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Daily Snippet

September 25, 2018 01:03 PM

North Atlantic avails continue to be in short supply for charterers seeking early October dates, prompt­ing charterers to get progressively more generous in their offers. Panamax fronthauls from the UKC-Med are securing lower US$ 20,000s on a regular basis, though owners wish they will still be done more frequently than at present. South America is posting the busiest routes at the moment with rounds from the Far East and back easily surpassing US$ 15,000 daily on modern tonnage and few shipowners even accepting APS terms in favour of DOP or nothing.

Apart from the NoPac rounds—which have levelled out at about US$ 11,500 on Supramaxes—Handy bulk rates are buoyant across the board. Black Sea front hauls are among the most bullish with Supra owners who accepted US$ 22,000 daily last week now seeking US$ 23,000 on the same business or threatening to turn around and go home. Indonesia rounds are also looking very attractive for charterers at the moment with a number of new trades from South China and back putting avails in very short supply and rates well in excess of US$ 12,000 daily.

August 09, 2018 10:24 AM

Some fresh business is seen for the Panamaxes as grain cargoes start to emerge from ECSA and some inquiries in the Atlantic show up. The result is seen as the spot freight rates drop less than before. Trans-Atlantic rounds can be concluded at around US$ 11,700-12,000 daily for tonnage of 75,000dwt. In the East the NoPac rounds are talked in a range of US$ 9,500-9,700 per day. 

August 06, 2018 10:30 AM

A substantial amount of iron ore voyages are seen in the market for the Capesizes for second half of August and early September loading Tubarao with freight rates in the mid to high US$ 24s/mt heading to China. Shipments for iron ore from Western Australia can be concluded at rates hovering around US$ 10/mt at the moment with probably some more room for improvement ahead. Some fresh inquiries in the Atlantic are pushing rate levels further up for the western rounds as supply seems to be a bit tight in the region. In the East the round voyages are heading strongly towards the US$ 26,000 level. 

July 06, 2018 10:27 AM

Stories of grain ships from the US and Europe rushing to get to China before today (July 6), when China will enforce new 25% tariffs on soybeans, can perhaps
go some ways to explaining the strengthening recovery in front haul rates on modern Panamax vessels. Upwards of US$ 18,000 daily is now doable on tonnage of 72-76,000 dwt from the Continent to the Far East, whereas the same business would have been going for the middle US$ 17,000s this time last week. Trans-Atlantic RVs are also more buoyant than usual with benchmark rates climbing back into the five-digit realm as US$ 10,000 daily plus as again achievable on ships done from & to the UKCMed. NoPac rounds hover at US$ 9-10,000 daily. 

June 27, 2018 12:15 PM

While not tipping over the cliff into full bearishness, Capesize rates teeter on the precipice with only the trans-Atlantic round voyage holding any kind of positivity at about US$ 17,000 on 180,000 dwt basis ships. Front hauls are also looking steady if unchanged in the US$ 32,250-32,750 daily range basis Continental delivery. Pacific rounds have come under the most pressure at midweek, losing some US$ 300 on average to settle in the low-mid teens of US$ 14-15,000 daily as charterers push for something closer to US$ 13,500 daily.

April 23, 2018 08:13 PM

The Continental front hauls for the Capesizes have jumped above US$ 31,000 daily spurring hopes for more of such things to come. Substantial increases in spot freight rates are also seen on the round voyages in both basins although activity seems a bit rare at the moment. Coal shipments from South Africa to Southern China are seen at rates of around US$ 12-12.25/mt while same type of cargo from Colombia to the ARAG region can be concluded in a range of US$ 8.50-8.75/mt. The current situation is positive but should not be over-estimated. A huge amount of VLOC (around 90) and Newcastlemax (about 50) is in the orderbooks with a total of more than 40 million dwt. Most of them will be employed by long term COA and covering the greatest part of iron ore demand. More than 72% of the existing fleet is younger than 10 years so the Capes market will be somewhat overcrowded and freight rates will come under pressure. 

April 20, 2018 10:38 AM

Although a healthy amount of business shows up for the Panamaxes the freight rates for this size cannot hold to last done levels and even young tonnage is not able to get better numbers. Front hauls for 75,000 dwt are hovering around US$ 17,500 daily and some US$ 500-750 per day more for a young 82,500 dwt. Some short periods are concluded in the Eastern hemisphere for younger tonnage at some US$ 13,000 daily and older tonnage obtaining about US$ 1,500 less per day. 

April 19, 2018 11:01 AM

Bullish sentiment has once again take the Capesize freights storming upward with positive corrections in excess of US$ 2,000-2,500 on long hauls seen on Wednesday, putting front hauls well within range of US$ 25,000 daily by the weekend. And trans-Atlan­tic round voyages have also finally gotten into the swing of things with owners finally enjoying opex-covering rates of US$ 8,000 daily and higher on Continental delivery TARV business. Aussie rounds are looking at US$ 16,000 daily by Friday, brokers say, based on CJK delivery back to NoPac redelivery. 

March 02, 2018 11:45 AM

The market for the Capesizes appears a bit brighter with a certain amount of business around. Spot freight rates are struggling with a turn-around which can be seen at least for the front hauls leaping above the mark of US$ 23,500 per day. The Pacific rounds can be concluded at levels of some US$ 13-13,500 daily at the moment. Voyages for iron ore loading in Brazil are hovering around US$ 16/mt, same cargo from Western Australia are seen at last done levels. Coal shipments from South Africa are talked in a range of US$ 11.70-11.90/mt with redelivery in China. Periods concluded for around one year hold on to last done numbers. 

March 01, 2018 11:51 AM

The smaller sizes enjoy the northbound freight rates the market is offering to them. Grain shipments for Supra tonnage out of the Brazil see US$ 33.50/mt with destination China and loading in the second half of March. For March til May delivery soyabean stems from Brazil to China are in the discussion right now. From the East Med to the Far East freight rates are increasing substantially. 

February 28, 2018 12:25 PM

The market for the Capes is a bit more active in the East with the Chinese demand picking up somewhat but freight rates for iron ore voyages have dropped clearly below the US$ 7/mt mark for loading on mid March dates. Coal trips from Indonesia to Southern China are rated at around US$ 4.40-4.50/mt. Front hauls and the round voyages in the Atlantic and the Pacific are sliding substantially, especially the Pac r/v has lost US$ 1,500 in one day. Only periods are being talked at firmer levels with a young tonnage open in mid China has been rated for US$ 23,000 daily for a one year period. 

February 26, 2018 11:34 AM

Market activity for the Capesizes remains somewhat low with spot freight rates flat at best in the Western basin and a bit firming in the East. Coal trips with loading Colombia can be seen at rates a bit below US$ 8/mt when destination is Rotterdam and the trans-Atlantic rounds are discussed at about US$ 11-11,300 daily. Voyages from Brazil to China are hard to find at the moment with rates talked in a range of US$ 16.60-16.70/mt. Iron or shipments from Western Australia to China can hold to last done levels. Some period interest is supporting the market with rates discussed at about US$ 19,000 for one year period with delivery northern China. 

February 23, 2018 12:01 PM

The end of New Year festivities in China brings new life to the shipping market but the Capesizes only participate in a reduced manner as fresh business is limited and most of the freight rates are somewhat flat at the moment and even showing a softer tendency. The exceptions are the Pacific rounds being traded in a range between US$ 15-15,200 daily and the iron ore voyages from West Australia being concluded at firmer rates now well above US$ 7.10/mt. 

February 19, 2018 11:16 AM

The East is a quiet place for the Capesizes as their main destination is to welcome the Year of the Dog. A five to seven months period was concluded for a 176,000dwt delivery Japan at 103% BCI 5 TCA per day which means between US$ 12,700-12,800 daily. Iron ore voyages from Brazil to China loading first half of March are in the low US$ 16s/mt and same cargo and loading point going to Northern Europe are talked in the low US$ 7s/mt. Activity in the western hemisphere is limited also with the Atlantic round hovering around US$ 11,400 daily which is a drop of around US$ 3,000 in one week. The TCA stands at US$ 12,396 which means it has dropped more than 12% over the week. 

February 16, 2018 11:45 AM

The Panamaxes are somewhat busy with fresh shipments seen in both basins and freight rates pointing further north. Front hauls for modern tonnage of 80-82,000dwt are talked in a range of US$ 17,500-18,000 per day which is some US$ 500-700 daily more than vessels of 74,000dwt can see. A smaller young vessel of 75,000dwt was concluded at about US$ 14,000 daily plus US$ 400,000 BB for a trip from ECSA to the Far East. A short period open South Korea was traded at around US$ 11,500 daily for a 12-year old 76,000dwt. 

February 15, 2018 11:56 AM

The BDI slipped for a third day in a row and has lost around 2.5% since the beginning of the week. The Capes see fresh iron ore voyages for end February/first half of March loading in West Australia at rates of around US$ 6.40-6.50/mt. Among only little current activity the freight rates for the front hauls are down about 6% and round voyages in both basins have lost some 8% (West) and around 4% (East) in one day. 

February 13, 2018 01:34 PM

The Panamax freight rates continue on their southbound trail for another day with low demand of grains from Chinese buyers. The trans-Atlantic market is also indicating further slowing activity. ECSA sees a growing amount of ballasters coming in aiming to pick up grain trades for end February/begin of March. The Pacific round voyages are hovering between US$ 8,000-9,000 daily currently. 

February 12, 2018 01:44 PM

Bullish trends remain solidly in place for Capesizes, helping to move the once-struggling ECSA/China voyages into the US$ 16.8-17.0/mt range thanks to a reinvigoration across the Pacific basin. The four-day rate revival has also been, say some traders, driv­en by the onset of Chinese New Year celebrations next week, where many charterers sought to fix last-minute requirements before leaving the office to tra­vel to meet family and ring in the Year of the Dog. 

October 20, 2017 10:47 AM

The market for the Panamaxes seems to become a bit soft with spot freight rates in the Eastern basin still hovering around last done levels but in the West sliding slightly. TESS 82 tonnage is rated at around US$ 13,700-13,800 daily for trans-Atlantic r/v and at some US$ 20,500-21,000 per day for a front haul. A new built 81,500dwt was seeing US$ 21,500 daily for end October with delivery Hamburg via USEC and heading to India. Coal voyages from eastern Australia to China are talked in a rage of US$ 13.65-13.75/mt.

October 19, 2017 11:46 AM

A slowing activity is registered for the Capes in both hemispheres but fixtures remain unaffected and continue on their way north. Tonnage is somewhat tight in the Atlantic. Front hauls can be covered around US$ 31,500 daily. Coal trips from South Africa to China are rated at US$ 13.25-13.35/mt and same cargo and loading to ARAG is taken at around US$ 9.10-9.20/mt. Export from Richards Bay has increased in September according to official sources up to some 8.7Mt and is expected to stay on this track in Q4.  

October 17, 2017 11:45 AM

The spot freight rates for the Capesizes are pushing hard to the north on most of the routes. Especially the Pacific rounds have jumped by more than US$ 2,000 in one day. Front hauls are clearly heading towards US$ 30,500 daily. Healthy demand of coal shipments from Australia to EC India is entering the market. Iron ore voyages from Brazil to China are talked in the range of US$ 17.50-17.60/mt. The Atlantic r/v is seeing US$ 21-21,500 daily. 

October 12, 2017 12:27 PM

The market for the Capesizes is rather soft with little fresh business showing up and freight rates hardly achieve last done levels. The TC average for modern Capes has dipped below US$ 20,000 for other Capes it shows some US$ 1,000 less. The Pacific r/v can be covered at about US$ 20-20,500 daily while the western counterpart is hovering around the US$ 20,000 daily mark. Iron ore voyages are done in a certain amount with those from Brazil to China seeing freight rates of about US$ 17.70-17.90/mt and when coming from Western Australia they are talked in a range between US$ 7.90-8.00/mt. Rates for coal voyages out of South Africa to China are losing steam, hopes are put on Indian demand to increase due to infrastructure expansion pushing electricity needs and domestic supply likely unable to meet necessary quantities. 

October 09, 2017 10:49 AM

The northbound direction for the Panamaxes continues with a fresh amount of coal and grain shipments in the market. From ECSA tonnage of 84,000dwt with destination Far East is covered at around US$ 13,000 daily plus US$ 600,000 BB for mid October while a 79,000dwt open Marmara via Black Sea to Far East with grain was talked at about US$ 19,250 per day. Period rates for less than a year are seeing freight rates of some US$ 14,000 daily. Trans-Pacific RVs are hovering in a range of US$ 11,500-12,500 per day. 

