Weekly detailed analysis of world shipping freight markets for all major routes for September 23 – September 30, 2024.
Capesize (Atlantic and Pacific)
A stable week, relatively busy with a steady flow of demand and an overall positive sentiment in both basins. Fundamentals appeared to be improving and the outlook for the fourth quarter of the year is quite strong. On the period front Ssangyong fixed the MV Star Lyra (179,147 dwt | 2009 built) basis delivery retro to sailing Beilun on 12 September for one year time charter at $26,750/d. In the Pacific, Rio Tinto fixed two TBN vessels to load its cargoes of 190,000mt +/- 10% iron ore from Dampier to Qingdao, laydays 11/13 October and 13/15 October, both at $11.20/mt and three TBN vessels to load its cargoes of 170,000mt +/- 10% iron ore from Dampier to Qingdao, one with laydays 11/13 October and two with laydays 12/14 October, all at freight rates of $11.55/mt. BHP fixed two TBN vessels to load its cargoes of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 13/15 October and 16/18 October, respectively at $11.55 and $11.50/mt. Jera fixed a Cosco TBN vessel to load a cargo of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 12/15 October at $11.65/mt. Richland fixed the MV Evgenia P (175,152 dwt | 2011 built) basis delivery Jingtang prompt, for one time charter trip within the Pacific at mid $27,000’s/d. Vale fixed a TBN vessel to load its cargo of 170,000mt +/- 10% iron ore from TRMT to Son Duong, laydays 4/6 October at a freight rate in the low $7.00’s/mt. In the Atlantic basin Vale was quite active and fixed two TBN vessels to load its cargoes of 170,000mt +/- 10% iron ore from Tubarão to China, both with laydays 15/22 November at $27.65/mt. Vale also fixed the MV Cape Breeze (180,203 dwt | 2010 built) and the MV Atlantic Dragon (209170 dwt | 2020 built) to load its cargoes of 190,000mt +/- 10% iron ore from PDM to Rotterdam, both with laydays 14/29 October, respectively at freight rates of $12.50 and $13.50/mt. CSN fixed the MV Cape Pride (181,408 dwt | 2012 built) to load a stem of 180,000mt +/- 10% iron ore from Itaguaí to Qingdao, laydays 19/21 October at a freight rate in the low $29.00’s/mt. Cargill fixed a TBN vessel to load a cargo of 180,000mt +/- 10% iron ore from Seven Islands to Rotterdam, laydays 10/19 October at a freight rate in the low-mid $10.00’s/mt. Posco fixed a Swissmarine TBN vessel to load a cargo of 150,000mt +/- 10% iron ore from Port Cartier to Gwangyang, laydays 20 October/3 November at $36.95/mt. Out of South Africa, limited cargoes and no fixtures reported.
Panamax (Atlantic and Pacific)
A very slow week for the Panamax Atlantic market with some rush fixtures towards the end of the week for Chinese owners due to Upcoming Golden Week holiday. P1A_82 closed the week at $10,765/d with a negative delta of almost $2,000/d on w-o-w basis – not a lot of fixtures have been reported. Levels from Black Sea were also not attractive with a 2010 Kamsarmax achieving the equivalent of $7,000/d dop port said for a trip via Ukraine redelivery continent. Regarding P2A_82, few fixtures were reported in the market, but Q4 is still lacking serious demand. Mixed feelings arising from ECSA region, with the positive rates originating from previous week were not supported by enough demand for FH cargoes, some TA fixtures were reported with a decent Kamsarmax achieving $18,000 aps Santos for 1 tct with grains redely skaw/gib.
The market was slowly trending down. Nice Kamsarmax tonnage was fixed on Australia RV at $16,000/d dop Kinuura on Monday and on Thursday a similar unit was fixed at $15,000/d dop Hitachinaka for the same trip. NoPac RV with grains were fixing at lower rates, around low/mid teens. Indonesian cargoes were fixing at big discounts with a large Panamax 2011 built with dely Taizhou 26/28 September on subjects at $13,500/d for a trip via Indonesia redelivery India.
