Weekly detailed analysis of world shipping freight markets for all major routes for November 7 – November 12, 2023
Capesize (Atlantic and Pacific)
Last week was marked by significant increase in trading volumes, transactions and fixtures concluded in both basins and, as a result, rising freight levels were recorded for cargoes from Australia to China and also from Brazil to China. With the increased market activity, a return to positive sentiment was registered and further improvements in the market are expected. The BCI 5TC route closed the week at $21,473/d with an increase of more than $3,700/d as compared to the previous week. In the Pacific, Rio Tinto fixed three TBN vessels to load their cargoes of 170,000mt +/- 10% iron ore from Dampier to Qingdao, laydays 23/25 November, 25/27 November and 26/28 November, respectively at freight rates of $9.35/mt, $9.80/mt and $9.90/mt. BHP also fixed three TBN vessels to lift their stem of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, one for laydays 24/26 November at $9.20/mt and two other TBN vessels for laydays 25/27 November, one at $9.70/mt and another at $9.80/mt. Welhunt fixed a TBN vessel to load a cargo of 130,000mt +/- 10% coal from Newcastle to Xiamen, laydays 26 November/5 December at $13.50/mt. Libra fixed a TBN vessel to lift a stem of 150,000mt +/- 10% coal from SE Kalimantan anchorage to Mundra, laydays 14/20 November at $7.00/mt. In the Atlantic basin, Vale fixed the MV Xin Hang (178,043 dwt | 2010 built) to lift their stem of 170,000mt +/- 10% iron ore from Tubarão to Qingdao at $21.90/mt and the MV Mount Carmel (177003 dwt | 2007 built) also for 170,000mt +/- 10% iron ore from Tubarão to Qingdao both for laydays 27 November/7 December, at $21.95/mt. Swissmarine fixed the MV Star Borneo (178,987 dwt | 2010 built) to load a cargo of 170,000mt +/- 10% iron ore from Tubarão to Qingdao, laydays 29 November/5 December at $21.90/mt. Koch fixed a NYK TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from Tubarão to Qingdao, laydays 5/15 December at $20.70/mt. Mercuria fixed the MV Cape Europe (187,882 dwt | 2014 built) to load a cargo of 170,000mt +/- 10% iron ore from Tubarão to Qingdao, laydays 20/25 November at $21.00/mt. Trafigura fixed the MV Ingenuity (176,022 dwt | 2011 built) to load a cargo of 170,000mt +/- 10% iron ore from Sudeste to Qingdao, laydays 10 December onwards at $21.50/mt. From South Africa, Baowu concluded a tender of 190,000mt +/- 10% iron ore from Saldanha Bay to Qingdao, laydays 4/13 December at high $15s/mt.
Panamax (Atlantic and Pacific)
Overall a positive week for the Atlantic Panamax Market, with multiple players expecting further improvements, even if a lot of cargos failed to materialize. Nonetheless, the limited tonnage count has pushed rates up in both Southern and Northern regions. P1A_82 definitely saw the biggest increase compared to last week (around $2,000/d increase) with rates adjusting around $16,000/d. A modern Kamsarmax open in Continent achieved $17,000/d for a TA RV with minerals. Quick fronthauls, some activity was recorded for US EC coal to India with a 2023 unit reported fixed for $27,000/d. With a limited tonnage count from Spore, ECSAm increased by $700 compared to the previous week on P6_82. On aps basis, a 2022 Chinese built was fixed at $17,500/d + $750,000 gbb. The balance between ships and cargoes has been quite stable and rates didn't change much. NoPac grains were covered in the high $10/11,000/d on Kamsarmax open China/S Korea range. Australian coal cargoes were fixing slightly higher, around $12,000/d depending on position and specs. Indonesia dropped below $10,000/d for vessels open S China.
