Weekly detailed analysis of world shipping freight markets for all major routes for April 22– April 29, 2024.
Capesize (Atlantic and Pacific)
A very weak week with low activity, decreasing rates and negative sentiment despite major miners were active. On period, the Baltimore (177,243 dwt | 2005 built), was fixed basis delivery Dalian 5/8 May for a period of 4/6 months around $22,000/d. In Pacific, FMG fixed 3 x TBN vessels to load 160,000 mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 9/11 May 10/12 May and 12/14 May, at $10.40, $10.20 and $9.90/mt respectively. Rio Tinto fixed 2 x TBN vessels to load 170,000 mt +/- 10% iron ore from Dampier to Qingdao, laydays 11/13 May and 12/14 May, respectively at $10.50 and $10.10/mt. BHP fixed a TBN vessel to load its cargo of 160,000 mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 13/15 May at $10.15/mt. Libra fixed a TBN vessel to load a cargo of 150,000 mt +/- 10% coal from Indonesia to Mundra, laydays 2/9 May at $7.50/mt. Vale fixed the Baltic Wolf (177,752 dwt | 2010 built) to load 170,000 mt +/- 10% iron ore from Teluk Rubiah to Qingdao, laydays 3/5 May at $8.50/mt. In the Atlantic basin, Oldendorff fixed the First Penguin (208,772 dwt | 2021 built) to load a cargo of 190,000 mt +/- 10% iron ore from Tubarão option W Africa to Qingdao, laydays 22 May onwards at $25.00/mt. Mercuria fixed the Maha Anosha (169,056 dwt | 2009 built) to load a cargo of 170,000 mt +/- 10% iron ore from Tubarão option West Africa to Qingdao, laydays 10/20 June at $26.10/mt. Rio Tinto fixed the Berge Torre (175,935 dwt | 2011 built) to load 140,000 mt +/- 10% iron ore from Seven Islands to Djen Djen, laydays 13/19 May at $11.40/mt. Out of South Africa, Anglo fixed a TBN vessel to lift 170,000 mt +/- 10% iron ore from Saldanha Bay to Qingdao, laycan 15/20 May at $19.15/mt. Ore and Metal fixed a Solebay TBN vessel to load a cargo of 170,000 mt +/- 10% iron ore from Saldanha Bay to Qingdao, laycan 15/19 May at $18.65.
Panamax (Atlantic and Pacific)
A steady week in the Atlantic basin. P1A_82 and P2A_82 showed very slight and marginal increases around $200/d and $300/d respectively. Not much activity was reported. A very modern Kamsarmax was fixed at $18,000/d for TA RV basis dely Hamburg via USG to Skaw/Gib, another Kamsarmax, 2012 built, was reported at $15,500/d for a NCSAm basis dely Cont and redely Skaw/Gib. P6 recorded a weekly loss of $ 1,000/d. At the beginning of the week a Kamsarmax 2012 built was reported at $19,250/d + 925,000 gbb basis dely aps ECSAm redely Spore/Jpn, then a Panamax 2007 built got $16,500/d basis dely retro Hazira and at the end of the week a Kamsarmax 2014 got $17,750/d basis dely retro Spore for end of April dates.
Over the past week the market has been relatively weak, the support from Capesize ceased as their rally from WC Australia slowed significantly and cargo splits disappeared. On the other hand, some support came from larger geared units, which were comparatively very expensive over the last few weeks. Generally, NoPac grains were fixed on Panamax tonnage in the region of $15,500/d BKI CJK equivalent. Australia-Index was fixed in the region of $14,000/d and Indo RV around $11/12,000/d for Panamax tonnage open S China.
Handy (Far East/Pacific)
Rates kept increasing on the most representative routes and for all sizes. A 55,000 dwt with dely Thailand was reported at $16,000/d for a trip via Indonesia to S Korea, a 63,000 dwt with dely S China was done at $21,000/d for a trip via Philippines to China with nickel ore and a 56,000 dwt with dely S China was fixed for a trip to China at $18,500/d if S China and $19,500/d if N China. Regarding West direction, a 56,000 dwt with dely Vietnam was reported at $23,500/d for a trip to Chittagong with clinker and a 55,000 dwt with dely Philippines was fixed at $18,000/d for a trip via Indonesia to India. On Handies, a 30,000 dwt with dely Philippines took $10,500/d for a trip via Australia to Indonesia with salt.
