Weekly detailed analysis of world shipping freight markets for all major routes for May 6– May 13, 2024.
Capesize (Atlantic and Pacific)
A busy week at both basins, with major miners quite active, steady volumes and several fixtures concluded, which contributed to a stable market condition. Although it softened at the end of the week, especially in the Atlantic, optimism in general persists. This optimism also supported by huge gains in FFAs traded during the week. In the Pacific, Rio Tinto fixed two TBN vessels to load its cargoes of 170,000mt +/- 10% iron ore from Dampier to Qingdao, laydays 26/28 May and 27/29 May, respectively at freight rates of US$11.80 and US$11.55 per ton. BHP fixed three TBN vessels to load its cargoes of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 24/26 May, 26/28 May and 27/29 May, respectively at freight rates of US$11.80, US$11.80 and US$11.60 per ton RGL fixed the MV Cape Seagull (175243 dwt | 2011 built) for a cargo of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 29/31 May at US$12.00 per ton. Panocean fixed the MV Princess Eternity (182263 dwt | 2022 built) to lift a stem of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 25/30 May at US$11.95 per ton. Contango fixed the MV GH Fitzgerald (181000 dwt | 2013 built) to load a cargo of 160,000mt +/- 10% iron ore from West Australia to Qingdao, with laydays from 21st May onwards at US$12.00 per ton. Oldendorff fixed the MV Mineral Honshu (181408 dwt | 2012 built) to load a cargo of 170,000mt +/- 10% iron ore from West Australia to China, laydays 27/29 May at US$12.00 per ton. Libra fixed a TBN vessel to load a cargo of 150,000mt +/- 10% coal from Indonesia to Mundra, laydays 18/25 May at US$9.15 per ton. In the Atlantic basin, Vale fixed a ST TBN vessel to load its cargo of 170,000mt +/- 10% iron ore from PDM to Taranto, laydays 25 May/5 June at US$11.70 per ton. CSN fixed the MV Cape Ray (177853 dwt | 2007 built) to load a cargo of 180,000mt +/- 10% iron ore from Itaguaí to Qingdao, laydays 7-9 June at US$28.50 per ton. Polaris fixed the MV Star Dragon (178062 | 2008 built) for 170,000mt +/- 10% iron ore from Tubarão to Qingdao, laydays 5/10 June at US$27.25 per ton. Anglo fixed the MV Rosebank (203,067 2012) to load a cargo of 190,000mt +/- 10% iron ore from Açu to Qingdao, laydays 15-30 June at US$27.75 per ton. CSE fixed the MV Hedwig Oldendorff (209240 dwt | 2018 built) to load a cargo of 200,000mt +/- 10% iron ore from Seven Islands to Luoyu, laydays 24/28 May at US$33.45 per ton. Out of South Africa, Libra fixed a TBN vessel to load a cargo of 150,000mt +/- 10% coal from RBCT to Gangavaram, laydays 10/19 June at US$13.50 per ton.
Panamax (Atlantic and Pacific)
A quiet week for the Panamax Atlantic Market with different festivities happening at the same time. P1A_82 did not see much activity with a few minerals fixtures reported settling the route at $16765 on Friday. The North Atlantic saw some good coal activity from US east coast to India with rates touching $30,000 p/d. P6A_82 was the most active area with a steady supply of grain cargoes and unaltered ballasting tonnage count, with rates breaking $20,000 p/d for nice kmx for June dates – spotter vessels for end may dates were reported fixed in the $18,000 p/d bki level.
Last week long rv in pacific were going roughly at mid teens as tuesday the Oceana (81,594 2014) Rizhao 9-10 May fixed a NoPac round trip with grains at $16,500, wednesday The Manousos P (82,549 2008) Kunsan 7 May was heard fixed for a trip via NoPac redelivery Singapore-Japan at $15,500 with Cargill. Grain from australia was ofc paying bit more, around high teens like the Long Quan (93,755 2012) Campha 12 May placed on subjects for a trip via Geraldton redelivery China at $18,000 to Tongli and like the Giorgis (82,567 2014) Japan 8/9 May fixed for a trip via Newcastle redelivery Taiwan at $17,250 to Refined Success. Shorter trip like indo round where going again around high teens for south china dely Aquavita Eternity (80,929 2021) Xinsha 12 May for a trip via Indonesia redelivery South China at $18,500, whilst for the same trip the Zhong Chi Sheng Hau (73,747 2000) Zhangjiagang 13 May was heard fixed at $15,000.
