Weekly detailed analysis of world shipping freight markets for all major routes for July 22 – July 29, 2024.
Capesize (Atlantic and Pacific)
The Capesize market was on a downtrend due to an oversupplied Atlantic and weather disruptions in the Pacific resulting in the closure of several ports in China because of poor weather conditions. This led to a softer trend of the market overall and sentiment is bearish. Nevertheless rates are expected to gradually recover. In the Pacific, Rio Tinto fixed five TBN vessels to load its cargoes of 170,000mt +/- 10% iron ore from Dampier to Qingdao, three with laydays 10/12 August and two with laydays 11/13 August, respectively at freight rates of $9.25, $9.40, $9.50, 9.50 and $9.45/mt. BHP fixed two TBN vessels for its cargoes of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 12/14 August and 14/16 August, respectively at $9.40 and $9.50/mt. CSE fixed the MV Cape Phoenix (181,356 dwt | 2011 built) to load a cargo of 130,000mt +/- 10% iron ore from West Australia to Kaohsiung, laydays 12/14 August at $9.00/mt. ST Shipping fixed a Richland TBN for 165,000/10 Vancouver to Fangcheng 15/25 August at $15.25, lacking further details. Lake Vermont fixed an Oldendorff TBN vessel to load a cargo of 170,000mt +/- 10% coal from Abbot Point to Rotterdam, laydays 16/25 August at $13.95/mt. Richland fixed the MV Star Orion (171,908 dwt | 2005 built) basis delivery Sampcheon on 27 July for one timecharter trip via Australia with redelivery China at around $19,000/d. In the Atlantic basin, Vale fixed the MV Solar Frontier (179,259 dw | 2011 built) to load its cargo of 170,000mt +/- 10% iron ore from Tubarão to Qingdao, laydays 1/5 September at $24.55 and also the MV Samjohn Vision (206,561 dwt | 2012 built) for its cargo of 190,000mt +/- 10% iron ore from Tubarão to Qingdao, laydays 10/20 August at $24.50/mt. Sinoafrica fixed a TBN vessel to load 180,000mt +/- 10% iron ore from Freetown to Qingdao, laydays 25/30 August at $25.50/mt. Rio Tinto fixed an Oldendorff TBN vessel to load a cargo of 190,000mt +/- 10% iron ore from Seven Islands to Oita, laydays 12/18 August at $32.10/mt. Oldendorff fixed a TBN vessel to load a cargo of 160,000mt +/- 10% coal from Puerto Bolivar to Iskenderun, laydays 8/17 August at $14.00/mt. Out of South Africa, Libra fixed the MV Star Triumph (176,343 dwt | 2004 built) to load a stem of 150,000mt +/- 10% coal from RBCT to Gangavaram, laydays 10/19 August at $11.00/mt. Ore and Metal fixed a Golden Ocean TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from Saldanha Bay to Qingdao, laydays 15/19 August at $17.75/mt.
Panamax (Atlantic and Pacific)
The positive trend continued with strong grains and minerals activity from both ECSAm and N Atlantic. P1A_82 rates increased by $1,600/d, we witnessed a great volume of activity on this route and a Kamsarmax 2013 built was fixed by a grain house at $23,250/d basis dely aps NCSAm 15/16 August and redely Skaw/Barca. At the end of week, a Panamax 2010 built open in Barcelona 25th July was reported at $14,000/d for a US EC TA RV with coal. P2A_82 increased by $900/d, a very modern scrubber fitted Kamsarmax open Rotterdam 1st August was reported at $31,000/d with scrubber benefit for owners account, for a FH with minerals to India. On Friday a Kamsarmax 2013 built open Gibraltar was fixed at $27,000/d dop for a trip US EC-India. Many fixtures were reported on P6_82 route last week, rates increased by $600/d. A very modern Kamsarmax achieved $19,250/d basis dely retro Tanjung Bin for an ECSAm RV. On Wednesday a grain house fixed 2 x Kamsarmax for ECSAm RV: the first one at $19,250/d basis dely dop Vizag 20/31 Aug and the second one at $16,500/d basis dely dop Spore 1/10 Aug. A Kamsarmax 2015 built open Phu My 1/10 Sept was reported at $17,000/d for ECSAm RV.
The market has been significantly influenced by the typhoon Gaemi which caused huge delays, disruptions and port closures all over the area. The impact on rates has been positive for those (few) vessels able to grant a firm itinerary to the charterer, whether the remaining ships were forced to make a step back and hold. The driving demand for tonnage came from Indonesia, where, especially at the beginning of the week, charterers were in a rush to fix their spot cargoes before the inclement weather becoming too bad. Overaged LMEs were reported around $12,000/d basis dely Hong Kong for 1 TC trip to China with coal. From Australia, Kamsarmaxes were fixed around $14/15,000/d to China, nice specs were able to get even $15/16,000/d. NoPac was quiet with just a few Kamsarmax fixed at $14/15,000/d basis dely Japan/S Korea range.
