Weekly detailed analysis of world shipping freight markets for all major routes for February 5 – February 12, 2024.
Capesize (Atlantic and Pacific)
A quiet week waiting for the Chinese New Year celebrations, some fixtures were concluded at significantly higher rates in both basins, especially towards the end of the week due to major players trying to secure their positions before to the holidays. On period, Mercuria fixed the MV Santa Barbara (179,492 dwt | 2015 built, scrubber- fitted), basis delivery Taiwan 13/15 February for a timecharter period up to 10 December 2024, at around $27,000/d and the MV Great Tang (180,247 dwt | 2011 built, scrubberfitted) was fixed basis delivery China 15-29 February for 10/12 months timecharter period at a level in the region of $27,000/d. In the Pacific, Rio Tinto fixed one TBN vessel for its cargo of 170,000mt +/- 10% iron ore from Dampier to Qingdao, laydays 25/27 February at $8.10/mt. BHP fixed a TBN vessel to load a cargo of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 26/28 February at $8.10/mt. Panocean fixed a Berge Bulk TBN to lift a cargo of 170,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 24/26 February at $ 9.20/mt and another TBN vessel for same stem, laydays 23/25 February at $9.45/mt. Vale fixed a TBN vessel for its cargo of 170,000mt +/- 10% iron ore from TRMT to Son Duong, laydays 20/22 February at $5.25/mt. Deyesion fixed the MV Star Princess (180,202 dwt | 2003 built) basis delivery in direct continuation, at Lanqiao 7 February, for one timecharter trip via East Coast Australia to the Far East at $18,500/d. In the Atlantic basin, Vale was quite active, having fixed up to 4 TBN vessels for its cargoes of 170,000mt +/- 10% iron ore from Tubarão to China, at rates up to mid-$24’s/mt. Solebay fixed the MV Jian Fa (175,086 dwt | 2004 built) to lift a stem of 170,000mt +/- 10% iron ore from Tubarão with West Africa option to Qingdao, laydays 8/15 March at $23.00/mt. Trafigura fixed the MV Cape Kensington (203,512 dwt | 2006 built) for a cargo of 190,000mt +/- 10% iron ore from Sudeste to Qingdao, laydays 10 March onwards at $22.50/mt. Treasure Boost Shipping fixed a TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from Freetown to Qingdao, laydays 14/18 March at $23.20/mt. NYK was awarded the NCS tender with a Newcastlemax TBN for 190,000mt +/- 10% iron ore from Pointe Noire to Japan, laydays 1 March onwards, at $28.50/mt. Costamare fixed the MV Cape Star (175,366 dwt | 2010 built) to lift a cargo of 185,000mt +/- 10% iron ore from Nouadhibou to Qingdao, laydays 20/29 February at $25.50. From South Africa, no fixtures were reported.
Panamax (Atlantic and Pacific)
The Panamax Atlantic week went through some ups and downs this week, but overall this week’s trend ended with a positive note, probably led by a rush to fixtures given the upcoming Chinese Lunar Year. North Atlantic market witnessed a strengthening grain demand/activity pushing P2A_82 to a positive $1,000 delta compared to last week – averaging $23,691 on bki. For instance, a major grain house fixed a modern kmx at $22,500 p/d dop continent for a trip via usg to far east with grains. Despite the latter fixture, similarly to previous weeks, multiple market players were able to find cheaper units ballasting from spore rather than cont/gib units – with rates settling around $18,500 + $850k gbb aps for usg rv. The same trend was also observable for ncsa fh and tarv, for example a 2015 kmx was reported fixed at $23,000 aps barcarena for a trip to skaw/gib with grains. ECSA market, characterized by a weaker spot positions and revitalizing march demand, went through healthy activity with rates pushing back up in the mid $14ks on P6_82 route and $17,000 + $700,000 gbb on aps basis.
At the start of the week Kamsarmax NoPac grains were fixed at very low teens on standard tonnage, approaching the end of the week a modern, eco Kamsarmax was fixed at $11,500/d basis dely Panjin. Australia RV to China was slightly higher with a very modern unit achieving $14,000/d basis dely Kimitsu and a Panamax getting $12,000/d on a similar trip basis dely S China. Indonesian coal to China was fixed in the very low teens on a 2011 PostPanamax unit basis dely dop Taiwan. Kamsarmax tonnage to India was fixed at $8,000/d basis dely S China to India.