Handy (Far East/Pacific)
Last week far east market trend was quite positive compared to the previous week, rates of the most representative routes both on handies and supramaxes registered a slight increase. A 64,000 dwt delivering north china was reported to be fixed at 15,000/day for a trip via indonesia to thailand, a 58,000 dwt delivering philippines was done at 25,000/day for a trip via philippines to north china with nickel ore, a 61,000 dwt delivering indonesia took 28,000/day for a trip via indonesia to thailand and a 56,000 dwt delivering north china was fixed at 19,000/day for a trip to indonesia with nickel ore. Regarding west direction, a 56,000 dwt delivering north china was done at 14,000/ day for a trip to bangladesh with slag. On handies, a 34,000 dwt delivering north china took 15,500/day for a trip via north china to vietnam with metcoke.
Handy (North Europe/Black Sea/Mediterranean)
Continent market remains weak after the recent holidays for both SupraUltra and Handyzize segments with low demand and spot ships ballasting to other areas including Mediterranean sea. Very limited activity and only few fixtures surfaced last week. A 61k dwt fixed a scrap cargo from the North Continent to East Mediterranean at usd 15,000, a 39k dwt open Tyne fixed aps Bremen for trip to USEC int Lumber at usd 14,500.
This week the market in the Mediterranean and Black Sea has not given any sign of a reprise. The routes remained generally stable but market is stagnant and even when new cargoes entering the market the vessels have piled up consinstenly and have not a great strenght in putting chrtrs under pressure. For 35.000 dwt handies the InterMed routes are still around usd 9.000/9.500 usd/pd bss delivery Canakkale. The trip to continent ard at 10/10.500 usd/day level probably, even if, end of last week some vessels heard fixed at 8.500 level, and some opening in West med, at less than 8.000 The 58.000 dwt supramaxes passed from 13.000 to 12/12.500 for a trip within Med, spot cargoes remained scarce also during this week. The trips to West Africa are concluded around usd 15.500 usd/day level. The transatlantic trips for the handies are going dual speed, in the mid teens for cement to Us Gulf but not more than 11.000 for other commodities The fronthauls also slowed: the supramaxes bss dely passing Canakkale via Black Sea with redel Spore-Japan fixing 24.500 usd/day, and the handies are in the 16/17.000 mark.
Handy (USA/N.Atlantic/Lakes/S.America)
The market in USGulf was still slowly softening due to the limited number of fresh stems, by the way there was a little stabilization towards the end of the week. On the route to Spore-Japan range a Supramax fixed grains cargo at $21,000/d while Ultramaxes with petcoke were covered in the mid-low 20’s. On TransAtlantic, the coal trade was covered on Ultramax to Egypt at $10,000/d while on Supramax to UkContinent was done at $11,000/d. Woodpellets to Uk-Continent from Usec were fixed at $17,000/d on Supramax. On Handies grains to Morocco were covered on a 37,000 dwt at $10,500/d and a trip to Continent with woodpellets was done at $10,000/d on a 38,000 dwt.
Market at east coast south america was little bit weaker during this week. Nice 38000dwt was reported to have done usd 17000usd bss dely ecsa for one tct with grains to cont-med range. No rates for front haul has been seen. There was estimated that fhaul rates for 37kdwt was arnd usd 20,000 for grains to spore-jpn rge. On the bigger size it was reported that 63000dwt was fixed arnd usd 24,000 bss dely dop west africa for one trip with grains to spore-jpn rge. There was also mentioned that T/A for this type of vessel was usd 15,000 bss dely dop west africa tct grains to cont-med rge.
Handy (Indian Ocean/South Africa)
Rates remained similar within the pgwci range as the week before. A 56k dwt open wci was heard to have fixed around 17k dop for trip to china with salt from wci. one 62k umx open wci also rumoured to fixed around 17k dop for trip via oman to bangladesh. market in eci pushed up during the week due to strong pacific demand. early in the week a 63k open chittagong was heard to have fixed 19k dop for trip to china with iron ore. for similar trip towards end of the week a tess 58 was rumoured to have fetched similar 19k dop levels. during the week, a 63k umx open eci port fixed 21k levels for such trip. also one 63k open eci, was fixed at 22k dop levels for iron ore to china with scrubber benefit for chrtrs. however at the tail end of the week rates seemed to have come off , a 56k supra open eci fixing around 17k dop for similar trip. Safr seemed to remain firm with 63k dwt fetching 21k aps safr + 210 gbb for trip to feast an another umx fetching aroudn 22k aps safr + 220 k gbb for similar trip. 57k dwt supras were getting around 18500 aps safr + 185k gbb for trips to wci with coal, with premium rates of 20k aps + 200k gbb for eci redel.
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