Handy (Far East/Pacific)
The uptrend continued with rates on the most representative routes up around $1,000/d. A 56,000 dwt with dely Philippines was fixed at $19,000/d for a trip via Indonesia to China, a 58,000 dwt with dely passing Spore was reported at $18,000/d for a trip via Indonesia to China and a 55,000 dwt with dely Indonesia took $19,000/d for a trip via Indonesia to Thailand. Regarding west direction, a 63,000 dwt with dely Indonesia was done at $15,000/d for a trip via Indonesia to WCI. On Handies, a 34,000 dwt with dely S Australia was fixed at $17,000/d for a trip via Australia to China with minerals and a 37,000 dwt with dely N China achieved $16,500/day for a trip to Indonesia.
Handy (North Europe/Black Sea/Mediterranean)
Activity in the area kept growing. Rates were improving again and the sentiment was largely positive for the upcoming week. A 37,000 dwt open in Belfast 24/25 Sep was fixed aps Newport for a trip with scrap to E Med at $16,500/d while from ARAG a 29,000 dwt fixed a trip with coal to BSea at a TCE around $11,000/d aps. On grains from Baltic to W Africa a 33,000 dwt was fixed at $14,500/d basis dely aps while a 37,000 dwt got $15,000/d basis Skaw
The flow of fresh cargoes that began the previous week helped to push rates higher. Many ships were fixed off market and few details emerged, but the tonnage count in the area dropped significantly. Rates increased enough to spread a positive sentiment for the next months. On Handysize CrossMed rates were between $10,500/11,000/d at the end of the week. Supramaxes improved to $12/13,000/d, also for Cont destinations. TA trips on Supramax tonnage went from $10/11,000/d to $11/12,000/d towards USG and from $9,000/d to $10/10,500/d towards South America. Handies were fixing around $8/8,500/d for trips to ECSAm and $10/10,500/d to USG. Fronthaul on Supramaxes slowed a bit, to $19,500/d and Ultramaxes were fixing close to $21,000/d, while Handies were at $14/14,500/d.
Handy (USA/N.Atlantic/Lakes/S.America)
The market followed the trend of the previous week. Ultramax TransAtlantic rates were around $24,000/d for grain cargoes to E Med and $24,500/d with petcoke. Ultramax trips with coal were covered at $22,500/d and $21,000/d on a Supramax. A mineral cargo was fixed at $18,500/d on a Supramax to E Med. A cargo of wood pellet from US EC was covered at $23,500/d on an Ultramax to UK/Cont.
Stable market during the week, but the trend remained weak. A nice and shallow 38,000 dwt was reported around $14,000/d basis dely aps ECSAm for a trip with grains, redely Skaw/Passero range. A modern 63,000 dwt was fixed at $19,000/d basis dely dop W Africa for a trip via ECSAm to Spore/Jpn range. A 63,000 dwt was rumored at $11,000/d with grains to Skaw/Passero range.
Handy (Indian Ocean/South Africa)
Spot rates remained under pressure in the area. A 56,000 dwt was fixed aps WCI load port at $10,000/d for a trip to F East with salt. An Ultramax though was reported at $14,500/d aps WCI load port for a very similar trip. A 56,000 dwt was fixed at $16,000/d aps Fujairah for a trip with limestone to WCI and towards the end of the week a 58,000 dwt was fixed aps Oman load port at similar levels for a trip with redely WCI. ECI redely was paying a small premium with a 63,000 dwt fixed aps Oman load port at $16,500/17,000/d level. Also basis Fujairah delivery Ultramaxes were getting fixed around $17,000/d level with redely ECI/Bangladesh. Rates remained strong for most part of the week from ECI due to strong Pacific demand. A 63,000 dwt open Bangladesh was fixed at $15,000/d level for a trip via Indo and redely WCI. A similar unit open Bangladesh was heard at $15,250/d dop for trip to F East with coal via Indonesia. A 58,000 dwt open ECI was fixed basis dely passing Spore for a coal trip to F East at $18,000/d level. The lack of demand from S Africa pushed rates further down and a 63,000 dwt was rumoured at only $15,500/d + 155,000 gbb for a trip to F East, which was at least $2,500/d lower than the previous week.
Banchero Costa and Co Spa
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