Weekly detailed analysis of world shipping freight markets for all major routes for June 3– June 10, 2024.
Capesize (Atlantic and Pacific)
Last week commenced on a quiet mode as Posidonia in Athens started, with representatives of most players of the industry attending the event As the week progressed, activity picked up with miners, owners and operators concluding deals with a slight improvement on the rates as compared to the previous week, helping the optimistic sentiment to continue. In the Pacific, Rio Tinto fixed three TBN vessels to load its cargoes of 170,000mt +/- 10% iron ore from Dampier to Qingdao, laydays 20/22 June, 22/24 June and 23/25 June, respectively at freight rates of US$11.10, US$11.25 and US$11.05 per ton. FMG fixed a TBN vessel and the MV Aghia Sofia (176292 dwt | 2012 built) to load its cargoes of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 20/21 June and 21/22 June, respectively at freight rates of US$11.15 and US$11.40 per ton. Zhejiang Shipping fixed the MV Nightsky (183017 dwt | 2019 built) to load a cargo of 170,000mt +/- 10% iron ore from Dampier to Qingdao, laydays 22/25 June at US$11.25 per ton. Glovis fixed a TBN vessel to load a stem of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 23/25 June at US$11.35 per ton. Vale fixed a TBN vessel to load its cargo of 170,000mt +/- 10% iron ore from TRMT to Qingdao, laydays 14/16 June at US$8.80 per ton. SAIL fixed a TBN vessel to load a cargo of 150,000mt +/- 10% coal from Hay Point to Dhamra, laydays 3/12 July at a freight rate of US$15.70 per ton. Richland fixed the MV Maran Odyssey (171681 dwt | 2006 built, scrubber-fitted) basis delivery Xiamen from 10 June onwards for one timecharter trip via East Coast Australia to China at US$29,500 per day. In the Atlantic basin Classic fixed the MV Houston (177728 dwt | 2009 built) to lift a stem of 170,000mt +/- 10% iron ore from Tubarão to Qingdao, laydays 2/11 July at US$26.00 per ton. Jiangsu fixed a Moundreas TBN vessel to load a cargo of 180,000- 190,000mt +/- 10% iron ore from Boffa to Huanghua, laydays 23/30 June at a freight rate in the mid US$25’s per ton. Out of South Africa, no fresh fixtures were heard as there was lack of cargoes available.
Panamax (Atlantic and Pacific)
Definitely not an eventful week for the atlantic panamax market with freight rates tending to remain at the same levels in the northern regions, due in part to the week of events held in athens. P1A_82 closed the week at $10,825 p/d, (same level as last week). a 2008 built kmx was fixed at $ 18.000 aps NCSA redely Skaw-Gib int grain. P2A_82 was sleepy and levels were unchanged from the previous week. Earlier in the week a kmx built in 2013 was reported fixed at $27,000 dop ghent for a usec/india with coal. Compared to previous routes the P6_82 saw a good rise, rising $1,400 to $18,423 p/d. several fixtures of the grainhouses were reported during the week, for example at the beginning of the week a kmx built in 2012 was reported, aps ECSA 20/30 June for a tct with redely sporejapan, at $ 18.500 p/d + 850k gbb. At the end of the week a 2017 built kmx was fixed at $ 18.750 p/d retro spore for an ecsa rv.
Over the past week, the pacific market was fairly active unlike atlantic, thus owners were a bit more hesitant to send their vessels in ballast and opted to enjoy the hefty levels offered by pacific cargoes. Generally p3 was trading around 17k. good specs kmx were able to generate returns as high as 20k for ec aussie coal to china/japan - indonesia was paying pmx vessels in the region of 15k/16k delivery s.china - north pacific was fixing around 17k on a standard BKI with delivery China/S.korea.
Handy (Far East/Pacific)
Last week far eats market remained more or less stable compared to the previous one, no big changes on the rates of the most representative routes. A 56,000 dwt delivering north china was reported to be fixed at 14,000/day for a trip via philippines to north china, a 61,000 dwt delivering indonesia was done at 18,750/day for a trip via indonesia to china, a 55,000 dwt delivering south china was fixed at 16,000/day for a trip via philippines to north china and a 63,000 dwt delivering thailand took 15,500/day for a trip via philippines to indonesia with nickel ore. Regarding west direction, a 56,000 dwt delivering south china was done at 16,000/day for a trip via vietnam to chittagong. On the smaller size, a 48,000 dwt delivering vietnam took 14,000/day for a trip via indonesia to cjk.