October 06, 2017 11:57 AM

A robust upswing in freight rates makes the Capesizes much more self-confident again. Between 9% for the Pacific rv, 10% for the front hauls and even some 15% for the Atlantic rv the rates have gained in one day. A small amount of fresh business showed up for iron ore shipments with Western Australia to China now being fixed well above US$ 8/mt and same type of cargo coming out of Brazil to China sees rates between US$ 18.30-18.40/mt. 

October 04, 2017 12:49 PM

It has been a quiet day for the Panamaxes with hardly any fresh shipments around. The timecharter average has dropped to US$ 10,022 and periods of about one year are seen at rates of some US$ 11,100 daily but ice class required. The trans-Atlantic RV is talked at around US$ 8,800 per day and the Pacific RV can hardly be concluded above US$ 10,000 daily. Coal voyages from Newcastle to China can be concluded between US$ 11-11.50/mt for the second half of October.        

October 02, 2017 01:54 PM

No real change occurred over the weekend with the freight rates for the Capes unable to stabilize. The BCI is heading further south and shows now a drop of around 14% during the last five working days. The front haul is losing another US$ 1,300 day-on-day and the rounds are decreasing by some US$ 800 in the western and some US$ 400 in the eastern basin. Coal cargoes from Colombia to Rotterdam can obtain about US$ 9.15/mt. A shipment from Severn Islands to China is rumoured being concluded at around US$ 19.50/mt. 

September 29, 2017 12:26 PM

Tumbling trends persist into the end of the week for the capsizing Capesizes as charterers flee the sector in hopes of continued discounts over the weekend. Front hauls are the biggest loser on Thursday with nearly US$ 1,700 taken off the benchmark, bringing it under US$ 30,000 daily and most likely high US$ 20,000s by early next week. No particular rate is safe at the moment as even the Pacific rounds slide by US$ 600-700 to settle at about US$ 19,000 daily.

September 25, 2017 01:13 PM

Capesizes maintain their ability to surprise with a strong week of recovery coming out of nowhere and proving uncertain when the wave would subside. Major charterers such as BHP-B and Vale have been taking major en bloc fixtures from ECSA to China for dates in late October, which has suddenly taken a lot of extra tonnage off the market. This has been taken as just one explanation for the recent recovery as the sentiment-driven market finds itself once again in a bullish phase with fundamental factors still some­times lacking. TARVs move slowly from the lower US$ 20,000s to the higher range with talk of TCEs at US$ 25,000 daily already. Aussie rounds have been hovering in the middle US$ 8s/mt, although so far there has been no decisive trend that would suggest anything near US$ 9/mt by the end of the month.

May 15, 2017 12:23 PM

Atlantic Handy bulkers are still struggling to get a toehold in the market such that losses will slow, and some markets like the USG/UKC-Med transit—now about US$ 14,000 daily on Supras—seem to have stabilized. Supra trips from West Africa seem to be faring the worst trendwise at the start of the week with a drop of US$ 400-500 on trips to North China via ECSA to US$ 12,750 daily. Inter-Atlantic trading is also subdued from West Africa with trips to the Continent via ECSA securing very low US$ 9,000s and charterers already seeking mid-high US$8,000s. NoPac voyages are holding firm at US$ 8,000 daily.

April 26, 2017 03:03 PM

Pacific Handysizes have started to cool, but owners have so far managed to keep prevailing rates locked into last-done rates with Aussie rounds still trading at or just under US$ 8,000 daily on 28-32,000 dwt ships and NoPac rounds trading around US$ 7,500. Southbound mineral trips on Supramax tonnage from China to Southeast Asia are steady in the mid US$ 8,000s daily, although owners are concerned about forward demand with the current flow of new cargoes falling short of expectations. New nickel ore rounds from South China to the Philippines and back have been discussed at just over US$ 9,000 daily on modern tonnage of 56-58,000 dwt, how­ever fixed and failed at the last minute. We have heard of similar deals failing at much higher offers of US$ 12,000, suggesting that some shipowners have already started to overshoot the peak and need to readjust their sights. Indeed, the most recent Indo round from/to China was done at just over US$ 7,000, we hear, as owners are now sharply discount­ing their bids in order to secure late-April business.

February 28, 2017 11:59 AM

The Capesize market has slowed down with little activity seen in the waters at the moment. But although softening the spot freight rates can still hold on to last done levels at least for the little amount of voyages concluded. The rounds in contrast take a hit with the trans-Pacific r/v losing about US$ 300 in one day and the trans-Atlantic counterpart dropping even some US$ 500.
It seems as if the Panamaxes are taking a breath with fresh shipments becoming somewhat less seen in the market. Especially the South American grain cargoes are a bit rare. The rates remain on their way north with round voyages in the Eastern basin being quoted around US$ 8-8,200 daily. A longer period for a five-year old 81,500dwt was traded at US$ 10,000 daily for one year with option to another year at US$ 12,000 per day with delivery China for mid March. 

February 27, 2017 03:03 PM

The Pacific Panamax market has been surprisingly bullish of late with open tonnage increasingly difficult for charterers to find, particularly in Southeast Asia, brokers report. South America has emerged as the main reason for stronger markets in both the East and West as a very healthy front haul market pushed a big number of APS rates onto the market late last week with Far East redelivery now securing around US$ 10,000 daily plus US$ 500,000 BB on standard tonnage. DOP rates on ECSA front hauls have started to approach US$9,500, shipbrokers say. 

February 23, 2017 12:59 PM

Stronger undercurrents of Capesize trade surface at the end of the week with several new period charters bursting forth and a stronger sentiment observed across the Atlantic. Trans-Atlantic RVs gained up to US$ 800 day-on-day to put the benchmark within the middle US$ 8,000s daily. Indeed, trans-Atlantic business is already looking at over US$ 9,000 daily on some recent deals from the Continent to NCSA. Year period rates have exceeded US$ 12,000 daily. 

February 20, 2017 11:03 AM

A sentimental turnaround at the end of last week saw Capesize freights surge over the weekend with the Pacific round voyages getting the biggest boost by nearly US$ 2,000 day-on-day to take the bench­mark over US$ 6,000 daily and well within range of break-even levels, to the relief of owners. Trans-Atlantic rounds settled at similar levels in the high US$ 6,000s on the assessment and as high as US$ 8,750 daily on the physical market. Continental front hauls, finally, took on about US$ 600 in the last session to close at US$ 13,000, putting owners back in a slightly more positive mood as the second half of February begins. Period trading has been sporadic with year-long TCs hitting US$ 14,000.

February 03, 2017 11:35 AM

A handful of prompt fixtures are concluded for the Supras and Handysizes but not enough to keep the freight rates from sliding further. A young 57,000dwt saw a rate of US$ 5,000 daily for a trip APS Indonesia to India while a 10-year old 52,400dwt was concluded at US$ 5,000 plus 185,000 BB for a coal trip from California to Japan. The Pacific market is urgently awaiting the comeback of the Chinese while the owners are trying to hold on.

February 01, 2017 11:48 AM

Business activity for the Panamaxes seen during the last days is drying up and the spot freight rates cannot hold on to last done levels. The rounds in both basins are sliding with about US$ 9,000 per day in the Atlantic and hovering around US$ 5,500 daily in the Pacific currently. The fronthauls are talked in a range between US$ 13,100-13,300 daily. The T/C Average has dropped below US$ 7,600. 

January 31, 2017 12:19 PM

In general a lower market is seen for the Capesizes with demand and freight rates heading south as expected during the Chinese Lunar Year holidays. The BCI stands at the same level it was before Christmas. Iron ore trips rarely show up. Some coal cargoes from Colombia to WC-Continent are rated between US$ 5.70-5.90/mt. Trans-Atlantic round voyages hover around US$ 10,000 daily while the Pacific counterpart is pointing below US$ 7,000 per day. 

January 24, 2017 01:27 PM

Handy bulk rates for USG trips across the Atlantic continue to stick out like a sore thumb with their positivity standing in stark contrast to the rest of the small-size bulk carrier market, which is still flailing in desperation. USG/UKC rates move closer to US$ 16,000 on Supramax tonnage of 52-56,000 dwt. Ultramaxes are rumoured to be already getting US$ 16,500 daily on the same business. USG front hauls are getting very strong rates over US$ 19,000. Black Sea and UKC front hauls, meanwhile, keep trading just under US$ 13,000 daily, albeit amid a growing cloud of pressure. Eastern trends are flat-to-falling.

January 23, 2017 02:42 PM

With Chinese New Year coming up at the end of this week—and the expected run-up before the Golden Week begins in China—there are expectations that there will be a short-lived surge in Panamax activity in the next few days, followed by a consequent de­cline. So far there is been little evidence of the same with rates moving sideways-to-down. The TARV has drifted into the high US$ 9,000s as charterers apply pressure where they can. There are higher hopes via ECSA amid steady cargo demand with APS rates, nonetheless, having lost some ground in re­cent days as levels of US$ 9,500 daily plus US$ 450,000 BB seem no long obtainable. NoPac rounds are still doable in the middle US$ 6,000s, though fewer cargoes are available, some brokers report.

October 11, 2016 10:20 AM

After some stops and starts and indications that USG Handy bulkers may be on the rebound, trends make a mockery of expectations and press forward on the predictably stagnant trend with limited up or down movement on freights from last week. Owners insist they are getting higher offers for USG/UKC rates, but by all signs the standard remains unmoved in the US$ 8-9,000 range on Tess 52 tonnage. USG front hauls to the NoPac are nonetheless trading just un­der US$ 9,000 daily on larger Handysizes, so there remains some element of credence to their claims.

October 04, 2016 10:41 AM

The Panamaxes see only little business with a handful of coal cargoes from South Africa and Indonesia to India and China and some rare grain shipments out of ECSA where a younger tonnage of 75,000dwt was concluded at a rate of US$ 7,750 daily plus US$ 275,000 BB for a trip to the Far East for mid October which is a rather stable rate since the end of last week. Pacific rounds hover between US$ 6-6,500 daily while the Atlantic counterparts see a rate in the range of US$ 5,300-5,500 per day. The activity seen during the last days for the Supras and Handys is fading and the freight rates therefore losing their stability seen before. The rates for the Supras have more chances to hang on to last done levels, while the Handys are clearly heading south. Tess 52 tonnage is quoted around US$ 6,500 for the Pacific rounds. Freight rates for short periods for older tonnage of 55,000dwt are talked at around US$ 8,500 daily open West Africa.

October 03, 2016 11:55 AM

China has jumped into the Golden Week now, which is every year a time lapse when the country and therefore much of the shipping to and from Chinese ports comes nearly to a week-long halt. Consequently a softening sentiment in the Pacific is felt for the Capesizes with low activity and spot freight rates dropping further but also in the Atlantic basin business is thinning out. For trans-Atlantic voyages of about 150,000dwt tonnage from Colombia to the Netherlands a rate of some US$ 7.20/mt is quoted at the moment while cargoes from Richards Bay to the Netherlands can get around US$ 6.50/mt. Indonesian coal on similar tonnage heading to China is traded at around US$ 5.60/mt. The round voyages in both basins have lost about US$ 350 in the Western and some US$ 450 in the Eastern hemisphere. 

September 29, 2016 11:26 AM

A handful of new fixtures helps Capesize sentiment to a slight degree, but not enough to keep the bearish trends at bay with front hauls losing nearly US$ 500 on the day to settle just above US$ 20,000 daily. Pacific round time charters take a similar cut to trade in the low-mid teens of US$ 14-15,000 daily on tonnage of 180,000 dwt. Atlantic enquiry is still rather thin and owners are having a hard time to attract charterers without offering significant discounts on last-done. Indications for the next recovery remain elusive, but early October is promising. 

September 26, 2016 10:57 AM

Western Handy bulk has gained momentum in the latter half of September as avails via the Continent, in particular, have tightened enough to give some firmness to rates and allowed owners to get prem­iums over last-done levels including some trans-Atlantic trips from the UKC-Med to ECSA at over US$ 8,000 daily on Ultramaxes. Prevailing trends on this run, however, are trading in the range of US$ 7,000-7,500 daily. Handysizes of 32,000 dwt have been able to secure up to US$ 6,500 daily with steel cargoes from the Turkish Black Sea to North Africa.

September 14, 2016 02:27 PM

Having not capitalized on the early week positivity, Panamaxes go sideways-to-down with only enough cargo emerging to support the status quo. Atlantic inquiry has been low as trans-Atlantic assessments remain stuck fast at the US$ 4,500 daily line. Pacific business looks just a little bit better compared to the Atlantic as NoPac rounds fetch DOP rates exceeding US$ 5,000 and Indo rounds push over US$ 6,000.

