Weekly detailed analysis of world shipping freight markets for all major routes for October 24 – October 29, 2023
Capesize (Atlantic and Pacific)
Last week the Capesize market ended with declining rates in both basins, the tonnage list increased adding further pressure to rates. In general, it was a quiet week with limited activity and a weak overall sentiment. In the Pacific basin, Rio Tinto fixed 3 x TBN vessels to load their cargo of 170,000mt +/- 10% iron ore from Dampier to Qingdao, laydays 10/12 November, 10/13 November and 12/14 November, respectively at $9.75/mt, $9.05/mt and $8.60/mt. BHP fixed a TBN vessel to lift their stem of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 10/12 November at $8.85/mt and another TBN vessel to lift their stem of 185,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 13/15 November at $8.20/mt. Welhunt fixed a GMS TBN vessel to load a cargo of 130,000mt +/- 10% coal from Newcastle to Xiamen, laydays 17/26 November at $12.25/mt. Vale fixed the MV Falcon Confidence (174350 dwt | 2007 built) to load their stem of 170,000mt +/- 10% iron ore from Teluk Rubiah to Qingdao, laydays 5/7 November at $6.70/mt. A TBN vessel was fixed by Libra to load a cargo of 150,000mt +/- 10% coal from Bunati to Mundra, laydays 8/13 November at $7.55/mt. In the Atlantic the EZDK tender was fixed on a TBN vessel for a cargo of 160,000mt +/- 10% iron ore from Ponta Ubu to El Dekheila, laydays 5/11 November at a freight rate of $16.90/mt. Koch fixed a few vessels last week. The MV Ladycharm (169676 mt | 2008 built) was fixed to lift a stem of 170,000mt +/- 5% bauxite from Kamsar to Gangavaram, laydays 15- 19 November at $18.95/mt, the MV Panoramix (203512 dwt | 2007 built) to load a cargo of 190,000mt +/- 10% bauxite from Kamsar to Yantai, laydays 15/19 November at $21.25/mt and the MV Cape Kallia (203027 dwt | 2012 built) to lift a stem of 190,000mt +/- 10% bauxite from Kamsar to Yantai, laydays 15/19 November at $21.55/mt. Treasure Boost Shipping fixed a TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from Freetown to Qingdao, laydays 2/6 December at $20.10/mt. Five Ocean fixed the MV Tomini K2 (179816 dwt | 2014 built) for a time charter trip via Seven Islands to Korea at around $38,000/d. In South Africa a few fixtures concluded, first with Assmang Ore & Metals fixing a TBN vessel to lift their stem of 170,000mt +/- 10% iron ore from Saldanha Bay to Qingdao, laydays 10-14 November at $17.85/mt with 1.25% total commission basis. Pacific Bulk fixed the MV Genco Constantine (180183 dwt | 2008 built) to load a cargo of 170,000mt +/- 10% coal from Richards Bay to Qingdao, laydays 8 - 14 November at $15.75/mt. A TBN vessel was fixed by TKSE to lift a stem of 180,000mt +/- 10% iron ore from Saldanha Bay to Rotterdam, laydays 15/24 November at $8.75/mt.
Panamax (Atlantic and Pacific)
A very slow week in the Atlantic Basin with not a lot of activity stemming from N Atlantic and most of the activity focused in S America for mid-November dates. On one hand, differently from previous weeks, demand and activity on TA RVs has dropped significantly, closing the week at $15,280/d.
P2A_82 was also hit by the negative trend with both mineral and grains demand struggling to push rates up, despite the last done was a 2015 Kamsarmax fixed at $24,000/d for a trip via US EC to India with coal. On the other hand, S American market was benefitting from the decreasing ballasters count with rates increasing around $500/d compared to the previous week on P6_82 route. On aps basis a standard Kamsarmax achieved $18,000/d + 800,000 gbb for a trip via Santos redely F East and approximately mid $18,000s/d basis dely aps for a trip to Cont with grains.
Activity increased compared to the previous week, especially for grains from NoPac. Demand for tonnage, increased but the effect on rates has been extremely limited due to a long tonnage list. Indonesia coal RV was fixed in the $10,000s/d level on old Panamax open S China. Kamsarmax units open N China were reported fixed in the $12/13,000/d level for trips via Australia to India. NoPac saw Kamsarmax fixed in the $12,000/d level for RV basis dely S Korea/Jpn.
Handy (Far East/Pacific)
After some weeks of stable trend, last week rates started to decrease especially on Supramax size while Handies remained more or less stable. A 63,000 dwt with dely Indonesia was reported fixed at $15,500/d for a trip via Indo to China, a 58,000 dwt with dely S China was done at $8,500/d for a trip via Indo to China and a smaller Supramax with dely S China achieved $10,500/d on the same trip. A 56,000 dwt with dely N China was fixed for a trip to MEG with steels at $8,000/d for the first 50 days and $11,000/d thereafter and a 61,000 dwt with dely Indonesia was fixed at $16,000/d for a trip via Indonesia to Bangladesh. On Handies, a 38,000 dwt with dely mid-China achieved $11,500/d for a trip to Bangladesh with fertiliser and a 31,000 dwt with dely Spore was fixed at $9,000/d for a trip via Indonesia to Japan.
Handy (North Europe/Mediterranean)
Activity remained steady in Cont with the tonnage list fairly stable. The scrap trade to E Med was fixed several times on Supramax between $19/21,000/d basis dely Cont. As far as Russian business is concerned, a 63,000 dwt was reported at mid/high $30,000s/d for a trip to india via St. Petersburg.
Handy (USA/N.Atlantic/Lakes/S.America)
The market was very active with many fixtures reported for larger units at rates recording a slight correction compared to the previous week. Handysize instead recorded a strong hike. A 36,000 dwt was reported At $19,000/d basis dely USG for a trip to E Med with scrap and a similar unit at $17,000/d from Colombia to Cont with coal. On fronthaul, a 61,000 dwt open Tampa was fixed at $27,000/d and a 63,000 dwt open Charleston got $32/33,000/d for a trip to India. With petcoke, a 63,000 dwt was fixed for a trip to India (around 45 days) at $32,000/d, then a similar unit got $30,000/d to China/Jpn range. On TA a 63,000 dwt got $21,500/d for a trip to Cont/Med with grains, a 60,000 open Huston got $24,000/d basis dely aps to Cont with the same commodity and a 52,000 dwt open Veracruz got $16,000/d basis dely dop to Spain. A 60,000 dwt was fixed for a trip to EC Mexico with grain at $22,000/d.
Handy (Indian Ocean/South Africa)
Rates turned soft during the week. Early in the week a 55,000 dwt open WCI was fixed for clean fertilizers via MEG to ECI range at $11,000/d level basis dely dop. As the week progressed the a Supramax open MEG was fixed around $13,000/d dely dop for a trip to WCI. Towards the end of the week a 61,000 dwt was fixed for a trip to Bangladesh with limestone. The market slipped also from ECI and a 56,000 dwt vessel open Bangladesh was fixed around $8,800/d level for a trip via ECI to China with iron ore. Another similar unit open ECI port was fixed around $9,000/d level for a similar trip. Rates also slipped from S Africa, a 61,000 dwt open WCI was fixed around $18,000/d basis dely aps Tanzania + 180,000 gbb for a trip to Pakistan with coal. Another 63,000 dwt fixed aps S Africa around $18,500/d + 185,000 gbb for a trip to WCI with option for ECI at $19,000/d + 190,000 gbb.
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