Capesize
Another negative week for Capesize rates with the 5 TC Average losing more than USD 2,000/d and rates progressively softening in all basins. West Australia - China was ranging between USD 6 and USD 5.75/mt, very close to $6/mt agreed at the end of the week. The effect of higher bunker prices TC rates decreased to USD 6,000/d level. From South Africa to China activity was almost absent and C17 went from USD 11/mt to low $10s/mt for early March dates. Some activity was spotted out of Brazil, but a long list of ballasters force owners to fix lower levels and C3 lost more than $1.5/mt ending at $14.9/mt. Brazil-UKC was fixed around mid USD 6s/mt basis Newcastlemax stem and C16 dropped to USD -2,750/d. The Atlantic market was under pressure with fronthaul fixed around USD 27,000/d for breaching INL cargoes and transatlantic losing some USD 1,500/d in a week closing at USD 15,000/d.
Panamax
The market was stronger than any expectation, and FFA values boomed day after day. On Monday offers for trips from South America to Feast, on a voyage equivalent on the Santos-Qingdao route, were ranging USD 37.50/40 mt. At the end of the week offers were all between USD 40/44.5 Mt, which means around 17,000 basis dely dop Spore/India on a nice Kamsarmax. It's important to say that bunker prices also increased significantly. Period rates increased substantially throughout the week with major grain houses taking Kamsarmax around $16/16,500 level basis dely dop PMO/Spore range for 5/8 months period. The hottest area, however, remains the North Atlantic, especially the Baltic, where both ice-classed vessel and standard tonnage willing to follow ice breakers got strong premiums to trade within the area. At the beginning of the week there were deals concluded in the low/mid USD 30,000s which quickly increased to USD 45,000/d and at the end of the week 2 consecutive legs were fixed around USD 55,000/d. Fronthaul from the Continent was showing big gains with grain cargoes from North France fixed between USD 33/35,000/d and Baltic fronthaul (without breaching IWL) were done in the region of USD 29/30,000/d basis dely Gib with a duration of 70/75 days. Also the Black Sea was showing some action especially at the end of the week, with a couple of Kamsarmax units fixed basis dely India at around $20/21,000/d for long fronthaul to Far East and prompt vessels in East Med asking well over USD 30,000/d on the same route. Black Sea RV back to Med were fixed at USD 20/21,000/d for the usual grain trades back to Egypt/Red Sea or even a tick more. A quick trip with coal to Turkey was fixed around USD 22,000/d.
Far East/Pacific
Despite the fact that rates increased exponentially in other areas, last week the market in Far East remained strong, but stable with activity slowing day after day due to the holidays. A 56,000 dwt with dely Vietnam was fixed at USD 12,500/d for a trip via Indonesia to China with bauxite. Rates for trips towards West were unchanged both for larger and smaller units. A 58,000 dwt with dely S China was fixed at USD 11,000/d for 2/3 laden legs and a 57,000 dwt with dely N China was rumoured at USD 9,300/d for 3/5 months period.
North Europe/Mediterranean/Black Sea
The market in Cont experience some real bonanza on every route and every size. A 37,000 dwt was fixed at USD 17,500/d basis dely dop Germany to W Med with grains, a 35,000 dwt got mid-teens for a trip to US EC basis dely dop ARA and a similar unit got very high teens for a trip to ECSAm with fertilizers basis dely Baltic. A 38,000 dwt was fixed on a voyage basis to SE Asia with fertilizers at a TCE around USD 23,000/d basis dely ARA. Many charterers took tonnage for period in order to cover their bookings and a 35,000 dwt got USD 12,000/d basis dely ARA for 5/7 months and redely Atlantic. Supramax and Ultramax rates started the week with an uncertain direction, then kept firming up: a 63,000 dwt was rumoured on subs for a fronthaul at USD 34,000/d basis dely dop ARA, redely SE Asia with fertilizers. From UKC a 61,000 dwt was fixed to EMed with scrap at USD 18,000/d and a similar unit got USD 24,000/d to WAfr. Intercont trades were largely fixed around USD 18,000/d basis Supramax and dely ARA.
US Gulf/N.America/East Coast S.America
Supramax and Ultramax rates increased USD 3/4,000/d from the previous week, an unexpected increase driven by strong demand, especially for petcoke, in Atlantic. TA RV was fixed around USD 24/25,000/d on Supramax and around USD 28/29,000/d on Ultramax. On fronthaul Ultramax units were getting fixed around USD 30/31,000/d and Supramax around USD 28,000/d. Handysize remained fairly stable on the back of a longer tonnage list. On TA RV 32/35,000 dwt units were fixed around USD 14/15,000/d and larger Handies around USD 17/18,000/d with a USD 1,000/d premium for petcoke loading.
Indian Ocean/South Africa
The market firmed once again in all areas. Small Supramax were fixed at USD 17/18,000/d for trips via MEG to India whilst larger units were rumoured touching USD 20,000/d. A small Supra open WC India was fixed for a trip via MEG to WC India at mid USD 16,000s/d. Period rates remained strong with Supramax units seeing mid USD 14,000s/d and pushing already above USD 15,000s/d. A 58,000 dwt in WC India was fixed for a trip to F East at mid USD 22,000/d during the holidays. S Africa market remained strong with an Ultramax fixed at high USD 15,000s/d + high 500,000s for a trip via SE Africa to China. Standard Supramax units were fetching USD 13,250/13,500/d + 325/350,000 bb basis dely aps for trip MEG to WC India range.
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