September 12, 2016 12:56 PM

Buoyancy has been observed in the northern Pacific for well-placed Supramaxes as steel freights from Qingdao to Vietnam and Thailand have been con­cluding up to US$ 6,000 on tonnage of 56-58,000 dwt. Indo rounds with coal to China have given large Supras rates in the US$ 9,000s, which suggests that available tonnage is thinning on the key Indonesian routes. The nickel ore rounds continue to get solid freights in the middle US$ 7,000s daily on tonnage from Southeast Asia on redelivery Singapore-Japan.

September 08, 2016 02:25 PM

A late week boom in Pacific Panamax enquiry has shifts the balance into positive territory for freights in the East at least with the Pacific round voyage now having moved into the US$ 5,000s daily on standard runs while Aussie coal trips to WCI are fixing mid US$ 6,000s while owners push for US$ 7,000. At­lantic business stays static amid low cargo demand.

Handy bulk has yet to capitalize on the strength­ening in Southeast Asia cargoes as shown this week with the abundance of mineral, steel and coal cargoes done via such hubs as Indonesia and the Philippines. The latter in particular has seen a large number of nickel ore trips fixed to China on Supramaxes at rates in the low-middle US$ 7,000s. Atlantic sentiment is also on the modest side as the USG has failed so far this week to offer much impetus from new demand, leaving the TA trips to stagnate at US$ 11,000 daily.

September 05, 2016 01:20 PM

Positive sentiment for the Capesizes felt at the end of last week remains in place while the BCI has reached a level not seen since early May. Iron ore voyages from different parts of the world are pouring constantly into China at rates pointing north day-by-day. Front hauls are talked in a range of US$ 12,700-12,850 daily and even the Atlantic rounds have clearly jumped over US$ 5,200 per day.

September 02, 2016 10:32 AM

The Panamaxes remain the ugly duckling in the market at the moment. The new amount of business in both basins is not able to raise freight rates. Nearly all routes keep sliding and modern 74,000 dwt have dipped below US$ 10,000 daily for front haul trips. Pacific round voyages are talked in a range of US$ 5,100-5,300 per day. Periods from 4-7 months are concluded in a range between US$ 6,000-6,500 per day.
Not much of a change is seen for the smaller sizes but the sentiment in the Pacific is decreasing while the Atlantic basin seems to become firmer. Fronthauls for modern 52,000 dwt are hardly achieving some US$ 10,200 daily while same vessels on USG/Continent have climbed to US$ 10,900-11,000 per day. Scrap shipments on 54,000 dwt are traded at around US$ 9,000 daily from the North Sea to East Med. 

September 01, 2016 10:59 AM

For the distress of the owners the slide in the freight rates for the Capesizes unfortunately continues although at a minor pace than before and not affecting all trading routes. A flurry of iron ore voyages from Brazil to China is seen at levels in a range of US$ 9.55-9.70/mt for second half of September and those from Western Australia to China have trouble to hold on to US$ 4.60/mt. The rounds in both basins are dipping slightly and activity is scarce. Front hauls are down by around US$ 350 hovering around in the low US$ 12,000s daily which is more or less the level from where they have started one week ago.

August 26, 2016 01:18 PM

Sky-rocketing at the end of the week, Capesize rates jump by leaps and bounds with some US$ 500-600 added on average to today average long haul rates, including a US$ 500 push on the Pacific round voy­age to land at US$8,000 daily for 180,000dwt ships. Trans-Atlantic round voyages, on the other hand, remain relatively unchanged at the US$ 5,000 daily line. Front hauls also rise to hit mid US$ 12,000s.

August 24, 2016 11:34 AM

No support for the Panamaxes so far this week as charterers seem resolutely opposed to putting more cargoes on the market than they absolutely need to. Rate trends, as a result, have moved from flat to slightly down as owners accept low US$ 5,000s on Pacific rounds whereas they might have held out for high US$ 5,000s daily just a few days ago. Atlantic business is also subdued with ECSA cargoes slowing down, according to traders, leaving just the Kamsar­maxes to settle for even lower APS freights of US$ 7,250 daily plus US$ 230,000 BB, says one broker, on Brazil delivery and Southeast Asia redelivery.

August 19, 2016 02:40 PM

Atlantic Handy bulk goes from strength to strength with trans-Atlantic trips ex-USG moving steadily to the five-digit realm of US$ 10,000 on Supramaxes with Continental redelivery. Available tonnage has tightened off of the US Gulf such that owners are having an easier time in proposing more ambitious rate hikes for end-August positions. Black Sea front hauls have also been reinvigorated as owners push through low teens of US$ 12,000 daily on CJK redel.

August 11, 2016 02:37 PM

Panamaxes, like the Capes, see glimmers of life from the day before turn into stronger uptrends today as front haul growth triples to US$ 300+ to bring the rate close to five digits of US$ 10,000 daily on DOP terms with Continental delivery to CJK. Trans-Paci­fic RVs are a bit more cautious with a modest US$ 100 uptick today into the low US$ 5,000s, though several traders believe the Pacific rounds will gain momentum as charterers re-engage the spot market.

July 29, 2016 02:33 PM

One could theoretically make a case that Capesizes have started to stabilize as day-on-day losses seen at midweek have slowed from US$ 400-500 to US$ 100-200, even if just the most optimistic and starry-eyed market player would likely engage in that mental exercise. The simple fact is that cargo demand has retracted for at least a week now and it has be­come quite a task for owners to coax charterers back out of hiding. Short period trading has been a mild factor, but nothing that would tilt the market in one direction or another. Continental front hauls con­tinue to drift with last-done rates in the low teens of about US$12,000-12,500. Pacific rounds have fallen under US$ 5,000 daily and could hit the middle US$ 4,000s over the weekend, some brokers surmise.

July 18, 2016 11:45 AM

July has been a good month for Panamaxes in a peri­od of time when good news has been in short sup­ply. Owners in both basins are bullish as tightness of tonnage around the globe means that they can assert some market dominance for a while as charterers relent to higher rate ideas without very much of a struggle. The Black Sea, as in the Handy bulkers, has been a very strong driver of the present recovery with front hauls giving modern tonnage of 74-76,000 dwt very generous rates of US$ 14,000 daily or even higher. In the East, trends are positive as well as NoPac rounds easily climb over US$ 8,000 daily.

July 11, 2016 10:33 AM

The stronger sentiment for the Panamaxes from last week has spilled over into this week with a healthy demand felt for this size of ships in both basins. An APS rate was concluded for mid-July at a freight rate of about US$ 8,000 daily plus US$ 300,000 BB from ECSA to Singapore-Japan range on a five-year old 81,000dwt. Prompt trips out of South Korea via NoPac with grain to Singapore-Japan are talked at some US$ 6,500 daily on vessel of similar size and age. Fronthauls are hovering in a range between US$ 11,200-11,600 daily.

July 08, 2016 11:40 AM

Apparently the increase in freight rates for the Capesizes seen recently have been only a temporary respite and the traditionally quieter July/August holiday period has taken over. With a sideglance to the deplorable supply-demand situation it is good news that another two Capes will be bound into a 20-year contract from now on hauling iron ore to the steel mill POSCO thus leaving the spot market. The contract was done with KLC. Fresh business is hardly seen in the West and the East and the freight rates continue to drop in both basins. Only some voyages are done with iron ore stems from West Australia to China for end July being quoted at US$ 4.55/mt and only mid-July shipments still can get around US$ 4.75/mt. 

July 07, 2016 11:32 AM

Some higher new demand for the Panamaxes is seen in both hemispheres and the spot freight rates are following the northbound trail. Prompt trips from the Black Sea with grain cargoes to the Far East on five-year old 82,000dwt are fixed at about US$ 13,000 daily and same cargo on a 15-year old 74,000dwt saw a rate of some US$ 7,750 per day plus US$ 275,000 BB out of ECSA heading also to the Far East. Average daily earnings are at US$ 6,039 at the moment. 

July 06, 2016 10:52 AM

It’s mid-week and the good run seen for the Capesizes during the last two weeks has ended or at least was interrupted. All major routes have taken a hit and fresh business was not very ample in the market. Some new iron ore voyages were done at lower levels of around US$ 4.65-4.75/mt from West Australia to China for second half of July. The trans-Pacific round has lost around US$ 300 in one day. 

July 05, 2016 11:09 AM

The Capesize market stays on its northbound track although activity is somewhat low in both basins. In the Western Hemisphere the Atlantic rounds seem to have levelled out and Brazilian export amounts of iron ore have slowed down to around 29Mt in June which is some 3Mt less YoY. Voyage rates are unimpressed crawling upward in slow paces to US$ 9.75/mt form Brazil to China currently. Iron ore voyages from Western Australia for mid-July cargoes are concluded at around US$4.80/mt. Fronthauls are talked in a range of around US$ 13,600-13,800 daily. Coal shipments from Colombia can fetch some US$ 11-11.50/mt to the upper EC India. 

July 04, 2016 11:41 AM

Fresh business was somewhat reduced for the smaller sizes but last week’s trend of increasing freight rates is holding on. Supra trips from West Africa via ECSA to the Far East are talked in a range of US$ 8,450 daily and East Med to Far East is traded at around US$ 8,200 per day. NoPac rounds for the Handysizes are concluded at some US$ 5,500 daily. 

July 01, 2016 11:13 AM

Freight rates for the Panamaxes keep firming in both basins and a flurry of activity show up in the market. Grain shipments from North France to the Far East are getting some US$ 10,500 daily with delivery Gibraltar. The trans-Pacific rounds are hovering in the mid US$ 5,000 per day. Coal cargoes from South Africa to China are talked at around US$ 7/mt when destination South China and US$ 7.85/mt when redelivery in North China. Coal voyages from Indonesia to EC India are quoted at some US$ 5.85/mt currently. 

June 30, 2016 10:57 AM

Quite an amount of fresh new cargoes shows up for the Supras and Handys for prompt trips in both hemispheres. Steel shipments for mid July were rated at about US$ 10,500 daily with delivery Brazil and destination Black Sea on a young 60,000dwt. A petcoke stem out of NCSA on a younger 56,000dwt heading to the Far East was quoted at around US$ 15,750 on a prompt trip. The average daily earnings for the smaller Handysizes have passed US$ 5,000 by one US dollar.

June 29, 2016 10:52 AM

The activity for the Capesizes has increased especially in the Atlantic although the freight rates for the Western round are weakening. Some more iron ore voyages from Western Australia for mid July are concluded at around US$ 4.45-4.50/mt. The Eastern round has finally jumped above US$ 7,000 daily and the average daily earnings are showing at US$ 6,595. The owners keep their fingers crossed for this momentum to continue. 

June 28, 2016 10:52 AM

Although Panamax activity is a bit quiet at the moment spot freight rates are holding on to last seen levels and even find their way up in small steps. The average daily earnings have increased by around US$ 500 week-on-week. The trans-Pacific round voyages are talked at some US$ 4,900-5,000 daily while the Atlantic rounds are trade some US$ 100 less per day.
A more interesting amount of prompt business is seen for the smaller bulker sizes combined with further growing spot freight rates on most of the major routes. The average daily earnings for Supra tonnage shows at US$ 6,136 the earnings for Handysizes are at US$ 4,894 which is some US$ 300 more week-on-week for both vessel sizes. Tonnage of 56,000dwt was talked at US$ 7,000 daily for a short period with delivery in WC India. 

June 27, 2016 11:28 AM

Britain, one of the shipping centres worldwide, has opted out of Europe. The outlook is uncertain for shipping, at least until the big waves have calmed down a bit. Many new agreements have to be arranged. European shipping will become more complicated and costly. And there arise new questions of what will happen to Gibraltar, Northern Ireland and Scotland – all three regions having voted to stay in the EU: It will become interesting…
For the Capesizes the week starts with a bright smile as the positive sentiment from the second half of last week seems to continue and the freight rates in both
basins keep climbing up. Rates from Saldanha to Qingdao have improved to the low US$ 7/mt, the Bolivar to Rotterdam route is talked at about US$ 5/mt. A 7-9 months period for a five-year old vessel has been concluded at some US$10,000 daily with delivery in the Med.

June 24, 2016 11:08 AM

Hopes are rising for the Capesizes that the current positive trend will continue as the BCI has gained more than 2% in one day. Throughout the main routes freight rates are stabilizing with iron ore voyages out of Brazil and heading to China now aiming at US$9.45-9.50/mt. Round voyages are firming with levels of around US$ 5,100 daily in the Western hemisphere and about US$ 6,850 daily in the Pacific. A one-year old 200,000dwt saw a rate of US$9,400 per day for a 6-9 months period with delivery China.

