Capesize (Atlantic and Pacific)
Probably due to the upcoming holidays in the Far East areas, the rates eased throughout the week, if we exclude the short/medium period then the rates did not move down too much.The BCI lost 538 points, the 4 T/c routes $ 7,194 which means a loss of about 17 % over all with the West Australia to China going down the $ 11.00 and the Brazil/China at about $ 27.00.
Panamax (Atlantic and Pacific)
Not a really good week with little fresh action, Pacific and Atlantic rates remained under some pressure. Spot rates slashed and number of spot vessels increased. In Pacific incoming holidays are not helping at all for recovering from current situation. However, having said that, there was more optimism going forward, although early tonnage would likely to struggle. Paper values eased but the slide was not as dramatic with interest still shown for short period around $24,000 to $25,000 daily.
Handy (Far East/Pacific)
The spot market was still weak for business showing best agreed levels were achieved on business loading in the Southeast Asian regions, especially if bound into Middle East areas. Smaller money was available for tonnage available in the northern area of the Far East regions. A surfacing larger activity seen in the middle of the week lead to several fixtures failing on subs. Demand for period chartering was smaller but so far agreed rates held to last done.
Handy (North Europe/Mediterranean)
The on going small demand ex Med and the Black Sea allowed the cement charterers to achieve successful fixtures with stems into West Africa and South America. The heart of the activity from the waters was mostly driven by positioning employments or charterers taking advantage of same by fixing tonnage on 2 laden leg basis to save money on the afterwards trip back. Interest to load scrap from North Europe was still alive and agreed rates remained decent enough for owners, even if not as good as a couple of weeks before. This trade influenced an upwards trend to other trades originating from this area and charterers involved with eastbound stems found convenience in taking tonnage for short period to cover their single trip even if ending up in a weaker Pacific market and trading the voyage via South Africa.
Handy (USA/N.Atlantic/Lakes/S.America)
Huge loading delays at Brazilian ports for sugar loading in connection with a slow demand for loading grains did not assist the South American market, where rates showed to remain vey similar to previous week concluded fixtures. Tonnage showed to be piling up in the U.S. Gulf where the larger piece of the demand is still for coals back to Europe, and rates went sideways through the week. A large amount of stems ex the U.S. Atlantic coast did not assist any recovery yet.
Handy (Indian Ocean/South Africa)
India to China iron ore went on with its lousy trend. Charterers' demand for loading stayed small and owners of large modern eco type shad to struggle to keep rates in the high teens. Coal from South Africa into China/Arabian Gulf slowly trade ahead as well, still showing a daily discount of $ 500/1,000 to the India/China leg. A few more Supra were booked for short period from this area at much better levels compare with the spot market.
Banchero Costa and Co Spa
Mail: research@bancosta.it
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