Weekly detailed analysis of world shipping freight markets for all major routes for January 8 – January 15, 2024.
Capesize (Atlantic and Pacific)
Last week was a very challenging one, the BCI 5TC experienced the largest weekly decline since 2008. Very limited activity and FFAs were quite flat and did not help the market to keep higher rates. On the period front, Pacbulk fixed the MV SM Newcastle (179,194 dwt | 2010 built) basis delivery Huanghua on 14 January for 9 to 11 months timecharter period at $23,800/d. In the Pacific, towards the end of the week Rio Tinto fixed two TBN vessels to load their cargoes of 170,000 mt +/- 10% iron ore from Dampier to Qingdao, laydays 27/30 January and 28/30 January, respectively at freight rates of $8.10 and $8.00/mt. SIMEC fixed three TBN vessels to load their cargoes of 170,000 mt +/- 10% iron ore from Whyalla to Qingdao; one vessel from U-MING with laydays 5/11 February at $12.00/mt, another from Norden with laydays 12/18 February at $12.00/mt and the third vessel from Solebay with laydays 20/29 February at $11.75/mt. Multimax fixed the MV Mount Hermon (182,503 dwt | 2016 built) to lift a cargo of 150,000mt +/- 10% coal from Gladstone to Rizhao, laydays 25 January/3 February at a freight rate around $10.00/mt. In the Atlantic basin, CSN fixed a TBN vessel to load its cargo of 180,000 mt +/- 10% from Itaguaí to Qingdao, laydays 4/8 February at $21.90/mt. CSN also fixed a package deal for two TBNs to lift 180,000 mt +/- 10% iron ore from Itaguaí to Qingdao, early February cancelling and 16 February cancelling both at $24.00/mt. TKSE fixed a Classic TBN vessel to load a cargo of 180,000 mt +/- 10% iron ore from Itaguaí to Rotterdam, laydays 3/12 February at $9.40/mt. Treasure Boost Shipping fixed a Costamare TBN vessel to lift cargo of 180,000 mt +/- 10% iron ore from Freetown to Qingdao, laydays 22/25 February at a freight of $20.25/mt. From South Africa, Anglo American fixed a TBN vessel to lift a cargo of 180,000 mt +/- 10% iron ore from Saldanha Bay to Rotterdam, laycan 1/7 February at a freight level around $8.00/mt. Ore and Metal fixed a Classic TBN vessel to load a cargo of 170,000 mt +/- 10% iron ore from Saldanha Bay to Qingdao, laycan 1/5 February at $14.48/mt.
Panamax (Atlantic and Pacific)
Another week of declining rates due to lacking demand from the Northern regions and tonnage starting to pile up. The current situation in the Red Sea was not helping rates, at least in the short term, with more unfixed vessels spotting up. During the week, P1A_82 and P2A_82 lost $3,500/d and $3,000/d respectively. A 2012 PostPanamax was reported at $23,000/d dop Continent for a trip via US EC to India. From S American, rates weren’t very exciting, but activity was pretty decent especially for end January/beg February cargoes. P6 closed the week at $13,741/d retro spore, modern tonnage was able to achieve rates around $15,000/d and a 2022 built Kamsarmax was fixed by a major grain house at $15,500/d basis dely retro spore.
The market remained quiet. Both P3A_82 and P5_82 lost approximately $2,000/d compared to the previous week, down to $10,000/d level. At the beginning of the week a 2006 built Kamsarmax got $12,500/d dop for a NoPac RV, at the end of the week a 2019 built Kamsarmax got was fixed in the $11,000s/d for same trip with the same dely. An 82,000 dwt built 2018 open N China was reported for a trip via EC Australia to China at $12,000/d. A remarkable number of vessels were sent in ballast to Singapore and then to ECSAm.
Handy (Far East/Pacific)
The market remained quite stable without major changes on the most representative routes. A 60,000 dwt with dely Indo was reported at $20,000/d for a trip via Australia to Spore/Jpn range with salt and a 63,000 dwt with dely N China was done at $8,000/d for a trip to Indo with metcoke. A 63,000 dwt with dely N China was fixed at $12,750/d for a trip via NoPac to WCI, a unit with dely S China took $7,000/d for a trip via Indo to WCI and a 55,000 dwt with dely S China was done at $9,000/d for a trip via Vietnam to Bangladesh with clinker. On Handies, a 38,000 dwt with dely Spore was reported at $8,400/d for a trip via W Australia to China with alumina.
Handy (North Europe/Black Sea/Mediterranean)
Another negative week due to limited demand, only few fresh cargoes were available, and a growing tonnage list caused rates to fall further down. A 53,000 dwt was fixed at $17,000/d for a trip via St. Petersburg to WCSAm, redely Recalada with a duration of around 100 days. A 34,000 dwt was fixed with grains from Rouen to Morocco at $9,500/d. Handies, around 38,000 dwt, for short period were rating mid-teens with charterers willing to fix around $11,500/12,000/d.
Extremely limited spot activity in Med and BSea pushed rates significantly lower for all destinations affecting also the sentiment that in any case remained cautious. The rate for 35,000 dwt tonnage for CrossMed trips softened to $8,500/d basis dely passing Canakkale. The same dely for trips to Cont was still getting $9,000/d. TAs followed the trend with trips to USG down to $9,00/d and trips to ECSAm collapsing to $7,500/8,000/d. Supramaxes were fixing $10/11,000/d CrossMed, $11,500/ 11,000/d to USG abd $9,500/d to ECSAm. Affected by the situation in the Red Sea the trips to East were more stable and were fixed at $20,000/d on Supramaxes and $14/15,000/d on Handies.
Handy (USA/N.Atlantic/Lakes/S.America)
The tonnage list kept increasing constantly and ballasters pushed rates lower. The most active route was the TransAtlantic. An Ultramax was fixed for a trip to Cont with woodpellets at $30,000/d and a Supramax got $23,000/d for a trip to E Med with metcoke. An Ultramax was fixed to China at $32,000/d with grains and a Supramax to India achieved $29,000/d with petcoke. On Handies a grain cargo to Morocco was done at $16,500/d on a 33,000 dwt.
Rates flattened during the week. On Handies a nice 34,000 dwt was fixed at $23,000/d basis dely Rio Grande for trip to Caldera. A 38,000 dwt was fixed at $15,000/d for a tct to Skaw/Passero range with grains. On Supramax and Ultramax fixtures were reported except a 58,000 dwt fixed at $18,000/d basis dely dop W Africa for a tct via ECSAm to spore/Jpn range, int. China.
Handy (Indian Ocean/South Africa)
The market seemed to keep weakening in MEG/WCI range. Rates for the most part of the week held in ECI and slightly rose from S Africa. A 56,000 dwt from MEG was fixed in the low $14,000/d level for a trip to Chittagong with aggregates. A similar unit was fixed aps Oman port for a trip to SE Asia at $14,500/d level. 63,000 dwt Ultramaxes open ECI were fixed to China with iron ore around $17,500/d level. A 56,000 dwt was reported around $14,000/d dop ECI towards the end of the week for such iron ore trade. Rates slightly improved from S Africa and a 61,000 dwt was fixed for a trip to India with coal at $20,500/d + 200,000 gbb. A Tess58 got $19,000/d + 190,000 gbb. S Africa-China was slightly premium business, a 57,000 dwt was fixed at $19,500/d + 195,000 gbb. Towards the end of the week a 60,000 dwt was fixed at $22,000/d + 220,000 gbb for a trip with minerals.
Banchero Costa and Co Spa
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