Capesize (Atlantic and Pacific)
The Capesize market seemed still in free fall: the 5TC average lost another $1,000/d last week with Chinese New Year holidays and the coronavirus slowing down the activity. Tubarao-Qingdao rates went progressively down losing $1/mt and traded around $15/mt. Saldanha Bay-Qingdao rates followed the same path or even worst losing in one week $1.5/mt and ending on Friday at $10.60/mt. W Australia-Qingdao rates were a bit more swinging: remained stable until Wednesday, then lost $0.15/mt in the following two days and on Friday regained $0.1/mt to close the week at $6.10/mt. Not much activity on the Atlantic side: Fronthaul rates decreased losing $ 1,500/d and touching $20,300/d while TA rates closed the week at $8,300/d. On period the activity was very little due to very low market conditions: some deals were done mainly index linked basis.
Panamax (Atlantic and Pacific)
A 80,000 dwt unit with dely aps ECSAm was fixed at $ 12,750/d + 275,000 bb for redely in S E Asia and similar rates were rumored for trips with Pakistan redely. A Kamsarmax was fixed aps basis from NCSAm with redely Spore/Japan range at $14,000/d + 400,000 bb. In BSea Kamsarmax units were fixed at $18,500/d with redely Spore/Japan range and LME units were fixed at $19,000/d basis dely aps Canakkale for similar trips. In Cont Kamsarmax units open in Dunkirk for trip via Murmansk with redely Skaw-Gibraltar were fixed at $7,000/d with cargo coal and other units with dely Rotterdam were fixed at $16,000/d for trip via US E Coast to India. A 75,000 dwt from Eemshaven was fixed around $8,000/d for trip from Algeria to Lalemant. The Pacific basin was heavily affected by holidays and the virus and some owners decided to wait instead of chasing lower and lower rates. Period activity was limited, a Kamsarmax was reported with dely Haldia for 4/7 months at $5,500/d for first 40 days thereafter was reported at $11,500/d with redely worldwide.
Handy (Far East/Pacific)
F East market kept suffering due to the local holidays and the coronavirus which froze the trading. Rates decreased a bit compared to last week: around $200/300/d less both on Supramax/Ultramax and on Handysize. A 56,000 dwt unit with dely N China was fixed at $2,000/d for a trip to S China with limestone. Some fixtures were reported for India direction: a new Ultramax with dely Indonesia was reported to be done at $5,500/d for a trip to WCI and a 52,000 dwt unit with the same dely was done at $6,000/d for a trip to ECI.
Handy (North Europe/Mediterranean)
The trend was quite stable even if rates were still a bit lower than the previous week both on Handysize and on Supramax. On Handysize, a 38,000 dwt eco type was rumored to have fixed a coal cargo from N Cont to E Med at $8,500/d basis dely dop a few days away from loading port. On Supramax a cargo of about 55,000 mt of coal from N Cont to Pakistan was fixed around $27/mt basis 1 to 1 which showed an equivalent of around $16,750/d with dely Cont on a nice Tess 58,000. A few weeks before a similar cargo was fixed some $1.50/mt higher. In Med at the end of the week rates showed some improvements on Supramax Fronthauls and showed rates stagnating for smaller units: poor fixtures in the $4/5,000/d region were registered for both InterMed cargoes and trips to Cont. Supramax units were fixing in the $15/16,000s/d levels for Fronthaul with dely Canakkale via BSea to Spore/Japan range and were rumored around $8,000/d for trip to MEG/Pakistan basis redely Port Said.
Handy (USA/N.Atlantic/Lakes/S.America)
The Supramax market was quite stable during the week even if rates went further down due to some very slow activity. Baltic Index showed on Friday a small recovery on Fronthauls from USG. Supramax units on TA RV were fixed around $11,000/d and Ultramax units around $14,000/d. USG-F East had a premium of $2/3,000/d. Petcoke rates went up another $2,000/d, especially for Fronthaul. Handysize tonnage list remained, as per last week, long and spot units were still available. The amount of cargoes was not enough to predict any change yet. 32/35,000 dwt units were fixed around $6,500/7,000/d and fancy 36/39,000 dwt units were fixed in the $9,000s/d. No changes expected for the next few weeks. After a few weeks of relative stability, the ECSAm market began a slow and relentless decline during the week. Although the levels did not differ significantly from those of the previous weeks, it was the sentiment that worried: the Atlantic market was not able to stop this descent at the moment. The most stable route remained the trip to F East for all the sizes: this seemed to depend more from the problems related to China as a not welcome destination rather than to market stability. Handysize trips to East were still around $17,000/d level, Supramax units were fixed at $12,500/d + 250,000 bb and Ultramax at $13/13,500/d + 300/350,000 bb. Rates for trips to Skaw-Passero went from $13,000/d to $10,000 /d for Handysize and Supramax units. For the same trip Ultramax units were seeing higher rates around $11,000/d, but this value was still $1,500/2,000 less than before.
Handy (Indian Ocean/South Africa)
Even if the demand was weak MEG-India rates showed a bit more stability. A 57,000 unit was heard to be fixed from Pakistan to Chittagong around low $6,000s/d basis dely aps. On the usual limestone trade MEG-India rates with dely aps UAE were discussed around $6,500/7,000/d for Ultramax units and around $ 5,500/d for Supramax units. Not much activity from ECI with iron ore probably due to a fall of commodity prices: Supramax units were discussed around $ 3,000/d level basis dely aps for coastal trades between ECI-ECI and ECIWCI. There was some period activity in the area for which charterers showed to be keener on Ultramax units. A 61,000 dwt unit was rumored to be fixed around mid $11,000/d for short/mid period with no further details reported and similar rates were heard for another Ultramax open WCI. Not much activity came from SAfr: a 58,000 dwt unit was heard to be fixed around $ 9,500/d aps basis for coal to Red Sea.
Banchero Costa and Co Spa
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