spore/Japan at $12,000/d.
Despite a slow start, the week was very active after the festivities. Australian rates remained stable all week with many fixtures to India around $ 4/5,000/d and a Kamsarmax built 2013 open Incheon was reported fixed at $5,000/d for a trip Australia-India. A 92,000 dwt built 2012 was fixed at high $4,000s/d basis dely S Korea for a trip via Australia to S China. Activity was slow from Indonesia with fixtures around $6,000/d all week. A 2010 Panamax open Lumut was fixed at $6,000/d with redely Philippines. NoPac was very busy with slightly higher rates. A 2017 unit was reported at $6,500/d basis dely S Korea and at the end of the week an 82,000 dwt built 2014 was fixed at $7,750/d basis redely Spore/Jpn.
Handy (Far East/Pacific)
Activity increased after the holidays and rates followed. A 53,000 dwt was fixed basis dely N China to Bangladesh at $9,000/d. A 55,000 dwt with dely Spore to China was fixed at $8,500/d, option SE Asia at $8,000/d. Also, Handies were more active with an healthier cargo list. A 40,000 dwt was fixed basis dely Yeosu to Mumbai with steel coils at $7,750/d.
Handy (North Europe/Black Sea/Mediterranean)
Some positive sentiment characterized the area after many negative weeks. Handy trips to Med were fixing between $8/9,000/d and a 28,000 dwt built 2009 open Teesport end Feb was fixed at $8,000/d dop for a trip to Turkey with scrap, then another Handy open Denmark was fixed via Latvia to Egypt around $9,500/d. TA were reported in the very low $10,000s/d aps with a Handy open Denmark via Finland to USG fixed around $11,500/d. Fronthaul was assessed around the same levels with a really nice Imabari38 asking $12,000/d for a trip to China basis dely Norway. On larger sizes, a nice Ultramax was fixed 4/6 months at $12,250/d basis dely dop Brake and redely ww. On the spot market TA was paying around $6/7,000/d on Ultramax and fronthaul was estimated in the low teens.
The end of the week finally saw rates turn green. A fair injection of fresh cargoes was recorded and a much shorter tonnage list led to significant hikes of freight rates. This trend is likely to bring the market back to pre-Christmas levels, around $7/8,000/d for CrossMed. 35,000 dwt tonnage was fixed at $5,000/d basis dely Canakkale or $6,000/d aps BSea for CrossMed or trips to Continent. For Supramax tonnage the levels were around $7/8,000/d aps. Transatlantic trips increased slightly as well. Handies set the bar at $6,000/d aps Med port for grains to USG while trips to S America were at $4,500/d. Supramaxes were at $5,000/d and Ultramaxes were reported at $6,000/d to USG. On Fronthaul, Handies were still at $7,000/d from Med to China, Supramaxes were fixing around $10,000/d and Ultramaxes around $11,000/d, the same of last week.
Handy (USA/N.Atlantic/Lakes/S.America)
The market was back on its feet and rates started to rise towards the end f the week. The petcoke trade to India was covered on Ultramax at $18,000/d, to China at $15,000/d and coal trips to India were done around $13,000/d on a Supramax. On TransAtlantic the grain trade on Supramaxes was covered to Egypt at $14,750/d while to Croatia at $9,500/d. The coal trade to Continent was fixed on Supramax at $10,000/d and on Ultramax at $14,000/d. Woodpellets to Cont were done on Supramax at $8,000/d while petcoke to Brazil was covered at $9,000/d on a Ultramax. On Handies a trip to China with petcoke was fixed at $13,000/d on a 37,000 dwt and grains to Morocco were covered at $9,000/d on a 40,000 dwt.
Activity increased and rates were on an uptrend the whole week on both Handies and larger units. A TA from ECSAm to Cont was covered on a 58,000 dwt built 2010 at $8,150/d while a 28,000 dwt got $9,500/d basis dely Recalada, a more favourable dely area. A trip from Sao Sebastiao to MEG was covered on a 63,000 dwt built 2024 at $13,000/d + 300,000 gbb. A trip from Recalada to WCSAm was covered on a 40,000 dwt bult 2017 at $15,500/d. From ECSAm to W Africa a small Handy was fixed at $10,750/d. On fronthaul from W Africa via ECSAm to China fixtures were around $12,000/d level for Supramax tonnage; this route increased significantly during the week.
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