Weekly detailed analysis of world shipping freight markets for all major routes for January 6-13, 2025.
Capesize (Atlantic and Pacific)
Despite an optimistic start to the year, the Capesize market was in a softer mode with lower rates for most of the week, but closed with positive signs and improved sentiment in both basins, particularly in the Atlantic with Brazil and West Africa to China routes showing steady improvement. In the Pacific Rio Tinto fixed three TBN vessels to load its cargoes of 170,000mt +/- 10% iron ore from Dampier to Qingdao, laydays 26/28 January at $6.15/mt, laydays 28/30 January at $6.20/mt and laydays 29/31 January at $6.15/mt. BHP fixed three vessels to lift its cargoes of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao. MV Ubuntu Loyalty (189,688 dwt | 2023 built) and the MV Bulk Harvest (175617 dwt | 2012 built) both for laydays 26/28 January, respectively at $6.30 and $6.20/mt. FMG fixed the MV Great Yuan (178,979 dwt | 2010 built) to lift a stem of 160,0000mt +/- 10% iron ore from Port Hedland to Qingdao with an ETA 23 January at $6.20/mt. Cosco fixed the MV Coalmax (203,100 dwt | 2013 built) to load a cargo of 170,000mt +/- 10% iron ore from Port Hedland/Qingdao, laydays 29/31 January at $6.05/mt. In the Atlantic basin Vale fixed 2 vessels to lift its cargoes of 170,000mt +/- 10% iron ore from Tubarão to Qingdao. The MV Cape Brazil (177,897 dwt | 2010 built) for laydays 20/27 January at $17.60/mt and the MV Kiran Turkiye (175,018 dwt | 2011 built) laydays 18/22 January at $17.90/mt. CSN fixed the MV Peloreus (182,496 dwt | 2014 built) to load a cargo of 170,000mt +/- 10% iron ore from Itaguaí to Qingdao, laydays 1/3 February at $18.20/mt. Musa fixed a TBN vessel to load a stem of 170,000mt +/- 10% iron ore from Sudeste to Qingdao, laydays 8/12 February at a freight rate in the low-mid $17’s/mt. Cosco fixed the MV Dong Yuan (176,193 dwt | 2005 built) to load 170,000mt +/- 10% bauxite from West Africa to Jingtang, laydays 26/28 January at $17.55/mt. ECTP fixed the MV China Enterprise (207,986 dwt | 2017 built) to load a cargo of 170,000mt +/- 10% bauxite from Kamsar to Yantai plus Longkou, laydays 5/9 February at $18.50/mt. NSC fixed a NYK TBN vessel to load a cargo of 162,000mt +/- 10% coal from Newport News to Japan, laydays 27 January / 5 February at $26.80/mt. Oldendorff fixed the MV Star Europe (180,668 dwt | 2016 built) to load a stem of 170,000mt +/- 10% iron ore from Ponta da Madeira to Eregli, laydays 16/26 January at $11.00/mt. TKSE fixed a Swissmarine TBN vessel to load a cargo of 180,000mt +/- 10% iron ore from Seven Islands to Rotterdam, laydays 25 January / 3 February at $10.50/mt. Out of South Africa, limited cargoes and no fixtures reported.
Panamax (Atlantic and Pacific)
The decline in rates showed no sign of slowing. In N Atlantic, while demand for both minerals and grain was steady, it was not enough to offset the growing tonnage supply, which ultimately put pressure on rates. From ECSAm, the week started on a positive note, but then rates started to fall again due to a very long tonnage list. P1A_82 route lost around $1,500/d and a 75,396 dwt 2012 built with dely aps ECSAm 25 Jan tct redely Skaw/Gib was fixed at $14,250/d. P2A_82 lost around $1,000/d and an 81,500 dwt 2019 built with dely Rotterdam 3 Jan was placed on subs tct via US EC redely Feast at $20,000/d P6_82 lost around $1,300/d and an 81,254 dwt 2012 built basis dely retro Dahej 24 Dec tct via ECSAm redely Spore/Jpn at $8,750/d.