Handy (Far East/Pacific)
Another stable week both on Handies and larger units. A 56,000 dwt with dely Indo was fixed at $12,250/d for a trip via Indonesia to S China, a similar unit with dely Indo took $10,500/d for a similar trip, a 62,000 with delivering Vietnam was reported at $13,000/d for a trip via Indo to N China and a 56,000 dwt passing Spore was fixed at $12,000/d for a trip via Indo to S China. A 61,000 dwt with dely Indo took $9,000/day for a trip via Australia back to Indonesia and a 55,000 dwt with dely Vietnam was done at $8,500/d for a trip to Bangladesh.
Handy (North Europe/Black Sea/Mediterranean)
Tight tonnage list in Cont and fair amount of cargoes kept rates fairly stable. A scrap cargo was fixed on Ultramax at $20,000/d basis dely dop Rotterdam for a trip via Amsterdam to Med and a 63,000 dwt got a lumpsum rate at $875,000 to East Med. A 61,000 dwt was fixed with fertilizers via Finland to Bangladesh at $26,750/d basis dely dop Amsterdam. In the Russian market a 55,000 dwt open Amsterdam got $21,000/d basis dely Baltic for a trip to ECSAm and a 63,000 dwt open ARA achieved $22,000/d for a trip via Ust Luga to WCI with redely Port Said at $22,000/d dop.
The market kept falling for the fourth consecutive week. Rates for Russia and Ukraine cargoes remain very close those sourced from other countries despite the vessel hit by a Russian Missile in Ukraine. On Handysize, CrossMed further flattened at $9,000/d basis dely passing Canakkale, the same rate available on trips to Continent; Supramaxes achieve some $2,000/d more on average. On TransAtlantic routes Handies remained close to the levels of the previous week at $10,500/d for trips to USG and $8,500/d for trips to ECSAm. Supramaxes were being fixed at $13,000/d to USG. The Trip to Far East remained flat with Supramaxes around $19,000/d basis dely Canakkale, while Handies were fixed around $14/15,000/d.
Handy (USA/N.Atlantic/Lakes/S.America)
Rates mantained the levels of the previous week with a slight increase. With a short tonnage list Ultramax owners were asking high $30,000s/d on fronthaul with grains, but fixtures remained around $30,000/d to Spore/Jpn, Supramax were fixed at $26,000/d. On TA a nice Ultramax was fixed at $29,000/d with grains to ARAG and a 56,000 dwt achieved $22,750/d to Cont/Med. On CrossGulf a nice 5,000 dwt was fixed in the low/mid $20,000s/d to EC Mexico. Handysize remained unchanged with 38,000 dwt achieving $17,000/d on.
Soft market during the week compared to other nearby areas. A 30,000 dwt was rumored at $13,500/d for a trip with sugar to WCI. A 33,000 dwt was fixed at $11,250/d for a coastal trip. A 33,000 dwt was fixed basis dely aps S Brazil for a tct with grains to Morocco around $13,000/d. On larger sizes nothing was reported. An Ultramax was estimated around $16/17,000 basis dely dop W Africa for a tct via ECSAm to Spore/Jpn range.
Handy (Indian Ocean/South Africa)
A long tonnage list and lower volumes of firm cargoes kept rates on a continuous decline. Early in the week a 53,000 dwt was rumored around $11,000/d basis dely aps Fujairah for a trip to Bangladesh with aggregates and on the same trade a 56,000 dwt was fixed around $11,250/d during the week. A 56,000 dwt was fixed basis dely aps Salalah for a quick trip with minerals back to WCI. A 58,000 dwt was reported at similar levels basis dely aps Salalah and redely SE Asia. Rates remained flat in ECI for iron ore cargoes to China. A 63,000 dwt was rumored around $9,500/dand a 58,000 dwt achieved around $7,000/d levels. Rates slid further from S Africa. An eco 63,000 dwt was rumored at $15,500/d + 155,000 gbb with coal to WCI with split rate of $16,000/d + 160,000 gbb to ECI. A few 63/64,000 dwt were reported fixed around $15,000/d + 150,000 gbb to F East.
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