Capesize (Atlantic and Pacific)
Rates for Capesizes finally rose on last Friday, due to Owners' refusal to fix at lower rates. Time Charter rates were under $8,000 daily for Pacific rounds with the voyage rates of iron ore from West Australia to China as low as $5.50/mt. However it is reported that most of steel mills are refusing to accept cargoes, and a fleet of about 20 capes are presently in ballast from Far East to Brazil looking for cargoes, which is not driving any optimism in the spot market.
Panamax (Atlantic and Pacific)
After weeks of negative trend we have seen some optimism which appears to have prevailed. The Atlantic rates held steady/with some upward potential into the weekend. Demand for tonnage primarily emanated from East Coast South America with trips out showing good improvements. The Pacific basin was primarily supported by ongoing demand for period tonnage for 3-5 or 4-6 months while the single trips didn't follow same trend.
Handy (Far East/Pacific)
Rates suffered further with many trips into India, now seeing Supramax fixing between low and mid teens both via Indonesia and Australia. Activity from the U.S North Pacific was not stronger but more positional, showing a Supramax delivering in the Far East fixed at usd 14,500 in contradiction with a similar vessel reported the same day at usd 19,000 daily. There was more interest for backhaul business of which Supramaxes were generally getting usd 12,000 daily for Atlantic redeliveries. Drawing close to the weekend better rates were seen on the nickel ore trade from South East Asia to China where grabbed tonnage is now fixing around usd 16/17,000 on a round voyage basis. Fresh period interest from short term up to 2 years brought some optimism.
Handy (North Europe/Mediterranean)
Some scrap was still available for loading out of Northern Europe, there were more bound to Eastern Mediterranean ports with Supramaxes worth high teens for this trade. The Black sea was quiet showing just a large Handysize taking a trip into West Africa at around usd 15,000daily. The softer market kept allowing the fertilizer traders to successfully tender sales from Morocco into South America and into the East.
Handy (USA/N.Atlantic/Lakes/S.America)
The trend out of Atlantic Americas remained quite depressed for owners with small amount of business available and several fixing and failing. Only a few positional situations allowed Supramax owners to fetch slightly better rates; while Handysizes again showed to enjoy a bitter market. Supramaxes rates showed to be worth slightly over mid teens for trans-Atlantic rounds delivery Med, high 20,000s basis delivery aps USG ports. A similar situation was available in South America where the only difference came from a little more chartering interest into the Middle East for which the latest fixture showed the current Supramax rate to usd 23,000 dop West Africa or upper 20,000's aps.
Handy (Indian Ocean/South Africa)
The iron ore trade from India to China was practically dead. Supramax owners having the coincidence of fetching a fixable stem on this trade sadly discovered the daily time charter rate to be below usd 10,000 daily. Some coal was moved in Supramax stems from South Africa to India and MEG with the current rate being usd 13,000 daily. Owners tended to run out of this area either taking much discounted rates or just ballasting their tonnage.
Banchero Costa and Co Spa
Mail: research@bancosta.it
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