Weekly detailed analysis of world shipping freight markets for all major routes for April 15– April 22, 2024.
Capesize (Atlantic and Pacific)
Another positive week with a lot of activity in both basins, rates increased accordingly. All major mining companies were very active and sustained the upward trend. On the period front, a few fixtures were reported: Jinhui fixed the True Neptune (207,634 dwt | 2017 built) delivery F East Q1 2025 for 33/36 months' at $31,500/d, Jijao fixed the P.S. Palios (179,134 dwt | 2013 built) delivery CJK 5/17 May, for about 16/18 months at $27,150/d and Classic fixed the Dignity (203,024 dwt | 2014 built) ex dry dock Zhoushan on the 14 April for about 11/14 months period timecharter at $28,000/d. In the Pacific, FMG fixed a TBN vessel to lift 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laycan 3/4 May at $12.00/mt. Oldendorff fixed the Berge Gasherbrum (182,202 dwt | 2022 built) to lift 160,000 mt +/- 10% iron ore from Port Hedland to Qingdao, laycan 4/6 May at $12.10 /mt and they also won the Ningbo Marine Tender for a stem of 135,000 mt +/- 10% coal from Newcastle to Liuhen, laycan 5/14 May at $15.25/mt. Simec fixed a U-Ming TBN vessel to load a cargo of 180,000mt +/- 10% iron ore from Whyalla to Qingdao, laycan 12/18 May at $16.50/mt. Richland fixed the Golden Savanah (181,044 dwt | 2017 built) basis delivery CJK for one time charter trip via DBCT with redelivery Fangcheng at $35,000/d. Multimax fixed the CSK Brilliance (179,942 dwt | 2011 built scrubberfitted) basis delivery Zhoushan prompt for one time charter trip via DBCT with redelivery Fangcheng at $34,000/d. In the Atlantic basin, Oldendorff fixed the Golden Houston (181,214 dwt | 2014 built) to lift a cargo of 170,000 mt +/- 10% iron ore from Tubarão to Qingdao, laycan 20/25 May at a freight rate of $27.00/mt. Trafigura fixed the Philadelphia (206,040 dwt | 2012 built), the Lady Neeti (210941 dwt | 2022 built) and the Mineral Utamaro (207,469 dwt | 2016 built) all to load cargoes of 190,000 mt +/- 10% from Sudeste to Qingdao, laydays ranging for 7 May, 9 May and mid May dates at rates in the $26.75/mt level. Uniper fixed an Oldendorff TBN vessel to lift a cargo of 125,000 mt +/- 10% coal from Baltimore to Gangavaram, laycan 15/24 May at $36.10/mt. Posco fixed a MOL TBN vessel to lift a cargo of 150,000 mt +/- 10% iron ore from Port Cartier to Gwangyang, laycan 5/19 May at $37.00/mt. Out of South Africa, Assmang Ore and Metal fixed a Koch TBN vessel to lift a cargo of 170,000 mt +/- 10% iron ore from Saldanha Bay to Qingdao, 6/10 May laycan at $18.93/mt. Anglo fixed a TBN vessel to load a cargo of 190,000 mt +/- 10% iron ore from Saldanha Bay to Qingdao, laycan 11/20 May at a freight rate of $19.35/mt.
Panamax (Atlantic and Pacific)
Differently from previous week, the Panamax Atlantic market has seen a steady increase in rates with North Atlantic tonnages enjoying the most from this positive trend with P1 and P2 registering a W-o-W delta of +$3,800 and +$3,400 p/d respectively. The shortening tonnage count in gib/cont range, especially for spot dates, has seen numerous grain houses paying up to mid high $16,000/d for nice kmx on gib/gib bss for transatlantic round voyages. The highlight of the week for north Atlantic regions was a 2022 built kmx fixing $30,000/d dop Cont for a trip via US EC with redelivery China. P6 was overall steady throughout the week with a strong push towards the closing days with route closing at $19,250/d on bki. For example, a super eco kmx was registered fixed at low $21,000/d bss Singapore for a trip via santos with redely Spore/Jpn range.
Last week the Pacific market was steady, on Monday NoPac round on kmx was going at mid teens level basis dop S Korea/Jpn Tai Kingdom (84,703/2017) Yantai 12 April placed on subjects for a NoPac round trip at $15,250/d with Comerge, Friday came reports of the Lyric Harmony (81,290, 2012) Longkou 18 April fixed for a trip via NoPac redelivery Spore/Jpn at $15,000/d. Even Australia RV to China remained flat during the week, initially there were rumours of the Yasa Emerald (83,503/2022) Japan prompt placed on subjects for a trip via Newcastle redelivery S China at $17,000/d also Shandong Fu Hui (81,782/2017) Tomogashima 21/22 April fixed for a trip via EC Australia redelivery S China at $15,500/d with Tongli. India repos trip were fixed at low/mid teen on kmx basis dely S China and the Ripley Pinnacle 76,400/2005 open Nantong was reported at low teens for India redely.