Handy (Far East/Pacific)
A stable week for all sizes despite activity started to decrease with the holidays approaching. A 55,000 dwt with dely Philippines was reported at $9,750/d for a trip via SE Asia redely Spore and a 63,000 dwt with dely S China fixed at $9,000/d for a trip via Indonesia to WC India. On Handies, a 29,000 dwt with dely Spore got $6,600/d for a trip via Malaysia to China. On period a 63,000 dwt with dely S China was fixed for a year TC at $17,000/d redelivery worldwide.
Handy (North Europe/Black Sea/Mediterranean)
The market remained stable, but this might change in the near future considering the number of ships that will open in these waters in the next few weeks. A 38,000 dwt open hatch box shaped fixed $14/14,750/d for trips with lumber from Cont/Baltic to US EC/USG. A 37,000 dwt was reported at $10,800/d for a trip via Cont to ECSAm. A 38,000 dwt was fixed with scrap to E Med at $16,000/d. A 50,000 dwt was fixed at $17,000/d dop Livorno for a tct via St Petersburg to USG.
The market remained on a timidly positive trend. The rates that most shipowners were asking, even for spot ships, remained unattainable and the week preceding the holidays in Far East is usually a calm one, nevertheless the market was not softening. The rate for 35,000 dwt CrossMed increased to $11,500/12,000/d basis dely passing Canakkale, the trip to Cont was at $12,500/13,000/d. Supramaxes were fixing around $14,500/d for CrossMed. TA remained stable and 35,000 dwt units were fixing $12,000/d to USG and $10,000/d to ECSAm. For Supramax tonnage the trip to USG remained around $13,000/d and to ECSAm a between $11/11,500/d. The trips to East were fixed around $27,000/d on Supramaxes and $20,000/d on Handies.
Handy (USA/N.Atlantic/Lakes/S.America)
On larger units rates kept increasing on fronthaul which at the end of the week recorded a significant increase. On the other side, TransAtlantic decreased slightly. The tonnage list in the area has remained relatively unchanged. The trip to Spore/Japan range with grains was covered on Ultramax at $31,000/d while on Supramax around $29,000/d. On TransAtlantic trips to Med with grains fixtures were at $17,000/d on Supramax while trip to Brazil with petcoke was done at $16,000/d on Ultramax. The Handysize market was softening a bit, but it kept rates around mid $10,000s/d, a petcoke cargo to Italy was covered at $16,000/d on a modern 38,000 dwt.
Stable market during the week. Modern Handies around 35,000 dwt were fixed between $16/17,000/d basis dely aps ECSAm for trips with grains to Skaw/Med range. Similar tonnage could achieve around $20/21,000/d aps on fronthaul. Not a lot of fixtures reported for larger units, but a 61,000 dwt was mentioned fixed basis dely aps ECSAm for a trip to Spore/Jpn at $17,750/d + 775,000 gbb.
Handy (Indian Ocean/South Africa)
The overall activity in the area remained quite low compared to the previous weeks. However rates were mixed: some higher and some lower than the week before. A 63,000 dwt was fixed for CrossMeg with iron ore pellets at $21,000/d during the early part of the week. A 56,000 dwt was reported fixed around $21,000/d basis UAE port for a trip via UAE to Bangladesh with aggregates. A 63,000 open WCI was fixed for a clinker run from MEG to E Africa around $7,000/d levels. From WCI a 56,000 dwt was reported around $22,000/d to S China with salt. From ECI another 56,000 dwt was fixed around $12,500/d with iron ore to China. A similar size eco type was rumoured to have fixed at $13,500/d a similar trip. Increased rates were reported from S Africa, especially for the longer trips to China. A 61,000 dwt got $23,000/d + 230,000 gbb to China, then a 63,000 dwt achieved $23,500/d + 235,000 gbb. Towards the end of the week an eco 63,000 dwt fetched $25,000/d + 250,000 gbb.
Banchero Costa and Co Spa
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