Capesize (Atlantic and Pacific)
The Capesize market registered a negative week as both the Pacific and the Atlantic basins showed evident signs of weakness. The West Australia/China key routes went from mid $4's/mt to very low $4's/mt and by the closure of the week charterers were confident to possibly fix below those levels. Owners preferred to commit their vessel for shorter employments as Time Charter Equivalent earnings started to be very poor to take long term commitments like South Africa and Brazilian rounds. In particular the South Africa RV remained flat while Tubarao/Qingdao route registered a loss of around $0.40/mt from low $9's/mt to very high $8's/mt.
Panamax (Atlantic and Pacific)
Last week the Panamax market showed an increasing number of tonnage ballasting towards USG, in particular from NoPac, that pushed down rates for fronthaul trips now fixed at $11,500/d + $250,000 bb on a Kamsarmax basis USG delivery. The ECSAm market remained stable: 82,000 dwt still fixing around $8,000/d + $300,000 bb for trips to F East and a tick less was reported on a 76,000 dwt having fixed $7,600/d + $260,000 bb for a similar trip. A Kamsarmax was reported fixed ECSAm to F East at $7,000/d basis India delivery while for trips discharging in Continent an 80,000 dwt was reported fixed at $9,000/d basis River Plate. In B Sea rates remained at high levels with fronthaul orders being fixed at high $14,000's/d basis delivery B Sea on a 75,000 dwt while for Kamsarmaxes loading from Continent levels have been reported done at $11,500/d basis Rotterdam delivery for a trip via Murmansk to F East. In F East NoPac RV was fixed around $7,250/d on an 82,000 dwt and similar levels were also seen on Kamsarmaxes for trips delivery Qingdao via Australia basis redelivery Spore/Japan range. A tick less was done on a 74,000 dwt fixing delivery Hong Kong via E Australia to India, which was fixed at $7,000/d. On the period front an 82,000 dwt was reported fixed basis Haldia delivery at $7,350/d for 9/12 months period while a 76,000 dwt fixed with same delivery at $6,500/d for 4/6 months period.
Handy (Far East/Pacific)
The Far East/South East Asia market started steady on Monday with some fixtures reported in the region of $5,000's/d for coal trades via South East Asia back to China; then, during the week, the market increased thanks to much more demand either from Indian and Chinese coal receivers. At the end of the week the same run with coal was reported fixed at $8,000/d on a nice Supramax basis dely Singapore via Indonesia redely China. Supramax rates for NoPac RV were seen around $6/7.000/d basis dop Mid/North China for trip via NoPac back to Bangladesh/Japan range.
Handy (North Europe/Mediterranean)
The Black Sea/Mediterranean market remained strong during the whole week with strong demand for grains in Mediterranean and Far East. General rates reported on Handysizes were in the region of $7/8,000/d basis passing Çanakkale and Supramax rates on the same trade improved too, showing a range between $11/13,000/d done on Supramaxes and Ultramaxes (depending on the specifications) for trips to India/Japan range. Cont market was steadier instead, with rates for Handysizes reported at $8,000/d for scrap trades to East Med and around the same levels for Supramaxes.
Handy (USA/N.Atlantic/Lakes/S.America)
The US Gulf market remained stable with rates for trips to WCCA with grains at $15,000/d on big Supramaxes. Pet coke demand for India was still good, but a bit slower compared to the previous week: a Supramax was rumored in the region of $13.000's /d for trip with redely India while a similar unit for a trip with redely Spore/Japan range was done at $12,000/d thanks to the better redelivery. The Handysize market in US Gulf remained firm with rates for trips to WCCA on nice Handysizes around $12,000/d. The ECSAm market was stable: a 57,000 dwt was reported for a trip to East Med with grains at $7,250/d basis dop South Brazil while fronthaul was done in the region of $9,500's /d both on Supramaxes and Ultramaxes, but with a gross ballast bonus of around $90,000 for Supramaxes and closer to $100,000 for Ultramaxes. Handysize rates on the ECSAm/Med were around $6/6,500/d basis dop or aps ECSAm and redely Mediterranean, a bit lower than Supramaxes' rates.
Handy (Indian Ocean/South Africa)
The South Africa and Indian Ocean markets were still a bit silent during the whole week; a 57,000 dwt was rumored fixed for a trip with coal basis dop East Africa via South Africa and back to Somalia at around $8,000/d while on voyage basis rates for South Africa coal run into Pakistan were offered from owners at around $8.50/mt. Low levels of activity were reported in India, with rates for Supramaxes done in the region of $5,300's /d basis dely India redely China.
Banchero Costa and Co Spa
Email: research@bancosta.it
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