Handy (North Europe/Black Sea/Mediterranean)
Very positional market with little demand and larger supply. Better rates were seen for larger vessels with scrap and grains cargoes rather than Handysize tonnage. A 63,000 dwt was fixed at $18,500/d for a trip via Antwerp to E Med with scrap, a 61,000 dwt was fixed at $14,500/d for a trip to US with clay and a 36,000 dwt was fixed at $14,500/d basis dely Skaw for a trip to Turkey with scrap.
In Med and BSea the market remained flat for Handysize, whilst a small reprise on larger vessels has been noted, mainly due to a short list of larger units in the area and a lot of tonnage available on smaller sizes. For 35,000 dwt vessels the CrossMed routes were around $10/10,500/d basis dely Canakkale, a shade less than last week. A bit higher if the destination was W Med or Continent: $10,500/11,000/d. Also, the gap between loading Romanian port and Ukrainian ones was getting thinner with vessels not getting more than $1/1,500/d premium. 58,000 dwt improved fixing around $15/16,000/d basis dely BSea, which is around $14,000/d basis dely Canakkale considering there is still congestion in the straits. The trips to W Africa were concluded around $17,000/d level. TA trips for Handies were getting higher numbers, close to the midteens to USG and low-teens to ECSAm. Supramax were stable fixing $13,500/14,000/d to USG. Fronthauls remained stable with Supramaxes fixing $26,500/d basis dely passing Canakkale via BSea and redely Spore/Japan and Handies fixing the $17,000s/d.
Handy (USA/N.Atlantic/Lakes/S.America)
Rates slightly increased on TransAtlantic throughout the week while the fronthaul started fall falling. The tonnage list remained stable. On Ultramax a trip to SE Asia with petcoke was fixed at $26,000/d and grains to Spore/Japan were covered at $20,000/d. On TransAtlantic the coal trade to Continent was fixed at $22,500/d on Ultramax and at $14,500/d to Brazil on Supramax. Grains to Egypt were fixed on Supramax at $10,500/d and a trip to Setubal with petcoke was covered at $17,500/d on Supramax. On Handies a 37,000 dwt was fixed for a trip to Cont with woodpellets at $12,000/d and a trip to EC Mexico with petcoke was done at $17,000/d on a 33,000 dwt.
Firm market both on Handies and larger units. Rates for TA on Handies were estimated around $19,000/d basis dely aps ECSAm for TCT to Cont/Med with grains. On larger sizes levels so far remained fairly stable. Tess58 were estimated around $13,500/d basis dely dop W Africa for a tct via ECSAm to Skaw/Passero range. On fronthaul rates were assessed around $21,000/d basis dely dop W Africa via ECSAm to Spore/Jpn range.
Handy (Indian Ocean/South Africa)
Rates remained firm due to higher demand during the week. For the standard UAE to Bangladesh aggregates trade, 56/58,000 dwt Supramax were fixed around $18,500/19,000/d level basis delivery UAE. A 63,000 dwt open UAE was fixed at $21,000/d dop for a trip to Bangladesh. On clinker cargo from Pakistan to Bangladesh, a 58,000 dwt open WCI was fixed at $18,500/d dop level. Limestone trades via UAE to WCI were fixed around $17,000/d aps on 58,000 dwt ships and $19,000/d aps on 63,000 dwt. From WCI to China with salt, a 63,000 dwt was rumored fixed at $19,000/d dop WCI levels. Rates increased substantially from ECI compared to any other areas in Indian Ocean. Early in the week a 56,000 dwt open Bangladesh fixed at $16,500/d dop level with iron ore to China, which was $1,500/d higher than the previous week. Another 58,000 dwt open ECI achieved close to $17,000/d dop for a similar trip. As the week progressed a 61,000 dwt was rumored at $19,000/d dop Bangladesh levels for a ECI to China with iron ore. Towards the tail end of the week, 53/54,000 dwt were reported around $14,500/14,750/d dop Bangladesh for such trips. Rates from S Africa seemed to improve a bit in the 1st half of the week, a 58,000 dwt open Kenya was fixed at $22,500/d aps S Africa + 225,000 gbb for trip to ECI. A 61,000 dwt open S Africa achieved $23,000/d + 230,000 gbb for a trip to F East. A 61,000 dwt open ECI was reported at $17,000/d dop for a trip via S Africa to F East. A prompt 56,000 dwt open Durban achieved $19,500/d + 195,000 gbb for a trip to F East.
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