June 23, 2016 01:21 PM

Freight rates for the Panamaxes show a positive trend and are crawling upwards. The Atlantic business has further cooled down with only some grains shipments seen coming from the US Gulf. A 77,000dwt was paid around US$ 8,500 daily for a trip USG via Egypt to East Med. In the Eastern Basin a flurry of cargoes showed up with fertilizer shipments on 75-80,000dwt from China and destination India being traded at rates of about US$ 4-4,300 daily. Coal cargoes from Southeast
Australia to Qingdao are done at levels of some US$ 7.30/mt.
Some increased activity is noted for the smaller bulker sizes with freight rates holding on to last done levels and even a small uptick on some routes. Younger tonnage of 57,500dwt was talked at US$ 7,500 for a nickel ore shipment out of Indonesia and destination China. Supramax round voyages in the East are showing at some US$ 5,400-5,500 daily. The smaller Handysizes from ECSA to Continent are traded at around US$ 6,400 per day.

June 22, 2016 11:44 AM

The Capesizes continue to crumble in both hemispheres with a drop of 2.7% in the BCI day-on-day. The low activity at the moment will not be helpful to raise freight rates which are for quite some time now below operating expenses for the majority of the vessels. The Brazil to China iron ore trades are the only little glimmer of hope with rates indicating north although at no more than a mincing step. Only young tonnage is able to fix a small premium, all others have to take what is offered as long as oversupply reigns. Daily average earnings are down to US$ 6,100. Trans-Atlantic r/v at best are concluded at about US$ 5,000 daily, the Pacific counterpart show at some US$ 6,800 per day.

June 21, 2016 11:30 AM

The Capesizes experience another day with falling freight rates although at a somewhat slower pace. Disappointed owners are confronted with weaker demand felt on major routes. Iron ore stems from Western Australia to China have lost US$ 0.50 week-on-week which is a strong 11%. Same cargo from Brazil to China has declined by around 5.8% during the same period although tonnage is a bit tight in the South Atlantic. The rounds cannot hold to last seen levels and are down a further US$ 200 in the Atlantic and some US$ 350 in the trans-Pacific. 

June 20, 2016 11:19 AM

Freight rates for the Panamaxes are under pressure as the long expected activity increase from the USG is still to come and an ECSA boost for July cargoes haven’t emerged yet. Only a scarce amount of business is seen in the area. Owners in the East see some lively market and are trying to resist charterers’ attempts to fix on APS basis but a twelve year old 76,500dwt was concluded delivery Vanino to the East Coast India at an APS rate of around US$ 5,500 daily. Period rates for younger tonnage are hovering around US$ 5,000 daily on three-months and some US$ 5,500 daily on one-year fixtures.

The freight rate development for the smaller sizes is mixed at the moment with firming trend for trips out of the US Gulf as well as in the Southern Atlantic. Supramaxes with delivery West Africa via ECSA and returning to the Continent are concluded at above US$ 5,000 daily. For the smaller Handysizes the situation is a bit more fragile with freight rates at best hovering around last done levels. 

June 15, 2016 10:50 AM

Some new life in UKC front hauls helps move some Panamax rates into the upper US$ 8,000s on Singapore-Japan redelivery with owners hoping to secure US$9,000 daily before the week is through. USG front hauls are split between APS and DOP terms, but it would seem that APS is starting to prevail with
last-done on 74-76,000 dwt at US$ 9,500 daily plus US$ 200,000 BB on ten-year-old tonnage. Pacific activity leaves much to be desired, but owners claim
they seen a bit more inquiry since the week began.

Bits and pieces define Handy bulkers at the middle of the year with owners still facing an uphill battle against overwhelming tonnage avails and relatively
paltry cargo orders. Thus, it comes as little surprise to see the 28,000 dwt assessment for trans-Atlantic trips from the UKC to the USEC fall by US$ 200 at
midweek into the US$ 3,500-3,750 daily range after trading just above US$ 4,000 last week. Still, southbound trips from the Baltic into the African Med are
proving lucrative within the US$ 6,000 daily range. 

June 14, 2016 10:45 AM

Trendwise, Panamax rates have not strayed far from their well-worn sideways path with a chronic lack of transport demand having only limited downward impact on prevailing rates, which admittedly have fallen to about as far as many owners will tolerate. Period deals return with 3-5 months steady at US$5,000 daily. USG grain front hauls are arguably the strongest performers with the newest fixtures easily fixing in the US$ 9-10,000 range. Indonesia is less active than in weeks past but still providing a decent amount of cargo inquiry with APS rounds into ECI fixing US$ 4-4,500 daily plus US$ 40-60,000 BB. TARVs drift into the low-middle US$ 4,000s daily. 

June 13, 2016 12:25 PM

The Capesizes had been suffering another midlife malaise until the final two days of last week when a surge of interest in Pacific voyages helped prop up long haul assessments to higher levels than had been seen for some weeks. The positive vibes started to fade over the weekend, but momentum remains on the plus side with ambitious owners trying to press for upgrades on end-June positions as quickly as possible before market sentiment shifts out of favour once again. Business activity is dominated by Pacific voyages with rounds pressing up ever closer to US$ 5/mt but seemingly having levelled at US$ 4.9/mt by Friday to the satisfaction of anxious charterers. The upside remains strongest on UKC-Med front hauls, which gain some US$ 200 in the last session to close at US$ 12,750-13,000 daily and rising. 

May 23, 2016 10:59 AM

Far Eastern Ultra, Supra & Handymax tonnage saw fragmented positivity last week with the round voyages for 52,000 dwt ships moving from the mid to high US$ 4,000s daily on modern tonnage. Indo rounds have been giving Supramaxes upwards of US$ 5,000 daily to China with coal and Ultramaxes up to US$ 5,500 daily on the same run. Back hauls to the Continent are steady at US$ 3,000 on Tess 52s.

May 13, 2016 11:10 AM

A bit of relief arrives for Capesizes at the end of the week with signals of fresh cargoes on the Continent and in the North Pacific helping prop up freight rates that had been trending downward over the past few days. While not turning positive, declines did seem to have been slowing on the trans-Atlantic round voyage, steadying in the high US$ 12,000s daily. Front hauls were boosted by US$ 50 when a USEC-UCK front haul to the NoPac was fixed for just under US$ 12,000 daily—even though the assessment is currently just under US$ 13,000 daily for 180,000 dwt vessels. NoPac rounds, meanwhile, have been concluded at US$ 4,500 daily, which is in line with the current assessments for standard Pacific rounds.

May 03, 2016 11:36 AM

Off the Continent, grain charterers are still looking to cover 25,000mt 10% from Immingham to Tunisia still talking US$ 22/mt. Charterers were rating tonnage of 34,000 dwt at US$ 7,500 to the USG. A couple of cargoes remain to be fixed from the St. Lawrence area, which market is poor but is not to be misunderstood that finding tonnage is easy. Strong rates from the US and the Continent have the potential of "eroding" the poor St. Lawrence market. From the Black Sea, charterers are struggling to find Handysize tonnage at US$ 5,000 daily to the US Gulf. Grain charterers have been offered tonnage at US$ 15.25/mt for 25,000mt from Illichevsk to Algeria versus their ideas of US$ 13/mt.

April 27, 2016 02:15 PM

Stasis is the name of the game for Panamaxes with nary a move upward and, if anything, a slight shift downward. This has been the case for Continental front hauls, which slip back into four digits of high US$ 9,000s as charterers hope they will drop further still. Asian business, on the other hand, appears to be picking up with rates still flat but Indo rounds fixing everything from US$ 4,000 to US$ 6,000 daily.

April 25, 2016 10:39 AM

Buoyancy on the Continent remains the road to rising numbers. Scrap charterers took a 63,000 dwt from Gibraltar via Baltic to the East Med at US$ 10,000. A pretty ugly dog of 47,000 dwt was taken by scrap charterers for a trip to the East Med at US$ 9,500 daily. Supras would be worth US$ 12,000 daily. A 56,000 dwt ship is linked with 3-5 months at US$ 8,800 daily. Rouen to Algeria, the traditional grain trade for 25-30,000mt stems, should now be worth around US$ 17/mt, after Mid East charterers failed to get any response to their latest increased ideas of US$ 15.5/mt. US$ 17/mt for 30,000mt equals roughly US$ 10,500 daily incl. a two-day bal­last. For only 27,000mt cargo the rate would beyond US$ 18/mt—also based on US$ 10,500 daily.

April 11, 2016 02:20 PM

Grain is still the prime driver of Panamax long hauls with demand ex-ECSA incl. Argentina. But there are signs that the biggest rush to fix has run its course as May positions see rates levelling compared to April ones. APS rates into the Far East ex-Brazil settle into a sideways groove of US$ 7,750 daily plus US$ 300,000 BB on modern ships. Trans-Atlantic busi­ness is still able to conclude about US$ 6,500 daily between USG and UKC, though more urgent trips from ECSA to the Med have fixed over US$ 9,000.

March 30, 2016 01:54 PM

Buoyed by continued Pacific voyage interest and the stasis that has come to characterise freights among the biggest bulkers, Capesizes float sideways with a slightly perceptible upside that takes the Pacific RV a little higher in the middle US$ 2,000s. Long hauls are a shell of their former selves with assessments for trans-Atlantic round voyages now trading just over US$ 1,000 daily, a long shot from covering opex.

March 29, 2016 01:49 PM

With the Easter holidays now behind us, guarded optimism has taken hold that improving conditions in the South Atlantic will spread to other areas. Owners of Ultramax tonnage have seen US$ 8,500 daily plus US$ 85,000 BB for trips to the East, which they do not deem as good enough and prefer to wait. They feel that rates of US$ 10,000 daily plus US$ 100,000 BB should be possible soon enough. This said, the owners of a pretty uneconomic 55,000 dwt vessel have been indicating US$ 28/mt for 40,000 mt wheat from Upriver to Indonesia with pretty decent terms. This is hardly better than US$ 8-8,500 daily without a bonus. Additionally, the Continent, as mentioned earlier last week, has rising potential with about 13 grain cargoes expected to be fixable between now and mid-April. Singapore was open yesterday, however with only limited news avail­able.

March 23, 2016 02:09 PM

For Supramaxes and Handysizes the market is rather lively with an increase in spot freight rates across most of the routes. A 58,000dwt tonnage was quoted from US Gulf to Far East at around US$ 8,000 daily and a 52,000dwt vessel being concluded at about US$ 8,250 daily for a prompt trip from Black Sea to Singapore-Japan range. There is sentiment for further firming rates, brokers report.

March 21, 2016 11:52 AM

A true direction is not seen as whereto the market for the Capesizes is heading currently. The uptick in demand and freight rates for iron ore shipments may
come from low inventories and a probable stoppage of mills in summer so it is just a seasonal upswing but no shift in fundamentals. But at least it helps the
voyage rates from sliding. The situation for time charter business is less promising with the trans-Atlantic r/v now hovering around US$ 1,000 daily and the Western basin over-tonnaged.
The market for the Panamaxes is lively in both basins but the situation seems not enough to push the freight rates up. The trans-Pacific round voyages hardly achieve some US$ 4,500 daily at the moment. Grain shipments from ECSA to Far East are quoted at around US$ 6,500 daily plus about US$ 130,000 BB for early April dates. Fronthauls hover around US$ 6,500 per day. 

March 18, 2016 11:19 AM

The Panamaxes show quite an amount of activity but without a chance to push up the freight rates. Trips are concluded at best at similar levels like before. Some one-year-periods are seen with delivery in the East at around US$ 4,800 daily and when delivery on the Continent being quoted at about US$ 5,500 per day.
A small amount of grain shipments help the Supras to stay busy but only limited amount of other cargoes are showing up. The spot freight rates are still on a positive sentiment and increasing step by step. Pacific round voyages are talked in a range of US$ 4,500-4,600 daily, fronthauls are quoted at around US$ 8,300 per day. 

March 17, 2016 11:35 AM

The fate for the Capesizes has changed again with sliding freight rates and lower activity in both basins. Rates below OPEX do not make real sense so an increase in lay-ups and more scrapping should be the order of the day. This also in view of an orderbook which means that every 36 hours a new Cape is leaving the yards during this year. The trans-Atlantic r/v has lost US$ 500 in one day hovering now around US$ 1,500 per day. Pacific rounds hardly achieve some US$ 2,500-2,600 daily. Fronthaul rates are quoted at about US$ 6,000 per day. Iron ore voyages are trying to hold to last done levels but feel the pressure on rates growing. The TCA of the Capes stands at US$ 2,034, which is just around 50% of the TCAs for the other bulker sizes.

