Capesize (Atlantic and Pacific)
Notwithstanding a very firm start to the week we then see a sharp decline from mid of the week mainly caused by paper selling which caused a bit of confusion in the Capesize market which then ended at plus 298 points on the BCI index. The 4 T/c routes improved by $ 3.624 daily over the whole week. The Atlantic remained very tight of tonnage especially for prompt positions and Vale came on the market with a few iron ore cargoes from Brazil to China and had to pay upto/close to about $ 28/28.50. The East was more uncertain with the West Australia to China route being fixed in the $ 10.50 level. Time-Charter rates were ranging about $ 50.000 for fronthaul and about $ 30.000 for one Transatlantic round voyage.
Panamax (Atlantic and Pacific)
Generally depressing week in both basins. In the Atlantic there was very little new enquiry and the excessive tonnage available in the region continued to weight negatively on the market. At the end of the week Transatlantic runs were believed to be in the region of $17,000 per day. In the Pacific there was some interest from charterers, also for period, but little business actually done for most of the week, although things warmed up un friday. Rates however remained subdued given the ammount of tonnage available. A NoPac round was done at $18,000 per day.
Handy (Far East/Pacific)
During the first part of the week charterers showed to be in a rush to cover their unfixed prompt requirements before the long lasting holidays in China starting on Friday. Most of the interest was to book suprmaxes from South East Asia to India at rates which on it's own look firmer compared to last dones, however all the "better" fixtures were concluded with tonnage already available in the loading area thus the higher rates are a fictitious benefit compared with the much less ballast involved to loading port. Levels for other trades were otherwise still weak with handysizes still showing a better resistance to this louzy market.
Handy (North Europe/Mediterranean)
The Continent to East Mediterranean scrap trade kept rolling on although rates didn't feel to be as firm as the week before. Some boats still managed to fetch on this trade similar levels to previous week, but the volume of the enquiry was reduced and a supramax which from te sme area booked a longer duration trip via Red Sea back to East Med showed to agree a much lower level. The Black Sea remained good enough only for owners able to trade east via the Gulf of Aden, otherwise rates to other directions were quite unattractive.
Handy (USA/N.Atlantic/Lakes/S.America)
Fresh chartering interest to load grains from the US Gulf into the east resulted into a few larger handies booking trips between high 30,000 and low 40,000 usd daily. This brought some positive reflection also to the transatlantic coal and petcoke trade on which some boat were seen fixed in the low 30,000's levels. Supramax and handymax trading from South America was stil affected by local strikes in connection with the disturbance of the tonnage ballasting out of the Indian Ocean in search of beter fixing opportunities. Consequently the smaller handies kept enjoying a better market for business loading out of these waters.
Handy (Indian Ocean/South Africa)
A persisting depressed trend was experienced by owners of tonnage available in this area. The alrady poor charterer interest for loading iron ore from India to China was further reduced by the forthcoming one week lasting holidays in China. The negative reflection to the South African coal trade back into the mid east was almost immediate and week ended reporting a supramax fixed at usd 14,000 daily for this trade.
Banchero Costa and Co Spa
Mail: research@bancosta.it
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