Capesize (Atlantic and Pacific)
The Capesize market was bearish in both basins. The Pacific fell again to $7.55 for W-Australia/China voyage and $11 from the East. From Saldanha Bay to China a fixture was reported below $14 for mid June loading. North Atlantic, that seemed tight last week, in reality failed to meet expectations and there were rumours of a fixture at $5,000 for a round. From Tubarao charterers easily fixed at $19 for a fronthaul and some owners were rumoured to be ready to break that level, but there was not enough demand.
Panamax (Atlantic and Pacific)
The whole market was struggling with rate trending down day by day. In the Atlantic, most owners were unwilling to pick East destinations thus rates for TransAtlantic business collapsed and fixtures were done at $9,000 daily del Passero. Moreover fresh fronthaul grain business ex ECSA was limited. As a result, rates were reported around $16,000+600,000 bb level. In Pacific the market was extremely slow due to severe lack of Indonesia/Australia cargoes. By the end of the week, charterers were able to secure an LME in HK at $5,000 daily for a Pacific round. Tonnage in N. China had troubles to find Nopac business and charterers could get LME on aps del at $9,000 daily plus 320kbb. Short period interest was rather limited.
Handy (Far East/Pacific)
With the exports of nickel ore still banned from Indonesia and a very scarce demand for tonnage to load from the Pacific Americans and Australia, the chartering activity showed to concentrate around coal shipments from Indonesia to India. Total volumes were certainly not enough to sustain current rates levels. However, in contradiction to the general negative trend, an attractive $11,000 daily was agreed on a 32,000 tonner delivering dop Philippines to load coal ex Indonesia into EC India. That rate is probably due to some positional reasons as a similar type got less for a Indonesia round redely China (also considering the worse positioning) and Supras were reported at lower rates all fixing on aps bss with smaller ballast bonuses. The weakness of the market was further proven by the rates agreed for a Supra on a trip from Far East to Middle East Gulf and by another Supra via WC US to India. Short period interest was still there for larger units fixing at around $10,500/11,000 daily. Other owners with large tonnage in the Far East were reconsidering to ballast their tonnage into the USG.
Handy (North Europe/Mediterranean)
Even with the operators back to full activity the trade around European coasts didn't show any improvement and was even quieter than during the previous week. Chartering activity was dull from Med and Black Sea. The only two fixtures reported were a 53,000 tonner from Northern Europe booked for 2/3 laden legs at a rate similar to what she would have achieved in the presently depressed Pacific market. The second was a 55,000 dwt taken from Portugal to West Africa that showed to enjoy better rates and, hopefully, she could benefit better South American market afterwards.
Handy (USA/N.Atlantic/Lakes/S.America)
The USG and the South Atlantic American market kept strengthening through the week with rates increasing at every fixture, especially for loading out of the American Gulf and NCSA waters. The week ended up showing $31,000 daily on a Supra performing a fertilizer cargo from Tampa to India. Coal from the same loading area to Med saw a slightly larger ECO type fixing $27,000 daily. At first charterers kept taking tonnage for short period with Supramaxes delivering at USG going at rates in the high teens for short duration redely Atlantic. This trend may not last if Supras will start to ballast into this area from Far East. South American rates were also good with a large Handy achieving a great $24,000 with delivery retroactive Gibraltar for a trip into Far East. A similar vessel for similar trip agreed $17,000 daily delivering South Africa. The top fixtures however were on two smaller Handies fixed at very high rates on TransAtlantic.
Handy (Indian Ocean/South Africa)
The market remained extremely quiet within these waters. The only fixture reported was for a large Handymax that booked few laden legs for trading within the Middle East Gulf. The agreed rate didn't look bad, however considering it was agreed on an aps delivery basis and to perform consecutive voyages with aggregates, it ends up much less attractive than it looks especially if we consider the larger wear and tear that the vessel will suffer to carry this commodity.
Banchero Costa and Co Spa
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Internet: www.bancosta.it