March 16, 2016 12:05 PM

The positive trend seems to stabilize for the Capesizes and also the time charters apparently have managed the turnaround. Some trips appeared and a general upswing between US$ 50-100 daily is felt nearly throughout the routes. Iron ore voyages from Western Australia to China for end March and beginning of April are quoted between US$ 2.95-3.00/mt. Same cargoes from Brazil to China are concluded at around US$ 5.70/mt.

March 10, 2016 03:04 PM

With a 6% jump in average rates today, Panamaxes boast one of the strongest showings in months as all the momentum that was building since late February comes to fruition. Long hauls are particularly buoy­ant with the trans-Atlantic RV assessment taking on even more than US$ 300 to drive toward US$ 3,000 daily, suggesting the likelihood of US$ 3,500 by the weekend. Indeed, US$ 4,500 has already been done ex-Recalada to the Continent on standard tonnage of 76,000 dwt. Front hauls are bullish as well with US$ 7,000s rumoured as done from the UKC to the CJK.

March 09, 2016 11:59 AM

Period chartering is back on the agenda for Atlantic Handy bulkers as US$ 5,100 daily is fixed on a 52,000 dwt from South Africa. Continental trades are arguably the most buoyant at this exact moment with front hauls to Singapore-Japan pressing up to­ward US$ 7,000 daily. ECSA grains are still driving a large portion of the market with ECSA trips into the Med doing US$ 4,750-5,000 on modern Supras.

February 22, 2016 06:30 AM

In the East, the long-awaited silver lining is visible with rates for Handysize tonnage rising (by the day according to one broker) alas still far from satis­factory levels. Clinker charterers are rating a 40,000 dwt at US$ 3,750 daily for a trip from South Korea to P.I. An owner of a 33,000 dwt was quite happy to prefer to wait for the market's improvement, hoping to eventually make US$ 4,000 daily plus for a trip from Japan to Southeast Asia instead of fixing US$ 1,500 daily to WCUSA. NoPac rounds are paying around US$ 3,500 daily for 33-36,000 dwt tonnage. Supramax rates are not any better, or even worse, with a couple of charterers rating tonnage at US$ 3,000 daily for NoPac business from Korea-Japan.

February 11, 2016 07:41 AM

Freights continue to drift for Handy bulkers amid fraught negotiations as charterers face an embarrass­ment of available tonnage for their requirements. Supramax cargo requirements from South Africa to Argentina, for instance, have seen the charterers al­ready fielding at least three vessels offering to take the trip for bunkers only. A major steel charterer is talking 55,000 dwt iron ore from Liberia into the Polish Baltic on subs at US$ 4.75/mt for mid-Feb­ruary dates. Ultramaxes on front haul from the US Gulf to China are reportedly fixing US$ 6,500 daily on tonnage of 62,000 dwt. From the ECSA, 58,000 dwt vessels are currently able to secure US$ 4,000 daily to the Continent and US$ 5,750 daily to China.

February 08, 2016 08:06 AM

There are new signs emerging from South America that grain demand could potentially lift the fortunes of Atlantic Panamaxes with several new front hauls fixed into Singapore-Japan at ostensibly DOP rates of US$ 4,500 daily on tonnage of 74-78,000 dwt. Period trading, meanwhile, may well be coming back with short period fixing just over US$ 5,000 daily on Kamsarmaxes. Inter-Pacific demand is still tepid.

January 28, 2016 08:46 AM

Westward Atlantic trips have sunken to scarcely be­lievable levels of US$ 1-1,500 daily on Handymax tonnage from the UKC-Med to USG. Rates are con­siderably better in the other direction with Conti­nental redelivery fixing US$ 6,000 daily on average, albeit down from the US$ 6,500-7,000 daily levels seen just a week ago. Pacific round voyages remain minimal but owners are doing their best to push Supramax rates back over US$ 3,000 daily—even as US$ 2,500-2,750 daily remains the benchmark rate.

January 20, 2016 08:55 AM

Pacific Panamaxes have gathered just enough car­goes to keep rates moving sideways—or enough that owners are refusing to let charterers push them any lower. As such, Pacific rounds are languishing in the US$ 2,500-3,000 daily range as the luxury of cover­ing operating costs has gone out the window for the time being. Period charters remain one saving grace of the market with 4-6 months still at US$ 5,000.

January 20, 2016 08:48 AM

Pacific Panamaxes have gathered just enough cargoes to keep rates moving sideways—or enough that owners are refusing to let charterers push them any lower. As such, Pacific rounds are languishing in the US$ 2,500-3,000 daily range as the luxury of covering operating costs has gone out the window for the time being. Period charters remain one saving grace of the market with 4-6 months still at US$ 5,000 daily.

January 12, 2016 09:43 AM

Modest stabilizing in the Atlantic gives Handy bulk owners the slightest bit of hope for late January, though trans-Atlantic trips from the USG-USEC to the UKC-Med are stuck in the lower US$ 7,000s for modern tonnage of 52-54,000 dwt. Black Sea front hauls continue to fix just over US$ 6,000 daily. Paci­fic-based business, though, remains in the doldrums as Pacific rounds can scarcely rise above US$ 4,000.

January 08, 2016 08:29 AM

Atlantic Capesize demand has remained lacklustre since the end of 2015 and current trends are likely to stay predominantly bearish going into January 2016. Pacific business has been scarcely bet¬ter with RVs stubbornly stuck at US$ 3,000 daily.

January 08, 2016 08:28 AM

Atlantic cargo demand has remained lacklustre since the end of 2015 and current trends are likely to stay predominantly bearish going into January 2016. Pacific business has been scarcely better with RVs stubbornly stuck at US$ 3,000 daily.

December 17, 2015 09:59 AM

Brokers indicate that the Panamax spot market is mounting a mild rebound thanks to a return in cargo demand in the Pacific early in the week followed up by rising demand in the Atlantic at midweek. USG APS trips to the Continent are fixing mid-high US$ 7,000 daily with coal. ECSA front hauls are getting upwards of US$ 6,000 daily plus US$ 200,000 BB on Kamsarmaxes and closer to US$ 5,500 daily plus US$ 150,000 BB on standard 72-74,000 dwt ships. Period chartering is one of the bigger drivers of sentiment in Kamsarmaxes, fixing solid rates of US$ 6,000 daily for year periods on modern tonnage. NoPac rounds are concluding modest APS rates of US$ 4,500 daily plus US$ 140,000 BB. The upside continues to strengthen, but few owners expect to see anything dramatic before the year is through.

December 08, 2015 10:13 AM

Upward impetus is in short supply for the Panamax spot markets at the start of the week with a handful of fresh Black Sea grain trips and trans-Atlantic grain shipments keeping the western hemisphere halfway occupied. Kamsarmaxes see up to US$ 6,000 DOP with grain ex-ECSA to the Continent, though trans-Atlantic RVs on standard ships of 72-76,000 dwt can easily go for half of that. NoPac grain rounds are getting rates of US$ 4,500 daily plus US$ 130,000 BB, though charterers are applying more pressure.

December 07, 2015 09:00 AM

The Caspian Sea market has suffered from stormy weather throughout the past week. Vessels have been delayed. Brokers complain of having their ships' entire itineraries completely shifted, causing plenty of headaches. Traders hope that the weather will improve this week and that some order will return to the Caspian. Rates are generally unchanged with 3,000mt barley to Iran fetching about US$ 30/mt from Astrakhan and US$ 20/mt from Aktau.

December 04, 2015 10:13 AM

A modest resumption in Atlantic Handy bulk spot demand in some pockets around the Black Sea has helped bolster front haul sentiment to a degree, though the prevailing front hauls continue to trade within the US$ 7-8,000 daily range, depending on Continental or Black Sea delivery. Niche cargoes such as nickel ore in the East are lending higher rates of US$ 5,000 daily for enterprising Handysizes open South China and US$ 1-2,000 daily higher via PG.

December 03, 2015 09:42 AM

Panamaxes can't seem to catch a break just yet, even with recovery underway among the biggest bulkers. Sideways trends continue to dominate both hemi­spheres, but the recent return in short period sug­gests some new life in the long-term game as several deals for 4-6 months of trading have been fixed on Kamsarmaxes within the US$ 5-6,000 daily range. Eastern business remains modest with iron from ECI to South Korea fetching upwards of US$ 4,000 daily. Eastern business remains modest with iron from ECI to South Korea fetching upwards of US$ 4,000 daily.

December 02, 2015 10:13 AM

While last week's strong Cape rally is a distant memory, there seems to be some power left on certain routes, particularly the UKC front haul, which grew almost US$ 2,000 at midweek on the assess­ment to fix high teens of US$ 17-17,500 daily on CJK redel. Trans-Atlantic RVs also climbed by US$ 1,000 to about US$ 10,000 daily to take the TARVs back into the four-digit realm. ECSA voyages to ARA have seen some healthy improvements as well with day-on-day gains of US$ 0.5-0.6/mt to put the rate at US$ 6.5/mt. Sentiment is cautiously positive.

November 27, 2015 10:19 AM

Brokers say there are glimmers of life from the USG, though trans-Atlantic business remains so far firm at best for Supramaxes to the Continent at US$ 7,000 daily, if not slightly lower. Rates are bet­ter to WC Canada with larger tonnage of 58-62,000 dwt fixing US$ 9-9,500 daily. UKC front hauls are holding steady within the US$ 7-8,000 daily range with little prospect of improvement until mid-De­cember when the pre-holiday rush is likely to facili­tate urgent last-minute upgrades. Until then, traders don't expect to see that much dramatic movement.

November 24, 2015 06:55 AM

Capesize rates, perhaps inevitably, surge at the start of the week after weeks of slow decline saw levels fall to unrealistically low assessments untested by real market activity. Now that a few stronger fixtures have been done and players have returned to market, a sentimental boost helps lift long hauls like the trans-Atlantic RV by US$ 1-1,500 over last done, equating to a 28% improvement to US$ 6,000 daily. We shall see how much steam this recovery has in it.

November 19, 2015 09:12 AM

Long hauls are still coming under pressure in the Atlantic as TA Handy bulk business to the UKC from USEC-USG is down another US$ 200-300 on average today to about US$ 7,000-7,500 daily DOP. Pacific business, however meagre, is still floating sideways as owners push for US$ 4,500 daily from current levels of US$ 4,000 daily. Black Sea front hauls are struggling to move back toward US$ 8,000 as last-done freights have been seen at US$ 7,000-7,500 daily with charterers pushing for discounts.

November 18, 2015 10:08 AM

Capesizes struggle to keep their heads above water, that water line being the ever-threatening operating cost line, though at least the long hauls on front haul trips from the UKC-Med into the Far East remain marginally higher than opex at about US$ 12,500-13,000 DOP on average, even if there continues to be little interest in actually fixing business on that route. Inter-Pacific DOP rates are fixing closer to US$ 8,000 daily on modern 180,000 dwt tonnage. The Pacific voyages hover at around US$4.3-4.4/mt.

November 16, 2015 06:10 AM

Handysizes are suddenly the only bulk carrier sector with any real stability with decent spot rates of US$ 5,500 daily reportedly fixed ex-USG into the Baltic Sea on 38-42,000 dwt tonnage. Also on trans-At­lantic biz, DOP trips ex-ECSA are said to be getting US$ 5,000 daily on 34-36,000 dwt ships to USEC. Inter-Continental trades are also relatively robust as upwards of US$7,500-8,000 is seen for southbound scrap and mineral business from the German Baltic into the East Med. Short trips between Black Sea and East Med are giving Handysizes up to US$ 6,000 daily.

November 10, 2015 08:51 AM

The slump proceeds apace for Panamaxes in both basins with the start to a new week bringing little fresh impetus for owners to gain any traction with. Indeed, the market remains one of inches for owners with operating margins getting ever thinner. Con­tinental back hauls slip back into the four digits of about US$ 9,750 daily, losing about US$ 150-200 day on day, while trans-Atlantic rounds shed over US$ 100 to settle in the US$ 4-5,000 daily range. The comeback of period chartering remains a bright spot with 4-6 months of trading fetching rates at upwards of US$ 6,000 daily with delivery Japan.