An active week in Pacific with higher rates and faster pace. Cargoes were mostly fixed swiftly, some for February dates. Australia started at levels around $5,000/d for trips with dely S China via EC Australia and redely S. Korea. At the end of the week rates were around $7,000/d with an 82,000 dwt built 2020 achieving $7,250/d basis dely Taichung. Indonesia coal was around $4/5,000/d throughout the week. Demand was slightly lower than the previous week. A number of vessels tried to book Indo-India to reposition themselves for ECSAm, but most of the ships still wanted to remain in the Pacific. A 79,000 dwt 2012 built open Shanwei was reported at slightly less than $3,000/d for Indo-India and an 82,000 dwt 2024 built got $4,500/d basis dely Chaozhou for a tct from Indonesia and to S China. NoPac was fixed at higher levels, but was on a downtrend. On Monday fixtures were around $9,000/d while towards the end of the week a scrubber fitted Kamsarmax 2019 built was fixed at $8,000/d basis dely CJK and redely Spore/Jpn.
Handy (Far East/Pacific)
The area failed to gain any momentum with limited fresh enquiries and a consistent list of prompt tonnage. 57,000 dwt were fixing Indo RV in the mid $5,000/d basis dely S China. Sentiment remains negative also for smaller tonnage with a long list of prompt vessels and limited cargoes. A 38,000 dwt was fixed for a trip from Thailand to Indonesia at $7,500/d basis dely Spore.
Handy (North Europe/Black Sea/Mediterranean)
Activity increased with a few new orders coming in the market. Despite this fresh injection, a long tonnage list maintained rates under pressure. Charterers were trying to take advantage of the current low freight environment and covered their orders slightly in advance. A trip with dely Skaw to N Brazil was fixed at $4,500/d on a small Handy, while bigger vessels were asking between $5/7,000/d aps Skaw for similar trips. Some orders were seen from Cont and Baltic to Morocco. One of these was covered on a new Imabari37 with great speed and consumptions that was fixed aps Baltic in the very high $7,000s/d, while another was covered at around $5,000/d aps N France. An Handy trip to Med was heard in the $6,000s/d aps on an Imabari38 built 2019 and a petcoke cargo to Egypt was evaluated around $5,500/d on Handies by charterers and owners in the $8/9,000/d due to petcoke premium. On bigger sizes a 57,000 dwt open Ghent 12/15 Jan was reported fixed basis dely dop for a trip via Russian Baltic and redely SE Asia with fertilizers at $15,000/d, and a TA from Cont to USG was estimated around $6,000/d dop/aps on Supramax and $7,000/d on Ultramax tonnage.
Despite the very poor levels of the previous week, rates were again in freefall. Charterers were trying to secure current levels also for the next months and they were already trying to secure tonnage for February and March dates. 35,000 dwt tonnage was fixed at $5,000/d level basis dely Canakkale or $5,500/d aps BSea for CrossMed or trips to Cont. TA trips for Handies were fixed at $6,000/d to USG and ECSAm around $4,500/5,000/d, although no fixtures were reported. Supramaxes were at $6,000/d, while Ultramaxes were seeing $6,500 for trip to USG. Fronthauls on Handies was around $8/9,000/d from Med to China via COGH while Supramaxes were at $12,500/d and Ultramaxes around $13,500/d.
Handy (USA/N.Atlantic/Lakes/S.America)
The market remained in charterers’ favour, but the year started slightly busier than usual with a sizable amount of new cargoes. The grain trade to Spore/Japan was covered on Ultramax at $18,250/d and on Supramax at $17,250/d. A trip to China with coal was done at $18,500/d on Ultramax. Petcoke to India was fixed at $18,750/d on Supramax while on Ultramax at $21,500/d. On TransAtlantic trades grains to E Med were covered on Supramax at $16,000/d and on Ultramax at $18,750/d while to Durban was fixed at $19,750/d. A trip to Vila Do Cond with coal was done at $14,000/d on a Supramax and petcoke to WCCAm was fixed on Ultramax at $21,500/d. On Handies a trip to Egypt with grains was covered at $14,500/d on a 40,000 dwt while woodpellets to Continent were fixed at $14,000/d on a 36,000 dwt vessel.
Handysize rates dropped due to activity slowing slightly. On larger units the trend the same, however rates increased at the beginning of the week and at the end the decrease was less noticeable. A 63,000 dwt built 2021 was fixed for a tct basis dely ECSAm mid Jan and redely Chittagong around $13,500/d + 350,000 gbb, which was slightly worse than last week. Another 63,000 dwt, built 2014, was fixed for a tct basis dely ECSAm prompt and redely Chittagong with grains around $13,400/d + 340,00 bb. A 35,000 dwt built 2013 was fixed for a tct basis dely Praia Mole and redely NCSAm around $13,500/d. Fronthaul from W Africa via ECSAm to China was assessed around $13,500/d on Supramax tonnage.
Banchero Costa and Co Spa
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