Weekly detailed analysis of world shipping freight markets for all major routes for January 13-20, 2025.
Capesize (Atlantic and Pacific)
Last week there was a slight improvement in the Capesize market but closing the week mostly flat with limited activity in both basins and with January being a weak month. Nevertheless, there are positive signs around mid-February with fundamentals pointing towards a rebound. On the period front, Winning fixed the MV China Steel Liberty (208,423 dwt | 2019 built) basis delivery retro Kaohsiung on 7 January for a period of around 1 year around $25,500/26,000/d. In the Pacific Rio Tinto fixed two TBN vessels to load its cargoes of 170,000mt +/- 10% iron ore from Dampier to Qingdao, one with laydays 31 January / 2 February at $6.55/mt and another with laydays 3/5 February at $6.40/mt. BHP fixed a TBN vessel to load its cargo of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laycan 2/4 February at $6.40/mt. Royhill fixed the MV Amigo II (179,016 dwt | 2011 built), a Mercuria relet, to load a cargo of 180,000mt +/- 10% iron ore from Stanley Point to Qingdao, laydays 30 January onwards at a freight sub $6.50/mt. TKSE fixed a TBN vessel to load a cargo of 160,000mt +/- 10% coal from Abbot Point to Rotterdam, laydays 8/17 February at $11.55/mt. Vale fixed a TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from TRMT to Son Duong, laydays 25/27 January at a freight in the low $3s/mt. In the Atlantic basin Polaris fixed the MV KSL Sapporo (18,0960 dwt | 2014 built) to load a cargo of 170,000mt +/- 10% iron ore from Tubarão to Qingdao, laydays 6/15 February at $18.20/mt. Oldendorff fixed the MV Cape Odyssey (207,918 dwt | 2010 built) to load a cargo of 190,000mt +/- 10% iron ore from South Brazil and West Africa to China, laydays 10 February onwards at $17.80/mt and also fixed the MV Besiktas Kazakhstan (169291 | 2010 built) to load a cargo of 150-160,000mt +/- 10% coal from Bolivar to Iskenderun, laydays 11/20 February at $11.20/mt. TKSE fixed a TBN vessel to lift a stem of 180,000mt +/- 10% iron ore from Itaguaí to Rotterdam, laydays 6/15 February at $7.85/mt. Rio Tinto fixed the MV Seattle Slew (181,447 dwt | 2010 built) to load a cargo of 140,000mt +/- 10% iron ore from Seven Islands to Djen Djen, laydays 1/10 February at $14.20/mt. Out of South Africa, an Oldendorff TBN vessel was fixed to lift a stem of 150,000mt +/- 10% coal from Richards Bay to Gangavaram, laycan 5/14 February at a freight rate in the low $8s/mt.
Panamax (Atlantic and Pacific)
Another very soft week, especially for Skaw/Gib TA RV and Skaw/Gib trip F East (P2A_82), that lost another $1,200/d. A 2013 Panamax with dely Skaw 16 Jan was fixed for a tct via US EC to Poland redely Skaw at $7,000/d, a 2016 Kamsarmax, scrubber fitted, with dely Rotterdam 21/24 Jan got $9,250/d for a trip via US EC to Safi. On fronthaul a 2013 Kamsarmax with dely Gib 22/23 Jan was fixed at $14,800/d for a trip via NCSAm to Spore/Jpn range and a 2011 built Panamax achieved $12,950/d + 295,000 gbb basis dely aps NCSAm to Spore/Jpn. The only route that remained unchanged was P6_82 which recorded a substantial increase in the number of fixtures. Despite the above, many vessels decided to fix S African business, probably considering too fragile and still at low levels anyway the ECSAm market. A 2011 built Kamsarmax with dely aps ECSAm 24 Jan was fixed for a tct redely Spore/Japan at $13,000/d + 300,000 gbb, then an eco, scrubber Kamsarmax with same dely 26 jan got $12,500 + 250,000 gbb for a trip to SE Asia, a 2007 Panamax with dely ECSAm 8/10 Feb achieved $12,400/d + 240,000 gbb to Spore/Jpn.
Last week, the Panamax market in the Pacific saw a slight improvement, driven by stronger demand on key routes and the upcoming CNY holidays The Indo-China route experienced a rise in freight rates, while the Australia to Japan redelivery remained steady with minimal fluctuations. On the other hand, Indo-India routes showed some softness due to lower activity and cargo availability. For instance in the north, an 82,000- dwt vessel achieving $9,250 for a North Pacific trip from Korea. Meanwhile, Australian round trips remained in the mid-high $6,000s. A 9-year-old KMX vessel fixed at $7,000/day for a trip via East Coast Australia with redelivery to South China. Additionally, an 80,000/10 coal cargo from Dalrymple Bay to Vizag was fixed at $11.95/day. Market participants are now watching whether the positive sentiment in the north will extend to other regions in the Pacific.