November 09, 2015 06:58 AM

Compared to last week the Capesizes show a glimmer of hope as at least for the ore voyages from W. Australia the freight rates made way up to US$ 4.80-4.85/mt. Also the trans-Pacific r/v turned around with an increase of US$ 500 day-on-day. Fronthauls are weak but interest in short and long periods is growing.For the Panamaxes rates failed to move higher and no much help from demand is expected. Coal voyages from EC Australia to China hover around US$ 7.30/mt. A 76,600dwt was concluded spot Gibraltar at a freight rate of US$ 9,750 daily for a trip via Continent and Iran with redelivery PMO. 

November 06, 2015 07:48 AM

The business for the smaller sizes is up and it seems as if the slide of the freight rates is somewhat flattening. But maybe it’s only because of Eisbein event in Hamburg that pushed owners and charterers to close the deals before a relaxed long weekend. A 56,500dwt was quoted at about US$ 5,500 daily from North China to WC India. From the Black Sea a 56,000dwt sailed to the US Gulf at a rate of merely US$2,900 per day. 

November 05, 2015 08:18 AM

A good level of activity seen for the smaller sizes does not prevent the spot freight rates from heading south. Tonnage of 55,000 dwt from Indonesia to India is assessed between US$ 5.50-6.00/mt currently with weakening trend. Supras on Pacific rounds are hardly fixed at about US$ 5,300 daily and the NoPac r/v for the Handysizes is traded at some US$ 4,700 per day. A 32,300 dwt has been concluded at some US$ 4,850 daily for a prompt trip out of the Continent to the US Gulf. 

November 04, 2015 08:05 AM

The situation of the Capesizes is not getting better with spot freight rates further southbound on nearly all routes. Ore voyages from West Australia are quoted at a range of US$ 4.60-4.70/mt for mid-November loading. Same cargoes from Brazil are hovering around US$ 10.60-10.70/mt for the beginning of December. The rounds are dropping at the same pace like before.  

November 03, 2015 06:38 AM

Hardly any business is seen for the Capesizes with the freight rates still on their southbound trail. The trans-Pacific round is losing more than US$ 500 day-on-day being quoted at around US$ 8,300 daily. The Atlantic r/v is concluded at about US$ 7,200 per day. Voyages from Brazil and Western Australia to China cannot hold to last seen levels either. 

November 02, 2015 07:38 AM

The market for the Panamaxes apparently is drying out. NoPac rounds hardly can be concluded at some US$ 5,000 daily. There are owners opting to go in ballast to the USG hoping for better business coming up in this region. Still there is some demand for coal trips APS Indonesian port to India but on rates hovering around US$ 4,000 plus US$ 40,000 BB which is much less than last week. Period activity is hardly non-existent as owners try to resist and fetch some longer period as some US$ 7,000 per day is paid for 1-year period with delivery in the East and about US$ 8,000 daily for periods of this length with delivery in the West.

October 30, 2015 09:11 AM

Although some fresh cargo volume is seen the spot freight rates for the Capesizes keep softening for trips in the East and the West. Owners continue to struggle but the amount of tonnage available weigh on the market prices. A flurry of iron ore shipments keep the voyage rates from Tubarao and Western Australia into China up with even a firming trend perceptible but still at levels which hardly cover operating expenses. The BDI is down to a level last seen in June. The traditional rush of cargo with the year coming to an end yet has to happen.  

October 29, 2015 09:45 AM

The Supras in the East have found very little support in the market with freight rates hovering around last done levels while in the Western basin the situation is somewhat different with coal shipments out of the US Gulf heading to EC India being concluded at better freight rates than before. For wheat cargoes for Supras and Handysizes out of USG this does not apply as the rates are pointing downward or steady at best. The NoPac rounds for the smaller Handies are hovering around US$ 5,000 daily. 

October 28, 2015 08:59 AM

The situation for the dry bulkers remains challenging. Although a steady amount of Capesize cargoes is seen on the West Australia to China route the spot freight rates are constantly losing steam to levels around US$ 4.80/mt currently while the Brazil to China route is now below US$ 11.50/mt. For Bolivia to Rotterdam voyages US$ 5.10/mt was rumoured. The rounds sagged nearly US$ 1,000 on the Atlantic and some US$ 600 on the Pacific side.  

October 27, 2015 08:02 AM

Although a flurry of new activity arise for the Panamaxes there is no way to hold the freight rates from dropping further in the Eastern basin. Rounds are concluded at some US$ 5,500 daily and coal voyages from Australia to China have dipped below the US$ 8/mt mark. An 81,000dwt was quoted for the start of November at an APS rate of US$ 6,250 plus 150,000 BB for a trip from South Africa into EC India. The plunging rates and cheaper bunker start to convince grain shippers to switch from boxships to bulkers which may help the owners attempting business out of the USG into China. 

October 26, 2015 09:28 AM

The optimism which arose during the second half of last week faded away for the Capesizes. Again the freight rates are slowing across the board although WoW the BCI is up by more than 11%. Limited cargo for a considerable amount of tonnage is in the market so owners are not in the position to push the rates. Iron ore voyages from Australia to China are quoted just around US$ 5.10-5.20/mt for the beginning of November which is no great deal for this time of year. The rounds are sliding between US$ 300 for the Eastern one and some US$ 500 for the Western one indicating the market is going to be flat.  

October 23, 2015 07:24 AM

Some optimism – although still somewhat hesitant - is showing up for the Capesizes with the freight rates crawling north for another day and a good amount of coal and iron ore shipments sparkling around the market. It seems as if the re-stocking season has finally begun supporting the rates a bit. The rounds keep on firming with the trans-Atlantic r/v now well above the US$ 9,500 daily mark and the Pacific round approaching US$ 11,000 per day. Iron ore voyages from Brazil to North Europe are concluded at a US$ 5.90-6.00/mt range and Brazil to China hover around US$ 12.40-12.50/mt. Colombian coal stems are going to North Europe at
about US$ 6.30-6.40/mt. 

October 22, 2015 07:08 AM

The smaller sizes of the dry bulkers are confronted with too much tonnage and too low demand therewith the freight rates keep further under pressure and are drifting south at a similar pace as before. Some activity in the Middle and Far East showed up but resulted in concluding at rather uninspiring rates except a premium for bypassing Iraq. 

October 21, 2015 08:06 AM

For the Supramaxes the freight rates are slowly coming off across both basins with the market softening as demand is low. The pacific rounds are hovering around US$ 5,500 daily for 55-58,000dwt tonnage while Handysizes of 28,000dwt tonnage are doing NoPac rounds for less than US$ 5,000 per day. 

October 20, 2015 07:12 AM

The market for the Capesizes continues to soften and with the supply side strong, the scrapping prices low and the demand in China not increasing, it’s hard to see better times ahead soon. While the freight rates for the voyages from Brazil and West Australia are rather firm and few fresh stems come up, the TC freight rates cannot hold on. The rounds in both basins are losing between 1.5 and 2% in one day. Especially in the Atlantic tonnage seems to build up thus putting more pressure on rates. 

October 19, 2015 07:22 AM

The situation for the smaller dry bulk vessel sizes is not as cloudy as for their bigger sisters. The indexes for the Supras and the Handysizes have dropped around 1% over last week and on some routes even a small growth has been realized. Timecharter rates are showing minimal changes per day thanks to a flurry of activity in both basins. A vintage 47,000 dwt vessel from WCSA to India was concluded at a rate of US$ 10,000 daily. Trips from West Africa via ECSA and redelivery North China are fixed at around US$ 7,500 per day. 

October 16, 2015 08:03 AM

Spot freight levels continue to cascade downwards as Capesizes find little if any cargo impetus to prop them up. Long hauls once again take the brunt of the
punishment as freight assessments drop some US$600-800 day-on-day, leaving trans-Atlantic round voyages at about US$ 7,500 daily, Continental front
hauls at around US$ 18,500 daily and trans-Pacific rounds into the four-digit realm of US$ 9,500 daily. 

October 15, 2015 09:31 AM

Positivity imbues eastern-based Handy bulkers, if just barely, as owners now see just enough demand to allow them to consider trying for better rates. Even so, they are still fixing rather poor levels of US$ 5,500-6,000 daily DOP for South China trips to ECI via Indonesia while the trans-Pacific Aussie RVs can barely secure anything over US$ 5,000 on modern tonnage of 52,000 dwt. NoPac rounds are fixing spot rates just over US$ 5,500 daily. Trans-Atlantic senti­ment has stagnates to a degree, leaving USG/UKC Supra trips to settle at just under U$ 10,000 daily.

October 14, 2015 10:57 AM

Continental front hauls enjoy a bit of motivation from Panamaxes as business activity picks up such that the benchmark on 74,000 dwt tonnage moves US$ 100 higher to fix US$ 12,000 daily or just slightly lower. Otherwise, the rest of the market is happy to go flat on the trend side, even as principals conspire to push trends up or down in their favour. Fertilizer trips from the Baltic States to Singapore-Japan via the Cape of Good Hope are concluding low-mid teens of US$ 14,000-14,500 daily on ton­nage of 83-84,000 dwt. It would seem the Chinese have finally returned to work in earnest as a number of southbound trips from North China are concluded in the high US$ 6,000s daily via Southeast Asia with return redelivery to Singapore-Japan. Standard vessels of 74,000 dwt are fixing strong rates of up to US$ 8,000 daily from Hong Kong via EC India via EC Australia. There continue to be indications that the Panamaxes are poised for recovery, though so far this week has provided little support to the notion.

October 13, 2015 08:44 AM

It's a topsy-turvy start to the week for Capesizes as some rates see improvement—primarily those based in the East—as Pacific RVs gain another US$ 300-400 to close in the low teens of US$ 11-12,000. Pacific voyages are unchanged within the US$ 5.5-5.6/mt range as principals anticipate a turning in the tide, though they are uncertain which way the tide will turn. Trans-Atlantic RVs have also managed to hold to last-done freight levels of US$ 8,500 daily.

October 12, 2015 06:08 AM

It has been a fairly busy few days for Handy bulkers, but activity will still have to play catch-up with the tonnage game as freights continue to dwindle, albeit slowly, despite the recent uptick in fixtures. This new activity has, however, injected some enthusi­asm into the larger Handy bulkers with Supramaxes getting upwards of US$ 12,000 daily on scrap from the Baltic to East Med. Tonnage of 58,000 dwt can achieve US$ 8,500-9,000 daily from the Black Sea to Port Said via Red Sea. Handysizes of 44-46,000 dwt are taking trans-Mediterranean trips from the French Med to East Med at US$12,500 daily, brokers say. There is a fair to decent chance that rates could stabilize this week, assuming this activity holds on.

October 09, 2015 10:43 AM

What began with stabilizing at midweek and glim­mers of positivity has turned into a full-on rebound for Panamaxes with Continental front hauls taking on US$ 500 today to trade in the US$ 11-11,500 daily for CJK redel. Pacific rounds are getting US$ 6,500 daily on index vessels. Short period deals are trading over US$ 7,000. ECSA is warming up again.

October 08, 2015 10:18 AM

Tumbling trends dominate the Capesize sector as trans-Atlantic RVs shed US$ 1,500 in a day to trade just above US$ 10,000 daily. UKC front hauls to CJK also lose US$ 1-2,000 today to hover in the low US$ 20,000s of about US$ 22,500-23,000 daily. Pacific rounds, once a steadier rate, lost US$ 600-700 in assessments to hit about US$ 12,000 daily. Period business has returned to a degree with short period deals of 4-6 months and 3-5 months fixing US$ 12,500-13,000 daily on modern 180,000 dwt ton­nage. Owners hold tight and hope for the next rally.

October 07, 2015 08:43 AM

Suddenly the sturdiest bulker segment, Panamaxes pull it together to bring charterers back into the fray with a solid showing in fixing at midweek as USG front hauls see some revival to trade at last-done APS rates of US$ 12,500 daily plus US$ 250,000 BB on average 10-year-old, 76,000 dwt units to Singapore-Japan. Continental front hauls are holding steady at DOP terms of about US$ 10,500-11,000 daily on five-year-old 74,000 dwt vessels. Trans-Pac rates are shifting into the middle US$ 7,000s daily with ECI redelivery fixing US$ 7,500 daily from South China.

October 06, 2015 10:26 AM

Despite earlier signs of stabilizing, Capesizes start the week in a modestly bearish mood, shedding US$ 200-300 on long hauls to leave the Continental front haul trading just under US$ 25,000 daily and the trans-Atlantic RV just over US$ 12,000 daily. The problem remains of lacking cargo demand with only a few trans-Atlantic deals done in recent days, including an APS deal from Colombia to the Con­tinent at US$ 13,000 daily plus US$ 300,000 BB.

