Freights continue their slide in the Capesize markets with little reason for stoppage for the next day or two as charterers happily hold back in hopes that year-end rates will be better than where they are, admittedly attractive enough levels already. But as no one wants to catch this particular falling knife, TARVs take another US$ 700-800 tumble today to close in the middle teens of about US$ 15,000 daily.
The Pacific Panamaxes might have passed their peak already for this most recent run as freight market sentiment shows signs of softening as owners are more readily succumbing to pressure from charterers to reduce their freights, even as prevailing spot rates remain mostly unchanged. The downside, however, does appear to be expanding. Activity remains high at any rate. Indonesia coal rounds are still fetching stable rates of US$ 10,000 daily into India. NoPac grain rounds are also still prevalent, but rates seem to have slipped from the US$ 8,500-9,000 daily range into the US$8,000-8,500 daily range. Atlantic ships, meanwhile, are steady as well but with a stronger upside than their Pacific counterparts. Owners remain optimistic, but less so than last week. Volumes via USG and ECSA, though, remain healthy enough to keep owners positive about December. Bauxite has been fixed from the Continent via Kamsar and back at US$13,000 daily. Period chartering is a battle zone with many heated negotiations but few fixtures as owner push for US$ 11,000 daily plus on year periods and charterers for US$ 9,000 daily or lower. www.bmti-report.com