Handy (Far East/Pacific)
Slightly soft trend compared to the previous week, especially on larger sizes. A 58,000 dwt open Vietnam was reported at $15,000/d for a trip via Indonesia to Thailand, then another 58,000 dwt open Vietnam was rumored at $17,000/d dop Vietnam for a trip via Indonesia to Japan. A 61,000 dwt was fixed at $13,000/d for a TCT to MEG with slags. A 60,000 dwt open CJK was rumored for 10/12 months at $15,400/d.
Handy (North Europe/Black Sea/Mediterranean)
After a couple of weeks of very slow activity, a lot of fixtures have been reported with many fresh cargoes and vessels fixed very quickly. On Handies a 37,000 dwt was reported around $18,000/d ex Baltic Russia for a trip to F East with fertilizers, showing consistent rates on fronthaul compared to the recent downtrend. A 32,000 dwt was fixed basis dely passing Skaw for a trip via Baltic with grains and redely W Africa at $11,000/d; with the same direction a 37,000 dwt open Ireland was heard on subs at $13,000/d and another 37,000 dwt was fixed dop Rotterdam at $14,000/d. Rates to W Africa are approximately back to the same levels recorded at the end of June. A 32,000 dwt open Liverpool was fixed for a trip with sulphur via Gdansk to Morocco at $12,000/d dop. On Supramax, a 58,000 dwt was on subs at mid-teens basis dely aps for a trip with scrap ex ARAG to E Med while a similar trip on a nice Ultramax was paid $15,000/d dop Antwerp via Ghent to Turkey.
The trend remained soft with charterers keeping their ideas at low levels and owners hoping for more activity and improved rates. CrossMed trips were at $9/9,500/d level, while W Africa destinations were fixing at $13,000/d. Supramaxes were done at $12,500/d level. On TA trips, Supramaxes were fixing at $10,500/11,000/d and Handies at $10,500/f to USG with the USG market climbing. The trips to ECSAm were fixed around $7,500/8,000/d per day. The Fronthaul for Supramaxes were fixing still at $21,500/d to China, while the Handies were seeing numbers around $14/15,000/d.
Handy (USA/N.Atlantic/Lakes/S.America)
The market remained fairly stable with a little increase for TransAtlantic trades; owners started considering fronthauls again. A trip to India with petcoke was fixed on Ultramax at $29,500/d while the grains trade to Spore/Japan range was covered on Supramax at $24,000/d and on Ultramax at $27,000/d. On TransAtlantic a trip to E Med with petcoke at the beginning of the week was done at $27,000/d on Supramax, while at the end of the week was fixed at $29,000/d. On Handies grains to Continent were covered at $17,500/s on a 34,000 dwt.
The market remained stable. A nice 40,000 dwt was fixed for trip to Cont at $21,500/d basis dely upriver. A nice 38,000 dwt was placed on subjects around $17,400/d aps for a trip to Cont/Med. On the Supramax and Ultramaxes little was reported. A nice Tess58 was estimated around $19,000/d basis dely dop W Africa for a tct via ECSAm to Spore/Jpn range with grains.
Handy (Indian Ocean/South Africa)
Rates remained almost unchanged. A 58,000 dwt open MEG was fixed at $15,500/d for a trip to SE Asia. Similarly a 56,000 dwt was rumored to have fixed around $15,000/d basis dely dop UAE. A 57,000 dwt open MEG was fixed at $16,000/d dop for a trip to Bangladesh via UAE. Another 57,000 dwt was fixed at $17,000/d aps load port in UAE towards the end of the week. Clinker business from Pakistan to Sri Lanka was active and a 63,000 dwt open Pakistan was fixed at $20,250/d. Another 63,000 dwt open WCI was fixed at $17,500/d level for 5/7 months. A 61,000 dwt open WCI got $17,500/d dop Kandla for a trip to F East. Rates from ECI came off a bit with a standard 56,000 dwt open ECI fixing $12,000/d for a trip to China and a 63,000 dwt open Chittagong achieved $14,250/d dop. A 63,000 dwt ballaster from ECI was heard to have got premium rates around $16,000/d for a trip via W Australia to China with manganese ore. Rates also came off from S Africa, a 55,000 dwt was fixed early in the week at $18,500/d + 185,000 gbb for coal to ECI, after a 58,000 dwt open E Africa was fixed at $17,500/d dop for a trip to F East via S Africa and a 61,000 dwt open Durban was heard period of 6/8 months at $18,900/d.
Banchero Costa and Co Spa
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