Capesize (Atlantic and Pacific)
The Capesize market lost ground in both basins despite the volume in the East was really high. Around 40 units were fixed for West Australia to China voyages, but rates from mid $10/mt closed down to high $9/mt on Friday. Vessels for Pacific RV were fixed in the low $20,000/d. From Brazil and South Africa the market was very quiet. Also the Atlantic basin was quiet with rates for round trip that from mid $10s/mt went to low $10s/mt since it was noticed larger supply on prompt positions and fewer cargoes. Period activity was limited as owners preferred to hold back and employ their tonnage for quick trips rather than chasing charterers down.
Panamax (Atlantic and Pacific)
Last week the Atlantic market kept decreasing with too many prompt positions and owners anxiously watching cargo lists without great results. Most of the cargoes were still fixed on voyage basis and in some cases with disappointing timecharter equivalent. USG/FEast and ECSAm/FEast were done around $14,000/d + 400,000 bb, TransAtlantic RV at around $10,500/d + 150,000. Most of the business was done in ECSAm and N Continent areas. Similar trends were reported in FEast that was suffering a demand slowdown combined with a longer vessels' lists. Fixtures in the area were reported around $8/9,000/d for Aussie RV and around $10,000/d for NoPac RV. Period rates softened with short period fixtures mostly below $14,000/d.
Handy (Far East/Pacific)
The chartering activity in the Pacific basin was very limited and reports of fixtures were slow to surface. Reduced demand to load out of SE Asia affected rates negatively. Smaller Handies enjoyed a better market as it was reflected on the bagged rice voyage business from SE Asia to WAfr that was fixed at higher freights. On Supramax, two large units got $12,000/d and $13,000/d for trip ex SE Asia to China. A 19 years old 41,500 dwt was fixed from Vietnam to Bengal Bay at $11,000/d. A Tess 52 achieved an unattractive $12,150/d basis dely China for 4/6 months rather than accepting spot employments at lower rates.
Handy (North Europe/Mediterranean)
Few Supramax were booked for trips from BSea to FEast all in the mid $15,000/d level despite size and type, showing how dull this trade remains. Handy grains from BSea to N Africa and W Med were fixed at weaker and weaker rates and owners willing to discount Morocco due to a lack of activity from Med ports. Scrap cargoes from N Europe to E Med were fixed; a fancy 58,600 dwt agreed $15,000/d dop Norway via Cont, the market then collapsed. At the end of the week a similar type was rumored at $11,000/d basis dely UK. A similar unit got similar levels to load steels from Cont to Adriatic sea.
Handy (USA/N.Atlantic/Lakes/S.America)
Tonnage piled up and rates softened over last week both for Supramax and for Handysize, both out of USG and US East Cost. Rates softened in particular for larger units. A 58,000 dwt got $14,000/d to go WCCAm and a slightly smaller unit got $16,750/d to Spore/Japan range. A 55,000 dwt agreed $12,500/d for 2/3 laden legs basis dely US EC and redely Atlantic. At the end of the week Supramax owners were willing to accept slightly less than $10,000/d for TA business. Out of S America activity was steadier and Supramax rates kept previous levels. A Dolphin type got $13,750/d + 350,000 bb basis aps ECSAm and a 63,800 dwt achieved $18,000/d basis dely aps Recalada to Cont with grains. A 32,600 achieved $17,000/d to FEast.
Handy (Indian Ocean/South Africa)
Little activity showed only a 55,000 dwt booked at $11,000/d to load minerals from WC India to China. The same trip loading ex EC India is said to be worth around $3/3,500 less per day, which subject to find a cargo would still be more convenient for owners compared to a trip to China loading Indonesia with delivery passing Singapore.
Banchero Costa and Co Spa
E-Posta: research@bancosta.it
Internet: www.bancosta.it