Handy (North Europe/Black Sea/Mediterranean)
The advent of Posidonia had a strong impact on the week. The Atlantic basin, which has been the most impacted one, was quiter due to most of the industry located in Athens for the event. North Europe / Continent area behaved consequently. Tonnage increased compared to last week with an abundance of vessels in the ARAG area in particular, while very few cargoes have shown up, forcing owners to wait. This mix led to a new evident fall in rates postponing perhaps the recovery to monday, when everyone will be at his/her desk again. A 41,000 dwt was reported to be fixed aps Brake at $10,750/d for a tct with steels redely USEC. This level is about $3000/d less than a similar trip which fixed less than one montrh ago. From North France to Morocco a similar trend showed with a 33,000 dwt being fixed for a trip with grain at $7000/d, about $1000/d less than a comparable trip of last week.
The market in the Mediterranean this week has remained roughly at the same level as last week, there has certainly been no improvement and it is not expected to be until at least mid-July. The number of ships between the Mediterranean and the Black Sea remains quite high and the few loads that have been seen in recent days will certainly not contribute to an increase in freight rates. Since the Pacific is quite healthy, even trips to the East have had a decline although not enormous For 35.000 dwt handies the InterMed are at 5.000 usd bss canakkale for CVB to West Med, shade more for trip to continent The Supramaxes for intermed are seeing numbers around usd 6500/7000 and usd 8.000 on supramax The transatlantic trips for the supramaxes are fixed at usd 9.000 or less towards the Us Gulf, the handies are getting same level to Usg and around 6.000 to east coast south america. The Front-haul rates,are suffering as well: for Supramax/Ultramax tonnage deals are done now in the high teens and for the handies in the low teens
Handy (USA/N.Atlantic/Lakes/S.America)
The market in US Gulf started to increase gradually day by day, the tonnage list decreased and some new fresh stem raised in area, so rates started to rise but not significantly. On Ultramaxes was fixed a trip to India with petcoke at $25,000/d and at the same level coal to China via Usec, while a trip to Spore-Japan with coal was done at $26,000/d. On TransAtlantic a trip to Dakar with petcoke was covered at $14,250 on Supramax and on the same tonnage was fixed a trip to Continent with grains at $12,000/d. Coal to Emed was done at $17,000/d on Ultramax and a trip to NCSAm with grains was done at $14,00/d on Supramax. On Handies a trip to Continent with woodpellets was fixed on a 38,000 dwt at $10,000/d.
Market in the region compared to last week was basically flat. On the handies, not a lot has been reported, nice 3800 dwt was estimated to be around usd 18,000 bss dely east coast south america for one tct grains to skaw-passero rge On fhaul still on the handies levels estimated for 38000 dwt was around usd 22,000 bss dely aps ecsa tct grains redel spore-jpn rge. On 58000dwt there was rumored that levels estimated for fhaul bss dely dop west africa was around usd 18300 for one tct with grains redel sporejpn rge. On same size 58000dwt was reported at around usd 10,500 bss dely dop wafrica for one tct via ecsa to skaw-passero rge.
Handy (Indian Ocean/South Africa)
Most of the rates fixed or discussed during the week were slightly below previous done levels except for safr area. form arabian gulf, for usual limestone aggregate biz a 56k dwt supra was fixed bss aps UAE loadport at usd 17k. for similar biz, one 63k dwt vsl open uae was fixed at 18500 levels. for a petcoke lifting from arabian gulf to ECI, a 57k dolphin type vsl was fixed at 20k dop levels from AG. from wci, there was a considerable push for movement of salt cargo to china before the full onset of monsoon in wci, however rates remained weak due to long vsl list. 63k dwt umx and another 61k umx open wci, was heard to have fetched around 17k dop for trips to feast with salt in bulk. for similar requirement though supramaxes from 56-58k dwt ones were being fixed around 12500 -13k levels. rates remained weak from eci as well. 58k dwt open wci was rumoured to have fixed around 13700 levels for trip to china with iron ore in bulk. for similar biz, a 53k fecthed only around 12k dop eci. a 57k open eci was rumoured to have fixed around 13k dop for trip to seasia. one 63k open chittagong fixed around 18k dop for such route, whereas another 63k open southern part of eci, fetched 17k dop for similar biz. safr rates though seemed to improve over all during the week. a 63k dwt vsl was fixed at 22k bss aps safr plus 320k gbb for trip to feast ; this however seemed to be fixture for spot laycan. another 63k for similar fetched around 22k aps safr + 220k gbb. for same route of safr to feast, couple of 63k ones open srilanka and tuticorin range were fixed at 17k dop levels.
Banchero Costa and Co Spa
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