Weekly detailed analysis of world shipping freight markets for all major routes for May 20– May 27, 2024.
Capesize (Atlantic and Pacific)
Demand was seen in both basins, especially from Brazil and W Africa to China, but also from Australia to China, however Capesize rates softened. In any case the positive sentiment was still out there. In the Pacific, Rio Tinto fixed 3 x TBN vessels to load 170,000 mt +/- 10% iron ore from Dampier to Qingdao, laydays 8/10 June, 9/11 June and 10/12 June, at $9.80, $9.85 and $10.10/mt respectively. BHP fixed a TBN vessel to load its cargo of 160,000 mt +/- 10% iron ore from Port Hedland to Qingdao for early June laydays at $10.20/mt. FMG fixed a TBN vessel to load its cargo of 160,000 mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 8/9 June at $10.10/mt. Norden fixed the MV Integrity (175,966 dwt | 2010 built) basis delivery Yantai around 29 May for a trip via East Coast Australia to China at $21,000/d. In the Atlantic basin, Vale fixed the MV Cape Genesis (182,097 dwt | 2012 built) to load its cargo of 170,000 mt +/- 10% iron ore from Tubarão to Qingdao, laydays from 23 June onwards at $25.00/mt. Panocean fixed the MV Genco Lion (179,185 dwt | 2012 built) to load a cargo of 170,000 mt +/- 10% iron ore from Tubarão to Qingdao, basis ETA Tubarão on the 20 June at $25.25/mt. Mercuria fixed the MV Stella Hope (180,007 dwt | 2016 built) to load a stem of 170,000 mt +/- 10% iron ore from Tubarão to Qingdao, basis ETA Tubarao on the 19 June at $25.50/mt. Polaris fixed the MV Star Princess (180,202 dwt | 2003 built) to load a cargo of 170,000 mt +/- 10% iron ore from Tubarão with West Africa option to Qingdao, laydays from 26 June onwards at $24.75/mt. CSN fixed a Newcastlemax TBN vessel to load its cargo of 180,000 mt +/- 10% iron ore from Itaguaí to Qingdao, laydays 26/28 June at $25.75 /mt. Anglo fixed a Newcastlemax TBN vessel to load 190,000 mt +/- 10% iron ore from Açu to Qingdao, laydays 24/27 June at $24.85/mt. Out of South Africa, Ore and Metal fixed a CCL TBN vessel to load a cargo of 170,000 mt +/- 10% iron ore from Saldanha Bay to Dangjin, laydays 14/18 June at $18.65/mt and a Oldendorff TBN vessel to load a cargo of 130,000mt +/- 10% iron ore from Saldanha Bay to Qingdao, laydays 8/12 June at $22.18/mt. Costamare fixed the MV Oriental Express (180,211 dwt | 2006 built) for a cargo of 150,000 mt +/- 10% coal from Richards Bay to Kandla, laydays 10/19 June at low/mid $12s/mt.
Al General fixed a TBN vessel to load a cargo of 150,000 mt +/- 10% coal from Nacala to Krishnapatnam, laydays 20/24 June at $12.90/mt.
Panamax (Atlantic and Pacific)
A rare week for the Panamax Atlantic Market: opposite to the Pacific, which was characterized by a healthy flow of activity and steadily increasing rates, demand has been pretty much flat and the increasing tonnage count in both Southern and Northern regions pushed rates down. Just like the previous week, there was a lack of both grains and minerals activity for TA RV with P1A_82 losing some $1,500/d, closing the week at $12,610/d. A 2013 built PostPanamax achieved $12,500/d basis dely Gib for a trip via US EC and redely Skaw/Passero. P2A_82 took a smaller hit with some activity linked to NCSAm grains (with ballasters from Singapore starting to discount heavily for spot cargoes) and some mineral cargoes up North. From ECSAm, the mentioned increasing tonnage count and with spot cargoes fixed, rates were under pressure for both fronthaul and TA RV. P6_82 averaged $17,500/ 18,000/d basis dely retro Spore and a modern Kamsarmax achieved $21,000/d aps santos for a trip to Cont and redely Skaw/Gib.
A slow start for the Pacific market last week due to the holidays in Geneva first and then in Singapore affected demand with general slow activity during the first part of the week. From Wednesday ECSAm warmed up and the Pacific market gained momentum and more fixtures were recorded from Indonesia, Australia and NoPac. Indo RV increased to the mid/high teens for Panamax tonnage with dely S China, NoPac and Australia RV touched the $20,000s/d level for Kamsarmax with dely Japan and N China respectively.