Handy (Far East/Pacific)
Compared to the previous week, rates remained quite stable despite the limited activity. A 52,000 dwt with dely Spore was reported at $16,750/d for a trip via Indonesia to S China, a 56,000 dwt with dely Philippines was fixed at $17,500/d for a trip to China with nickel ore and a 53,000 dwt with dely S China took $13,250/d for the same trip via Philippines to China. On backhaul, a 56,000 dwt with dely N China was fixed for a trip to Med at $15,200/d for 65 days and $17,500/d balance. A 61,000 dwt with dely N China took $13,500/d for a trip to Med with steels.
Handy (North Europe/Black Sea/Mediterranean)
The market was still quiet with low activity due to a good balance between demand and offer, better scenario on Supramax and Ultramax with scrap cargoes showing rates around $16/17,000/d for trips to E Med. On Handysize, rates were flat, scrap to E Med was showing fixtures around $13/14,000/d. A 58,000 dwt was fixed at $22,250/d dop Cont via Baltic to WCCAm, a 39,000 dwt open hatch box shaped was fixed basis dely Cont and redely USG at $14,000/d, a 38,000 dwt was fixed basis dely Cont redely Baltic at $14,000/d, a 36,000 dwt with scrap on voy basis from UK to Turkey at TCE around $14,000/d, a small Handy fixed a trip via Norway to EC Mexico at a TCE around $10,500/d.
The week, as far as the Med and the BSea are concerned, was extremely uncertain. While on the one hand we can say that we have recorded some improvements on some routes, on the other hand we were once again seeing an accumulation of ships and a lack of spot cargoes. Most shipowners got higher rates to N Africa, but we were also witnessing the conclusion of rather low negotiations towards the USG and Cont. For 35,000 dwt vessels CrossMed was fixed around $10,500/11,000/d basis delivery Canakkale, and the same rate was achieved to Con. 58,000 dwt Supramaxes were still getting fixed at rates around $12,000/d with almost no change from last week. The TransAtlantic trips decreased, but the official indexes were showing this with some delay, we believe Handies were getting $11/12,000/d for a trip towards USG and around the $10,000/d for trips to ECSAm. For Supramax the trip to USG was stable at $13,500/14,000/d. Fronthauls remained unchanged: Supramaxes basis dely passing Canakkale via BSea with redely Spore/Jpn were fixing $26,500/d while Handies were in the $17/18,000/d.
Handy (USA/N.Atlantic/Lakes/S.America)
Last week the market in US Gulf was fairly stable and it had a little rise at the end of the week. The tonnage list increased disproportionately especially early in the week. The petcoke trade to China was covered on Supramax at $21,500/d and to India on Ultramax at $27,000/d; while coal to Far East was fixed at $24,900/d on Supramax. A trip to Japan with woodpellets was done at $26,000/d on Ultramax and grains to Spore/Japan range were fixed at $25,800/d. On TransAtlantic grains to Egypt were done at $14,900/d on Supramax and on Ultramax at $20,000/d. The coal trade was covered to E Med at $19,000/d on Supramax and at $22,500/d to Baltic on Ultramax. On Handies a 38,000 dwt fixed trip to Morocco with coal at $16,500/d, and a trip to NCSAm with grains was done at $10,500/d on a 39,000 dwt.
Market in the area didn’t change significantly. On Supramax there was a rumor that a nice 58,000 dwt shallow was fixed at $22,000/d basis dely ECSAm for a trip with grains to Algeria. On the fronthaul run the estimated level for a trip to Spore/Jpn range with grains via ECSAm basis dely dop W Africa was arnd $20,000/d. On Handies a nice and shallow 28,000 dwt was rumored at $16,000/d basis dely ECSAm for a trip with redely BSea. No fronthaul activity was reported, Handies were assessed around $22,000/d aps.
Handy (Indian Ocean/South Africa)
Rates seemed to slightly improve in the area even though standard routes of aggregates/limestone to Bangladesh remained slow. Standard Supramaxes 56/58,000 dwt were fixed around $19,000/d aps UAE port for trips to Bangladesh. A 56,000 dwt was fixed for a backhaul to W Africa with clinker at $11,000/d. For a similar requirement a Mes66 was fixed at $12,000/d basis dely Fujairah. Rates seemed to improve from ECI, with more demand coming from India and thanks to a stronger Pacific market. A 63,000 dwt open Bangladesh was rumored at $16,500/d dop Bangladesh for a trip to China with iron ore in bulk from ECI. For a similar requirement a Dolphin57 was reported at $15,000/d towards end of the week dop Chittagong. Compared to other areas, S Africa seemed to be more active during the week, however rates remained more or less flat. On trips to China a 58,000 dwt was fixed at $19,500/d + 195,000 gbb. Some 63,000 dwt were reported around $22,000/d + 220,000 gbb to China. An eco 60,000 dwt fetched $23,000 + 230,000 gbb and a 63,000 dwt was fixed at $15,000/d for a trip to Cotinent with coal.
Banchero Costa and Co Spa
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