Capesize (Atlantic and Pacific)
The good rates we have seen during last week have ended just as this week started and turned down again. In the end the Baltic Capesize index was closing with a minus 787 while the 4 T/c routes were down by $ 9,521 ending at $ 55,193. Brazil/China iron ore declined from excess $ 40 down to $ 35.50, West Australia to China from $ 15.60 to $ 13.44 and so on. The Atlantic market was suffering from chronic lack of tonnage but many ships were fixing Brazil to Cont cargoes with the iron ore cargoes from Narvik or St.Lawrence to China having some problems to find the right ship or having to pay interesting rates for the few ships available.
Panamax (Atlantic and Pacific)
Not a really busy week: rates remained steady and there is no good feeling for the near future. There remained only limited tonnage for the North Atlantic business, which helped to sustain rates. Charterers from the US Gulf and East Coast South America continued to draw tonnage from the Indian Ocean and ballasters. But as less fresh inquiry was heard offered, rates were a bit more volatile. The Pacific was still steady with good market for short period vessels as the demand was still quite high.
Handy (Far East/Pacific)
Nickel ore cargoes and requirements ex Australia helped the Pacific market to grow up. We have seen many fixtures concluded at good rates and owners' feeling is that this area is getting stronger day by day. We have recorded good activity also in period business, especially short period like 3-5 months with rates very close to 20 k usd daily.
Handy (North Europe/Mediterranean)
Charterers were trying to keep all the cargoes ex Continent off market order to try to lower rates for the few vessels available in the area. Handymax were easily able to take more than 30,000 usd for trip to India or Feast and rates in the mid 30 k for trip via Black Sea to India or Feast. Also rates for short period were well in the high 20k.
Handy (USA/N.Atlantic/Lakes/S.America)
Good fixtures ex USG were concluded in the first part of the week. There were very few vessels available and a good numbers of cargoes (scrap, petcoke, grain fertilizer) in this area. Rates were well above 30,000 usd for all the direction and in the mid 20,000 for short period.
Handy (Indian Ocean/South Africa)
Extremely good rates for the iron ore from India to China, 32,000 and 33,000 usd daily from East Coast and low 20,000 from West Coast. Above numbers drove also the rates for period close to the 20,000 for short duration.
Banchero Costa and Co Spa
Mail: research@bancosta.it
Web: www.bancosta.it