Capesize (Atlantic and Pacific)
The Capesize freight market registered a positive beginning of the week and started decreasing towards the end. In particular, the W Australia/Qingdao was traded up to $4.50/mt basis early June dates. Rates then softened with very low $4's agreed for slightly later dates. The Saldanha Bay / Qingdao was fixed in the region of $6.50/6.25 /mt mid-June dates. A similar trend followed from Brazil with rates ranging between $8.35/mt and $8/mt basis Tubarao/Qingdao dely first half June; however, at the week, there were rumors below $8/mt was going to be fixed on backhaul cargoes. Brazil/UKC were fixed in the region of $ 4.60/mt. In the Atlantic, on the standard Bolivar/ Rotterdam route, the levels were in the region of low $6's basis first half June showing a TCE of $8,500/d basis dely UKC for Transatlantic RV. Very few deals reported for period. A nice Cape agreed $8,500/d basis dely China ppt whilst a smaller and older unit got $7,400/d with a similar position.
Panamax (Atlantic and Pacific)
Rates remained stable through last week in all the main areas with owners looking at the ECSAm market hoping for an increase on the freight levels. In ECSAm Kamsarmax vessels were still fixing Fronthaul business around $7,500/d + 250,000 bb while a 75,000 dwt was able to achieve closer to the $7,400/d + 240,000 bb. For trips to Skaw/Passero a 73,000 dwt was reported fixed at 6,750/d basis ECSAm delivery, tick less than what was fixed for USG direction where a 76,000 dwt was reported having fixed at $7,000/d basis Brasil delivery. In USG levels have been picking up with an 81,000 dwt reported fixed for trip to Med at 9,500/d + 95,000 bb basis redely Passero with pet coke, while a Kamsarmax was fixed basis Gibraltar at $8,500/d for trip via USG to China. In the F East market levels remained stable with a 82,000 dwt fixing basis APS Nopac at $5,600 + 175,000 bb for round trip while owners with similar size vessels will be looking at around $5,000/d levels basis North China for trips via Australia to India. For Kamsarmax opening in South China levels seen close to $5,250 for a trip via EC Australia to Sing-Japan redelivery and on the period front a 74,000 dwt fixed $5,250/d basis South China delivery for about 9 months period.
Handy (Far East/Pacific)
The monsoon season hitting India slowed coal imports from Indonesia hampering an already unexciting market. An Ultramax was fixed at $6,250/d basis dely Spore to move coal to S China and a 57,000 dwt with the same dely agreed $5,000/d basis redely full China. Nickel ore from Philippines to China was booked on 2 Supramax at $5,000/d basis dely S China and Vietnam. A small, fancy 59,000 dwt achieved $5,600/d for short period basis dely N China and a smaller Supramax got $7,100/d basis dely Vietnam to move clinker from Thailand to Bangladesh. An Handysize was fixed at $4,000/d basis dely Vietnam for a trip back via India and redely Spore/Japan. Another Handysize achieved $5,000/d basis dely passing Taiwan Northbound for a trip via Japan to India.
Handy (North Europe/Mediterranean)
Handysize grain cargoes kept flowing from B Sea to Med at slightly improving rates, but no fixtures were officially reported. A Handymax was booked for a trip to MEG at an higher $8,000/d basis dely passing Cannakkale and a 58,000 dwt got $5,000/d fromW Med to St Lawrence. In Cont most of the interest was for Handysize and a 33,000 dwt got $7,500/d basis dely Cont for a trip via Baltic to US Atlantic/S America range. Another Handy got $6,000/d basis dely Baltic to S America and a third smaller unit was fixed from N France to Azores at $7,100/d, quite in line with the $7,500/d agreed at the end of the previous week on a 33,000 dwt for a Cont/WAfr. On Supramax, a 53,000 dwt got $9,000/d basis dely UK to load scrap for Turkey.
Handy (USA/N.Atlantic/Lakes/S.America)
The persisting lack of demand from S America pushed rates further down. A nice 58,000 dwt with dely Brazil got $7,500/d + 75,000 bb for a trip to Bangladesh and a 38,000 dwt fixed $6,300/d for a trip to Turkey. Even if there were a few more spot cargoes from N America rates were quite unbalanced with a 53,000 dwt that achieved $10,000/d to move scrap to E Med and another Supramax fixing $8,850/d to load coal from the same loading range to Finland. In USG a large Ultramax agreed $12,000/d basis dely dop EC Mexico to perform a trip to F East and after a 58,000 dwt got $14,500/d basis dely USG to carry pet coke to China.
Handy (Indian Ocean/South Africa)
In an area were the core of the demand kept missing a 58,000 dwt with dely Red Sea was reported at $7,500/d for a trip to EC India. In Indian Ocean a 56,800 dwt was booked for a sort of repositioning local trip from Bangladesh to EC India at $4,400/d.
Banchero Costa and Co Spa
Email: research@bancosta.it
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