Weekly detailed analysis of world shipping freight markets for all major routes for November 13 – November 19, 2023
Capesize (Atlantic and Pacific)
The week started on a quiet mood mostly due to the Diwali holiday, after that a significant increase in volumes and improved rates were recorded. Coal cargoes in the Pacific and the activity in the Atlantic from S Brazil and W Africa were the major drivers. The overall positive sentiment persists in both basins and optimism prevails. In the Pacific, Rio Tinto fixed 4 x TBN vessels to load their cargoes of 170,000 mt +/- 10% iron ore from Dampier to Qingdao. One shipment with laydays 27/29 November at $10.30/mt, two others with laydays 30 November/2 December at $10.45 and $10.55/mt and another stem with laydays 2/4 December at $10.55/mt. BHP fixed two TBN vessels to lift their stem of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, one for laydays 30 November/2 December and another for laydays 4/6 December, respectively at freight rates of $10.35 and $10.20/mt. Libra fixed a TBN vessel to load a stem of 150,000 mt +/- 10% coal from Samarinda to Mundra, laydays 18/25 November at $8.10/mt and another TBN vessel to load 150,000mt +/- 10% coal from Abbot Point to Krishnapatnam, laydays 26 November/7 December at $11.75/mt. Oldendorff fixed two TBN vessels to load 170,000 mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 1/5 December at $10.40/mt level. In the Atlantic basin, Koch fixed the MV Castillo De Catoira (173586 dwt | 2005 built) to lift a stem of 170,000 mt +/- 10% iron ore from Tubarão to Qingdao, laydays 1/7 December at $22.30/mt. Glovis fixed a TBN vessel to load a cargo of 170,000 mt +/- 10% iron ore from Tubarão to Qingdao, laydays 5/15 December at $22.00/mt. Anglo fixed the MV Scutum Ocean (180,199 dwt | 2009 built) to load a cargo of 170,000 mt +/- 10% from Açu to Qingdao, laydays 13/22 December at very low $21’s/mt. Mercuria fixed the MV Pink Sands (208,931 dwt | 2016 built) to load a cargo of 190,000 mt +/- 10% bauxite from Kamsar to China, laydays 3/7 December at a freight in the region of $22s/mt. ST Shipping fixed a cargo of 160,000mt +/- 10% coal from Bolivar to Zhoushan, laydays 1/10 December at $28.25/mt. E-Commodities fixed the MV Star Martha (180,274 dwt | 2010 built) to load a stem of 125,000mt +/- 10% coal from Baltimore to Jingtang, laydays 1/15 December at $40.20/mt. From South Africa, Ore and Metal fixed an Elcano TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from Saldanha Bay to Qingdao, laydays 8/12 December at $16.04/mt.
Panamax (Atlantic and Pacific)
A strong week with rates skyrocketing thanks to strong mineral demand and steady grains activity stemming from USG and US EC. The strongest route was by far P1A_82 with TA RVs gaining almost $6,000/d closing the week at $22,975/d and shorter Baltic rounds reported fixed in the low $30,000/d region, a 2012 built Kamsarmax got $30,500/d basis dely dop Skaw for a round trip via Narvik. A possible explanation for this steady increase could be linked to the heavy influence and market operations led by Asian players with multiple fixtures carried out especially in the spot market from N Atlantic. Stunning rates were recorded also for US EC to India with several owners choosing this route over BSea trades and charterers bidding standard Kasmarmax tonnage in the low $30,000/d. A scrubber fitted unit 2019 built was rumored fixed at $35,000/d on such trip, scrubber benefit for charterers. Regarding S America, a lot of owners took advantage of the rapidly increasing market to secure fixtures for both first half and second half December, with several fixtures seen both aps and dop/retro basis. A nice 2017 Kamsarmax achieved $18,500/d + 850,000 gbb for end of November/early December dates in ECSAm.
