The sentiment over last week was contradictory: market turned up during the first days and then sharply declined again and after just one day was tumbling down of about US$3,000 on the 4 T/c routes. BCI closed the week at a plus 215 points and plus US$2,803 on the 4 T/c routes; however the sentiment for the weeks to come is not too encouraging. Rates for iron West Australia/China rose to about mid US$14s, but at end of the week could have been fixed at about one dollar less, while in the Atlantic basin there have been few cargoes left for August loading and the rate from Tubarao to Qingdao was ranging between U$36/36.50 level.
Panamax (Atlantic and Pacific)
Trading slowed considerably especially into the close of the week with the Atlantic market particularly under pressure as very little fresh inquiry heard in the market. Also trading from South America slowed bringing a small mount of activity in fixing Far Eastern ballasters. This created a bad sentiment in the East where the market has been uncertain all the week. However, even so, rates were still holding in the low-mid US$20,000 daily range depending on positions. Lots of interests showed in the long period market.
Handy (Far East/Pacific)
This week we have seen less activity in the Pacific Area: Few new cargoes and still a good quantity of available vessels. Hire rates remained good and firm. There was no period fixture reported, owners were still asking numbers too high compared with the spot market.
Handy (North Europe/Mediterranean)
Continent was getting firmer and firmer: new cargoes coming out and few ships available. Index type was well in the 30k for trip to East - Middle East. There were fewer cargoes than last week out of the Black Sea, but rates were still very interesting. Most of the owners with available tonnage in the area were trying to keep same in the Atlantic basin.
Handy (USA/N.Atlantic/Lakes/S.America)
Many new orders have driven up the rates in the last part of the week. Supramaxes were getting around mid 30k for trip to Cont Med and in the mid high 30k for trip India to Feast. There were new requirements also from South America, TA-round was increasing and trip to Feast as well, for which supramaxes have been fixed close to 30k basis delivery WAfrica.
Handy (Indian Ocean/South Africa)
Indian iron ore trading was very active. Even if rates dropped a bit, for the trip from EC India to China the index type was getting high 20k, while last week the rates were in the low 30k. Also South Africa market was providing good hire rates to go to India and to Continent.
Banchero Costa and Co Spa
Mail: research@bancosta.it
Web: www.bancosta.it