Handy (Far East/Pacific)
Activity was very quiet and rates lower than the last dones. Without an injection of fresh demand, the market is unlikely to improve and the upcoming Chinese New Year holidays are not expected to do any favour to shipowners. A 55,000 dwt open N China was fixed for an Indo RV in the mid $4,000s/d. A 56,000 dwt open Thailand was fixed for an Indo-China at $4,000d. A 60,000 dwt open open Dammam was fixed for 5/7 months at $12,250/d. On Handies a 37,000 dwt open Japan was fixed to SE Asia at $6,000/d basis dely aps Tianjin.
Handy (North Europe/Black Sea/Mediterranean)
Handy rates were quite stable with trips to ECSAm fixed in the $5/6,000/d with clean cargoes, a 38,000 dwt was fixed dop Cont and redely ECSA at $5,700/d. Some fixtures to Morocco were reported and a 39,000 dwt built 2009 was fixed basis dely aps Liepaja at $7,250/d while a nice spot 37,000 dwt Japanese built was fixed at $6,250/d aps Baltic. Rates to USG were similar and an Imabari38 was reported fixed basis aps Dunkirk for a trip to US EC with clinker at $5000/d, while trips with dirty cargoes to Med were paying a little premium with a 35,000 dwt fixed with basis dely ARAG at $7,000/d with petcoke to Egypt. A 40,000 dwt with dely Norway was fixed for a trip to China with minerals, breaking the $10,000/d psychological level, at $8,000/d. Larger units to USG were estimated in the $5/6,000/d basis dely dop Cont while fronthaul was estimated in the low $10,000s/d.
Another week with thin activity. Spot vessels were piling up and the only firm cargoes recorded were for 20/30 days forward dates. Rates were not decreasing much, but this is since they are already at the bottom. 35,000 dwt Handysize vessels were fixed at $5/5,500/d level basis dely Canakkale or $500/d higher aps BSea for CrossMed and for trips to Cont. Supramaxes were not far from those levels with CrossMed getting $6,500/7,000/d. TA trips on Handies were fixed at $6,000/d to USG and $4,500/5,000/d to ECSAm. Supramaxes were at $5,500/d level and Ultramaxes around $6,000/d to USG. Fronthaul on Handies was at $8,000/d from Med to China via COGH, Supramaxes around $11,000/d and Ultramaxes around $12,000/d.
Handy (USA/N.Atlantic/Lakes/S.America)
Overall activity was low; at the begging of the week no major changes were recorded, but towards the end activity decreased substantially and rates started falling. No signs of recovery are currently in sight. A trip to India with petcoke was covered on Ultramax at $22,500/d while a Supramax achieved $18,750/d. Grains to Spore/Japan range were done at $18,000/d on a Supramax. On TranAtlantic a trip to UKC with woodpellets was fixed on an Ultramax at $17,000/d, a trip to Algeria with grains was covered at $18,000/d on a same size and petcoke to W Med was done on Ultramax at $20,000/d. On Handies a trip to Spore/Japan range was fixed at $11,500/d on a 37,000 dwt, grains to Italy were covered on a 33,000 dwt at $9,750/d and petcoke to Cont was done at $10,000/d on a 34,000 dwt.
Rates kept dropping the whole week. Tonnage kept building up and activity was not enough. At the beginning of the week a 55,000 dwt built 2010 was fixed for a tct basis dely Montevideo and redely WCSAm at $17,000/d, which was already worse than last weeks, then a 58,000 dwt built 2010 was fixed for a tct basis dely Santos and redely Egypt at $12,750/d. By the middle of the week a 32,000 dwt built 2011 was fixed for a tct basis dely Fortaleza for a trip with redely Nouakchott with sugar at $9,500/d and then a 28,000 dwt built 2011 ballaster was fixed for a tct basis dely aps Recalada and redely SE Asia at $9,000/d. A 33,000 dwt built 2014 open Sao Luis 20/24 Jan was fixed for a tct basis dely aps N Brazil and redely Miss River at $9,500/d and a 38,000 dwt open Upriver 21/23 Jan was fxd for a tct basis for a trip dely aps Recalada and redely Chile at $17,000/d. At the end of the week a 35,000 dwt was fixed for a tct basis dely aps Recalada and redely Vitoria at $10,500/d and a 35,000 dwt built 2011 was fixed for a tct basis dely aps Recalada for a fronthaul at $14,000/d. Fronthaul from W Africa via ECSAm to China was assessed around $12,500/d on Supramax tonnage, still dropping since the beginning of the year.
Banchero Costa and Co Spa
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