October 05, 2015 10:24 AM

Atlantic business is still hard for Panamax owners to find in the North Atlantic and to a lesser degree in the South. Trans-Atlantic demand has been especi­ally lacking with APS basis dominant on ECSA/ ARAG business, which is fixing rates of about US$ 7,500 daily plus US$ 75,000 BB. Continental front hauls are under pressure with a couple hundred dollars lower than a week ago and DOP freights into Singapore-Japan fixing about US$ 10,500 daily, plus or minus US$ 500. Eastern demand has been steady enough thanks to decent cargo demand via NoPac as NoPac rounds can secure around US$ 7,000 daily.

October 02, 2015 11:12 AM

There are signs of new energy around the Black Sea with Handy bulk fixing up to US$ 10,500 on scrap from ARAG to the Turkish Black Sea and US$ 8,000 on 38-42,000 dwt tonnage from the Turkish Black Sea into West Med. Indo rounds are giving Supra­maxes upwards of US$ 7,000 daily with ECI redel. US Gulf trips to the Continental continue to fade, losing more than US$ 300 today to US$ 10,500 daily.

September 30, 2015 10:51 AM

Panamaxes are left with little recourse but to do their best to keep at last-done freights even as the market at large has other plans with trends going inexorably southward. All the same, daily losses of US$ 100-200 are not terrible, but after a number of days one ends up with rates that have declined by several thousand in a matter of a couple weeks, death by a thousand cuts, as they call it. Continental front hauls are still trading just over US$ 11,000 daily when they opportunity arrives, but owners grumble that the opportunities are still coming too seldom and too few. TARVs are steady at US$ 5,500 daily.

September 29, 2015 08:34 AM

To cover a cargo from the USEC, Med scrap charter­ers took a 52,000 dwt ex-Continent at US$ 10,500 daily. In the ECSA, a couple prompt Handysizes are still open for employment. A 52,000dwt failed three times at around US$ 10,500-11,000 daily for a trip to the Continent-Med for always different reasons. The vessel is coming in ballast from the East. Rates in the PG area are hovering around US$ 8,000 daily for inter-PG trading on tonnage of 55-58,000 dwt. A 58,000 dwt was taken for a trip to EC India at US$ 8,500 daily. A low freight of US$ 12/mt has been agreed for 25,000mt fertilizers from AG to Durban.

September 24, 2015 10:12 AM

The winds of change have placed their grip on the Panamaxes after a few northbound days and have turned around their fate with losing steam on nearly all routes. The trans-Atlantic rounds have dipped well below US$ 6,000 daily, heading towards the middle US$ 5,000s and the standard trans-Pacific round voyage is merely fixed at last-done levels.

September 23, 2015 08:56 AM

As is their destiny, the Capesizes fall just about as hard—if not harder—than they climbed in the past three or so sessions with the explosion in sentiment failing to be followed up by an explosion in cargoes, surprising very few keen market observers. As such, the Continental front haul plummets by US$ 2,000 today to settle back into the middle US$ 20,000s of about US$ 25-26,000 daily while Pacific RVs crash back into the mid teens of US$ 14-14,500 daily after losing about the same. A flood of fresh Pacific ore voyages has failed to turn the tide with last-done levels at about US$ 5.7-5.8/mt, down from the US$ 6.2/mt voyage rates seen just a day or two earlier. While not exactly bursting to new highs, Panamaxes seem to be at least holding onto last-done, some­thing they had failed at for more than a week until the day before yesterday. The collapse of the Capes today, however, does not bode well for Panamax sentiment and cargo demand remains appropriately anaemic with trans-Atlantic RVs skating sideways on the US$ 6,000 daily line and TA-trips USG/UKC giving grain cargoes APS rates of US$ 9,000 daily plus US$ 60,000 BB on modern Kamsarmax ships. Period business is looking respectable as owners maintain short period rates of US$ 8,000 daily or slightly higher. Indonesia trips into NoPac are con­cluding just under US$ 7,000 daily while standard Pacific rounds are trading steadily at US$6,500 daily. ECI redelivery from South China is fixing the same rate, though fresh cargoes continue to lag spot avails.The uphill battle continues for UKC Supramaxes with front hauls under pressure, down by US$ 150-200 today to hit US$ 12-13,000s into the NoPac. TA trips from the USG into the Continent are also down by some US$ 200 today to about US$ 13,000 daily, though shipowners complain that they are struggling just to locate charterers willing to move cargoes in the Atlantic. Pacific trading is somewhat stable at the moment with RVs at US$ 5,500.

September 22, 2015 10:42 AM

The rise in sentiment among Capes and new cargo demand in the Atlantic has boosted the Panamaxes slightly with modest day-on-day uptrends of US$ 100-200 observed across the board as Continental front hauls regain some footing in the low teens to claw back toward US$ 12,000, even if they are real­istically still fixing closer to US$ 11,000. Period business has returned in force with short and medi­um deals done via CJK at or over US$ 8,000 daily.

September 17, 2015 05:57 AM

Just a few new fixtures in the Pacific is all it takes to trigger another upward correction in the Capesizes with average rates gaining about 6% and some, like the Continental front haul, jumping by US$ 1,000 to settle back in the high teens of US$ 17-18,000 daily. Inter-Pacific trading is also more buoyant than in days past with modern tonnage of 180,000 dwt fixing rates in the US$ 10-11,000 range for quick Pac rounds via West Australia on China redelivery.

September 14, 2015 09:45 AM

Continental front hauls flattened out just before the weekend as Handy bulkers in the 48-54,000 dwt range keep fixing low-mid teens of US$ 13-13,500 daily on spot trips ex-ARAG to the NoPac. Trans-Atlantic business, though, has started to dive down­ward as USG/CJK trips now get about US$ 15,000 on Handymaxes when they were getting high teens just a week earlier. Spot activity is high nonetheless.

September 11, 2015 10:02 AM

Panamax fronthauls from the US Gulf have counter­ed the traditional September trend toward upward corrections with the onset of grain season as open tonnage continues to swamp any uptick in cargo demand with average voyage rates for 60,000mt from the USG to CJK trading at about US$ 31.5/mt, some US$ 2/mt of decline over the past two weeks. USG grain exports are nearly identical to volumes of this time last year (with inspections at about 35.5 Mt) but with brokers estimating some 15-20 ships in ballast to the USG from the Pacific, it will take quite a bit of grain demand to offset the prevalence of tonnage. The TARVs continue losing traction as last-done is seen near US$ 6,000 on standard units.

September 08, 2015 07:47 AM

Pacific-based Handy bulkers have been busy enough to keep freights moving on a sideways path, brokers confirm, with Indo trips from South China to ECI still fixing just over US$ 6,000 daily on modern Supramaxes while standard Indo rounds hold steady within the US$ 4,500-5,000 daily range. Handysize rates have been stable off of the Continent thanks to relatively tight avails as TA trips from the UKC into USEC keep trading at about US$ 6,500-7,000 daily.

September 03, 2015 07:35 AM

Apart from the continued stability of Pacific RVs in the low-mid US$6,000s, themselves under pressure (losing US$ 100-200 today), Panamaxes are not at their best currently as Atlantic cargoes prove hard to come by, letting the trans-Atlantic RVs slip into the middle US$ 8,000s of around US$ 8,500 daily DOP while US Gulf front hauls on Kamsarmaxes fix APS rates of US$ 13,000 daily plus US$ 300,000 BB.

September 02, 2015 10:18 AM

The long-awaited Capesize revival comes storming back with the start of September bringing new cargo demand and fresh impetus, even if today's rise in average rates is more from sentiment in an upward correction than any fresh fixtures. The Pacific RV, nonetheless, gets a strong US$ 1,000 upgrade to­ward US$ 9,000 daily while the Continental front haul takes on over US$ 500 to top the US$ 17,000 daily line. We shall soon see how much this particu­lar rally has left in it, as market sceptics abound.

September 01, 2015 09:08 AM

Handysize rates from ECSA remain at healthy levels, but studying fixtures does still make one wonder. A 37,000 dwt was ballasted from Guyaquil to the Plate to fix a trip from the area to Morocco at US$ 17,000 daily. Major grain charterers have been getting in 25 vessels in the size of 34-60,000 dwt for a trip from ECSA to the Continent-Med, but ended up taking a Panamax rather than a more expensive Supramax, for which tonnage was available at US$ 18,000 daily versus the charterers' idea of US$ 16,000 daily.

August 28, 2015 10:13 AM

As in the rest of the bulk carrier market, Handy bulk enquiry has suddenly dried up, giving owners notably less to hang their hats on than they had just 48 hours before. Black Sea front hauls have taken it the hardest, losing US$ 200 today, though even settling at US$ 15,500-16,000 daily on Supras, the damage to freights has so far been minimal. Indonesia rounds are giving Supramaxes just under US$ 6,000 daily to SE Asia.

August 27, 2015 09:20 AM

It's the same sad scenario for the embattled Capesizes as an utter lack of fresh cargoes lets them fall swiftly from the heights they scaled just a month before. Average rates fall 13% today (ouch) as Continental front hauls tumble into the middle teens of US$ 15-16,000 daily, having lost more than US$ 1,000 day-on-day on index ships. Pacific rounds are down to US$ 7,500 daily while the trans-Atlantic round voy­age slid to about US$ 8,500 daily with little to no upside in sight. Only the Pacific mineral voyages account for any movement at all with last-done levels on Hedland/Qingdao down to US$ 4.4/mt.

August 26, 2015 08:28 AM

Atlantic Panamaxes seem to be folding at midweek with little fresh cargo stimulus to support freight trends as average trans-Atlantic RVs slump toward US$ 11,000 daily, even with 2LL on Continental redelivery. Front hauls ex-UKC to Singapore-Japan are also looking softer, moving from the middle teens into the lower range of US$ 14,500-15,000 daily. Only the Pacific basin manages to retain some buoyancy, despite its own lack of cargoes, with the trans-Pacific RV moving upward from US$ 6,500 daily toward US$ 7,000 daily while NoPac RVs are trading just under US$ 8,000 daily DOP and likely to exceed that line before the weekend. Back hauls from CJK to the Continent are being done at dismal rates under US$ 1,000 daily just to get into position.

August 25, 2015 07:18 AM

Caspian Sea rates are rising rapidly with 3,000mt cargoes of wheat to Iran fetching up to US$ 45/mt from Volgograd and US$ 48/mt from Kamyshin on spot while owners seek US$ 2/mt higher than that for September. Russian-flagged ships are harder to find as the Caspian offers much more attractive rates, including low US$ 30s/mt on general cargoes from Astrakhan to North Iran ports. Tonnage is generally tight (and getting tighter) while grain elevators face lengthening loading queues. The owners have about two months to fill their pockets, one broker quips.

August 24, 2015 08:07 AM

Supramaxes have had decent run in the Far East this past week—in contrast to the flailing Handysizes—as average freights in the Pacific basin enjoy a US$ 100 week-on-week upgrade with Pacific round voy­ages giving up to US$ 7,000 daily, from high US$ 6,000s seen last week. Ultramaxes of 62,000 dwt can fetch US$ 9,000 daily on NoPac rounds with China delivery. Activity has picked up just enough to keep charterers on their toes and willing to grant modest upgrades over last-done rates. Indo rounds with ECI redel are giving Supramaxes unchanged rates in the mid-high US$ 6,000s, though there are some indications that sentiment is starting to shift back to charterers on the Indonesia routes. Southeast Asia nickel ore trips via Philippines to China are giving modern Supramaxes rates of US$ 6,000 daily flat with a slightly stronger upside, brokers confirm.

August 21, 2015 10:08 AM

It seems to be the Pacific's turn to take the wheel for driving Panamaxes with spot sentiment suddenly turning positive in the East while it flattens in the West. A number of ECSA front hauls have been made in recent days and on DOP terms within the range of US$ 9-10,000. Otherwise, Atlantic activity has been limited around the USG and South Atlan­tic. Pacific activity has picked up, however, with new interest Pacific RVs as average rates rise by US$ 150 day-on-day, taking standard rates into the high US$ 6,000s on tonnage of 74,000 dwt and into the mid US$ 7,000s on EC Aussie trips with ECI redelivery.

August 19, 2015 08:28 AM

Neutralizing some of the positive indications seen early this week, Capesizes return to full-on slide mode across the board with average freights losing some 4% today as the TARV falls by US$ 1,000 to US$ 14,000 daily and the Continental front haul drops to the low US$ 20,000s of US$ 22-22,500 daily. Paci­fic voyages are also nearly non-existent with rates also dropping into the low teens of US$ 12-13,000.