Handy (Far East/Pacific)
Stable market from this area. A 60,000 dwt with dely Japan was reported at $18,000/d for a trip via NoPac to Japan with grains and a similar vessel with dely Vietnam was done at $19,500/d for a trip via Indo to S China. Towards West, a 53,000 dwt with dely N China was fixed at $17,000/d for a trip via China to Red Sea with steels and a 56,000 dwt with the same dely agreed $15,750/d for a trip via China to MEG with steels.
Handy (North Europe/Black Sea/Mediterranean)
Limited activity put additional pressure on rates. The few cargoes available were quickly fixed at falling rates. Cont-ECSAm lost another $500/d while Cont-USG was down around $600/d on Handies. CrossCont on Supramax was fixed around $11/11,500/d level while scrap to E Med was around $12,000/d. The trip to F East softened to $18/19,000/d.
Spot cargoes almost disappeared and the very few available were fixed in a matter of hours, at rates even lower than what charterers were expecting. The tonnage list kept growing and more than 70 Handies were available for BSea loading during week 21 and 22. Supramax rates remained $2/3,000/d higher than those for Handies CrossMed because their number is lower. 35,000 dwt tonnage CrossMed and Med-Cont were fixing $6/6,500/d basis dely Canakkale or $7/7,500/d basis dely aps Constanza, Varna, Burgas triangle. Rates out of Ukraine and Russia were around $10/10,500/d, but most of the Owners prefer not to fix at these levels those loading areas. Supramax tonnage CrossMed was hardly getting more than $10,000/d basis dely Canakkale or aps E Med, if Ukraine or Russia loading the premium is estimated around $1/2,000/d. TA trips on Supramax were fixed at $10/11,000/d to USG and $12/13,000/d to W Africa, Handies were getting the same levels to USG and around $7,000/d to ECSAm. Fronthaul rates were also on a negative trend, but not as much as the other routes and Supramax/Ultramax were fixing around $23/24,000/d via Suez and $20/21,000/d via COGH.
Handy (USA/N.Atlantic/Lakes/S.America)
Rates fell due to very slow demand and a long tonnage list. The grains trade to Spore/Japan was covered at $17,000/d on a Supramax and at $20,000/d on an Ultramax. Petcoke to India was fixed at $17,000/d on a Supramax. The TransAtlantic trade followed the same trend and rates dropped to $14,500/d for a woodpellets run from US EC to Cont. Petcoke to E Med was covered around $14,000/d level on Supramax and an Handysize was reported at $9,000/d. A Supramax was fixed at $14,500/d with grains to Cont while coal paid $13,000/d on another Supramax on the same trade.
A stable week on sizes from this area. A vintage 50,000 dwt was rumored at $16,000/d basis dely Itaqui for a trip with grains to Cont/Med. On Handies not much was reported. A 35,000 dwt modern and shallow was estimated around $16,000/d for a tct to Cont/Med basis dely aps, while fronthauls were estimated around $21/22,000/d basis dely aps for a tct with grains to Spore/Jpn range.
Handy (Indian Ocean/South Africa)
Rates were softening during the week. A 63,000 dwt open UAE was fixed at $22,000/d dop levels for a trip to Bangladesh with clinker. On similar route a 56,000 dwt open WCI achieved only $15,500/d dop with limestone/aggregates. A 57,000 dwt was fixed aps loadport in MEG at $19,000/d for a trip to WCI with fertilizers. A Mes56 was fixed for 3/5 months at $15,000/d basis dely WCI. Rates were on a downtrend also from ECI. A 61,000 dwt open Haldia was fixed for a trip to China with iron ore at $19,000/d. On a similar route a 56,000 dwt was fixed at $16,250/d early in the week. As the week progressed another 56,000 dwt open Haldia was fixed at $15,500/d dop for a trip with iron ore to China and towards the end of the week rates were around $15,000/d. From S Africa early in the week a 63,000 dwt open WCI was fixed at $20,000/d dop for a trip via S Africa to F East. Another 63,000 dwt from ECI achieved around $17,900/d for such trip to China. Towards the end of the week Ultramaxes were fixed around $22,000/d + 220,000 gbb to China. Supramax tonnage was getting far lower rates with a 58,000 dwt fixed $17,000/d + 170,000 gbb for a trip to Pakistan with coal and a similar unit getting around $17,000/d + 170,000 gbb for a trip to China towards the end of week.
Banchero Costa and Co Spa
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