A positive week for rates in Pacific. Thanks to an more active market in Atlantic and an increase of demand from Australia and Indonesia the tonnage list shortened and rates increased. By the end of the week the market started softening again and rates slowly decreased. Kamsarmax on NoPac were fixed in the $14,000s/d basis dely Japan for grain cargoes. A nice Kamsarmax 2019 built was fixed at $14,000/d basis dely S China for 1 trip via Australia with coal redely India. On the Indo-India coal trade a standard Panamax built 2012 was fixed at $12,000/d basis dely Guangzhou.
Handy (Far East/Pacific)
Rates increased on the most representative routes, especially for Supramax tonnage whose rates increased more than $1,000/d. A 57,000 dwt with dely Indo was reported at $13,000/d for a trip via Indo to China, a 63,000 dwt with dely Spore was done at $14,500/d for a trip via Indo to S China and a 61,000 dwt with dely N China achieved $13,500/d for the same trip. A larger Ultramax with dely Thailand was fixed at $14,000/d for a trip via Indo to S China. On Handies, a 37,000 dwt with dely Japan was reported at $7,000/d for a trip via NoPac to Spore/Jpn range.
Handy (North Europe/Black Sea/Mediterranean)
Not much was reported last week in Continent, but rates remained stable and a 55,000 dwt was reported to Med around $18/$18,500/d level with scrap. A nice Ultramax was fixed with grains to Nigeria at $21,000/d and an another Ultramax got $19,000/d for a non Russian Baltic to Durban basis dely Bremen. As far as Russia business is concerned, a 55,000 dwt open London was fixed with Fertilizers to Brazil at $21,500/d and a 56,000 dwt got $20,000/d on the same trade.
After weeks of decline, the Med and BSea market finally had a week of clear recovery with a inflow of new cargoes and with the tonnage list shorter and shorter, especially in W Med, the sentiment is decidedly rosier. The Inter-Med for the handies passed from 9.000 usd/day of last week to usd 12.500, always bss dely passing Canakkale. The Supramaxes level remains 2.000 usd/day more in average. For TransAtlantic routes Handies improved strongly to $12,500/13,000/d for trips to USG and $10,500/11,000/d for trips to ECSAm, Supramaxes were fixed at $15/15,500/d to USG. The Trips to F East went up as well: Tess58 were fixed at $21,000/d basis dely Canakkale, while Handies were done at $15/16,000/d and improving.
Handy (USA/N.Atlantic/Lakes/S.America)
A strong increase for rates in USG due to a very short tonnage list and strong demand. On Fronthaul a 63,500 dwt was fixed for a trip from Pascagoula to India with petcoke at $47,500/d, whilst another Ultramax was heard to have fixed a trip to China with grains at $32,000/d. On TA trips a 63,000 dwt was fixed with coal to Egypt at $31,000/d and an interUSG trip was fixed at $36,000/d on an Ultramax. The very high rates are attracting ballasters and this is expected to soften rates in the next few days. Handysize rates followed the same trend of larger tonnage and TA trips were done around $18,000/d on 38/39,000 dwt ships.
Rates were firm on all sizes, but increasing like in USG. A 39,000 dwt was fixed basis dely N Brazil for a trip to Norway with alumina at $17,500/d. A nice and shallow 37,000 dwt was fixed with the same dely to USG at $15,500/d, a level lower than Cont/Med destinations since USG is a better position nowadays. On Supramax, a 56,000 dwt was rumored at $16,000/d basis dely W Africa for a trip via N Brazil to Cont/Med range. No fronthaul fixtures were reported.
Handy (Indian Ocean/South Africa)
There was an uptick the week progressed and the activity returned after holidays. A 63,000 dwt was fixed around $12,000/d basis dely dop MEG for a trip to Bangladesh with limestone. Then a 63,000 dwt fixed a similar trip at more than $15,000/d basis dely Fujairah. Rates increased also from ECI and a 57,000 dwt was reported around $7,750/8,000/d basis dely dop for a trip to China with iron ore. By the middle of the week a 63,000 dwt open ECI fixed at $11,000/d a similar trip. Rates also increased from S Africa and a 56,000 dwt was reported at $15,000/d + 150,000 gbb to F East, then a 61,000 dwt was reported at $16,000/d + 160,000 gbb. A 63,000 dwt was reported at $12,000/d basis dely dop India via S Africa to F East.
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