August 18, 2015 09:14 AM

Panamax trades slow at the start of the week in both basins with stagnant momentum moving rates sideways as TARVs still secure US$ 11,500-12,000 DOP and Pacific rounds US$ 6,500-7,000 daily, depending on terms. Notably, however, short period business is in very high demand with at least half of today's new Panamax fixtures done for short to long periods of 4-6, 6-8 months or even a year at rates varying widely between US$ 7,000 and US$ 9,000 daily, depending on size on position. Atlantic Handy bulk is arguably the only bullish dry bulk sector currently with serious improvements noted on the Continental front hauls and USG/UKC trans-Atlantic trips in particular, the former moving above US$ 13,000 daily for Supramax tonnage and the latter pushing to within range of US$ 17,000 daily ex-US Gulf. Atlantic avails continue to tighten.

August 17, 2015 06:09 AM

Some welcome positivity re-enters the Capesize scene just before the weekend to punctuate the dominant downtrend with trans-Atlantic RVs in particular enjoying a late week turnaround of US$ 600-700 day-on-day to stabilize around US$ 15,000. Pacific RVs have also stopped at about US$ 12,500 daily, which is just above operating costs. Indeed most rates stay frozen at last-done, apart from the Continental front haul, which is still under pressure.

August 17, 2015 06:08 AM

Some welcome positivity re-enters the Capesize scene just before the weekend to punctuate the dominant downtrend with trans-Atlantic RVs in particular enjoying a late week turnaround of US$ 600-700 day-on-day to stabilize around US$ 15,000. Pacific RVs have also stopped at about US$ 12,500 daily, which is just above operating costs. Indeed most rates stay frozen at last-done, apart from the Continental front haul, which is still under pressure.

August 13, 2015 07:49 AM

Supramax rates are still looking strong from Black Sea area. Charterers have been rating 58,000 dwt ton­nage at US$ 12,000 for 3-5 months trading. Owners of a similar size vessel have been holding out for US$ 18,000 daily to the East, which looks a bit astro­nomical. But having said this, charterers' brokers are encouraging US$ 16,000 daily. Cargill and Noble both are still looking for cheap tonnage to cover 25,000mt 10% grains to Algeria and South Spain.

August 13, 2015 07:48 AM

Supramax rates are still looking strong from Black Sea area. Charterers have been rating 58,000 dwt ton­nage at US$ 12,000 for 3-5 months trading. Owners of a similar size vessel have been holding out for US$ 18,000 daily to the East, which looks a bit astro­nomical. But having said this, charterers' brokers are encouraging US$ 16,000 daily. Cargill and Noble both are still looking for cheap tonnage to cover 25,000mt 10% grains to Algeria and South Spain.

August 12, 2015 10:02 AM

Panamaxes in the Far East are looking lively again, at least in the form of trader interest, with Singapore holidays over and new August positions being bandied about. That said, the uptick in activity was modest enough to keep rates mostly in line with last-done. Indo coal rounds are fetching just under US$ 7,000 daily on standard 74-76,000 dwt ton­nage on South China redel. Front hauls from the ECSA are fixing APS rates of US$ 10,000 (or slightly lower) plus US$ 400,000 BB (or slightly lower) on SE Asia redel. ECSA sentiment is damper, although the flack is getting picked up by fresh demand from the USG, where new cargoes are coming on stream. Continental coal rounds are fixing up to US$ 17,500 daily on ARAG delivery via Luga with India redel.

August 11, 2015 08:59 AM

Demand for Handysize tonnage has been steady from Black Sea. But it is a bit irritating to see a couple of charterers talking low rates, which do not at all reflect rates previously conceded by charterers. At least it has dawned on Middle East charterers that they hardly stand a chance to fixed 25,000mt wheat from Kavkaz to Colombo at around US$ 30/mt. They have been trading tonnage which they refused last week on account of the owner's rate. Fertilizer cargoes keep emerging from the Red Sea. For about 25,000mt from Aqaba to WCI charterers hope to get away with US$ 13-14/mt. For a smaller 16-20,000 mt parcel to Malaysia they'd like to cover it in the low US$ 20s/mt. From Brazil, steel charterers had in tonnage at US$ 23/mt for 50,000mt to L.A. Though the Supramax market isn't showing any signs of improvement Handies are still doing well. Tonnage of 33,000 dwt has been bid US$ 12,000 daily plus US$ 100,000 BB from South Brazil to Morocco.

August 06, 2015 10:16 AM

Rather little is stopping the Capesizes yet as some charterers have become borderline panicked about the prospect of missing affordable freights for their August spot trips. At least this would seem to be the case for the Pacific rounds, which jump by another US$ 2,000 today to settle just under US$ 20,000 on index ships and roundly exceed it on larger vessels with at least US$ 23,000 concluded on last-done rounds and talk of US$ 24,000 daily in the making. The trans-Atlantic round voyage does seem to have peaked for the time being with last-done hovering at US$ 25,000 daily as charterers put on the brakes.

August 05, 2015 08:33 AM

New business courses through the Atlantic Panamax market, giving the Continental and South American ships a burst of cargo enquiry not seen for some time. Freights remain flat, but if the storm of fixing continues, they could very well start rising today as tonnage clears out along major routes from ECSA and the UKC-Med, not to mention USG-USEC. APS continues to dominate proceedings from South America with front hauls from Brazil fetching about US$ 13,000 daily plus US$ 300,000 BB into Singa­pore-Japan—the most standard benchmark on that run that can be seen, albeit for larger Kamsarmaxes. Standard Panamaxes are likely to get US$ 1-2,000 lower. Pacific business is looking weaker as charter­ers apply pressure with abandon. Aussie ore rounds are moving back to APS as well with trips from West Australia to South Korea going for US$ 5,000 daily plus US$ 100,000 BB and the DOP equivalent closer to US$ 4,500 daily. Indonesia coal rounds are now trading just over US$ 5,000 daily, brokers confirm.

August 04, 2015 06:29 AM

London-based charterers are talking US$ 13,000 daily on an Ultramax for a trip to South Africa. The Handysize market in the US Gulf is still pretty static. Tonnage of 34,000 dwt has been offered US$ 8,500 daily for 20 days of employment in the area. The same owners are targeting beyond US$ 10,000 daily for a trip to Continent-Mediterranean, realizing this is presently not easy to achieve. From Bai Comeau, major grain charterers are linked with 20,000mt to Venezuela at US$ 36/mt. Supramax rates in the South Atlantic are said to be softening with charter¬ers talking US$ 12,000 daily plus US$ 200,000 BB for fronthaul.

August 03, 2015 08:50 AM

Going from the dullest sector to the most surprising one is no small feat, but the Capesizes seem to have done it with a giant upward correction in the trans-Atlantic RV to US$ 19,000 daily, up from US$ 15-16,000 daily just two days prior. Equally bullish are the front haul rates from the UKC-Med to CJK with rates up sharply US$ 1,000 to exceed US$ 27,000 daily.

Panamaxes fail to recover from their slowly fading rate trends with just enough enquiry appearing to keep the decline very gradual indeed, but not enough to keep trends steady let alone as bullish as they were in mid-July. ECSA front hauls, in a sign that markets are moving back to charterers' favour, are emerging more as APS than DOP with last-done to NoPac at US$ 13,000 daily plus US$ 340,000 BB. Spot mar­kets among Black Sea front hauls are firm with US$ 14,500-15,000 daily achievable to Singapore-Japan. Aussie coal rounds are still fetching US$ 7,000 to S. China via Newcastle, although coal trips from EC Australia to NoPac are fixing closer to US$ 5,500.

July 30, 2015 10:01 AM

The Caspian Sea and river markets are reported to be fairly lively at the moment, but they could still stand to be even brisker, says one local broker. Trades for 3,000mt wheat from Volgograd to Iran have been fixed at US$ 41/mt with early August laycan, which has been taken as a sign of improved sentiment. Vessels that are in spot positions are fewer than before as many owners have already employed their tonnage until the second half of August.

July 29, 2015 07:55 AM

Atlantic Panamax activity remains subdued with a slackening in cargo volumes leading principals to pull back and seek new market levels. There remain pockets of activity, such as in the North Atlantic, though owners largely find themselves in the famil­iar position of negotiating a landscape of rising avails and shrinking cargo enquiry. It will be seen, as the week goes on, whether this pause will turn into a true downturn or only a temporary blip on the path to resumed activity. Coal rounds from the Baltic to the Mediterranean are getting upwards of US$ 12,000 daily on Kamsarmaxes, brokers say, though Continental avails are starting to expand as well. Period chartering has slowed as charterers believe they can push their rate offers lower while owners are so far resisting any such discount over last-done. Indonesia coal rounds into Southeast Asia are doing US$ 7,500 daily, as are Pacific rounds in general, so firmness prevails in the East, especially with enquiry said to be resuming in the Singapore-Japan region. But the NoPac is seeing tonnage grow as well, so any serious hike in spot freights could still be a long shot.

July 27, 2015 08:24 AM

Handy bulk emerges as the only sector with some bullishness left, and a mild and fragmented bullish­ness at that, as TA trips UKC/USG see perhaps the most growth, gaining enough to hit the middle US$ 5,000s daily on modern Supramaxes. In the oppo­site directions, Supras can fetch up to US$ 18,000 from the US Gulf into the Mediterranean and US$ 16,000 daily ex-ECSA to the Continent. Pacific area business is more placid with the Pacific RVs holding steady at US$ 7,500 daily, thanks to the currently fine-tuned balance between cargo and open tonnage.

July 24, 2015 09:58 AM

Steadiness prevails among Pacific Panamaxes even as owners are increasingly having more difficulty pushing through higher rates, instead force to settle for last-done or just slightly above. NoPac avails are also seen to be expanding slightly in recent days, giving charterers more leverage to hold their cargoes. Tonnage open Southeast Asia, on the other hand, has seen more enquiry by charterers. Indonesian coal rounds to the Philippines are securing about US$ 8,000 daily on standard ships. NoPac rounds can still get US$ 9,000 under ideal circumstances. Atlantic activity is slowing down, brokers say, though avails generally still look very tight for early August dates.

Handy bulk is still modestly bullish on sentiment in the Atlantic, albeit less so in the Pacific basin. Round voyages in the East are giving Supramaxes up to US$ 7,500 daily on modern tonnage, but seldom any higher as charterers dig in their heels. Atlantic Han­dies, meanwhile, keep benefiting from tight avails as front hauls ex-Black Sea can fetch US$ 14,000 daily.

July 22, 2015 05:09 AM

Again it is the Capesize pulling the train with an increase of spot freight rates on almost all main routes and a jump on the BCI of nearly 10% in one day. Ore shipments from Brazil to China are seen at US$ 14.50/mt and also the timid rates from W. Australia to China are heading towards the US$ 6/mt mark. TA r/v is up another impressive US$ 3,000 in one day, the Pac counterpart still gains some US$ 700 daily.Steady demand for the Panamaxes continues but owners would hope for another increase of enquiries to sustain current levels. Spot freight rates have cooled down a bit but are still heading north. The TC average is at US$ 9,403 with option to reach US$ 9,500 still this week. 

July 21, 2015 07:45 AM

The positive trend for the Capesizes continues well into the week with rates climbing up and iron ore voyages from South America to China being concluded at some US$ 13.50/mt while West Australia to China is stuck at around US$ 5.75/mt. The BCI has gained an impressive 26.5% in one week. This mainly due to an increase in the trans-Atlantic r/v of more than US$ 5,500 or about 50% during the last seven days. The Pacific rounds have also gained substantially with an increase of some US$ 1,500 in the same period. Steady demand is seen for the Panamaxes helping the freight rates to increase further. Trans-Atlantic rounds show about US$ 12,500 per day, front hauls are traded at some US$ 14,500-15,000 daily. A flurry of short periods appeared in the market and was done at levels between US$ 8,500-9,500 daily.

July 20, 2015 08:06 AM

Given the red hot sentiment in Capesize markets, it is no surprise that period chartering has returned as well with both long and short period TCs in the middle teens of US$ 14-15,000 daily for both 4-6 month periods and 1-2 year periods. Front hauls continue to trade in the high teens with rumours of US$ 20,000 daily already having been fixed for end-July. From South America, meanwhile, voyages to China from ECSA are pushing toward US$ 13/mt.Buoyancy continues to colour the Panamax markets as last week's tightening in avails combined with heightened demand. As with the Capesizes, period fixing has come back strongly on the agenda as charterers seek to do damage control and fix freights on long term basis. As such, short period rates in the area of US$ 9,000 daily are already being negotiated, rate levels that were unthinkable just two weeks ago. Handy bulk enjoys the general positivity in spot markets that has filled the entire dry bulk market in recent days. Trans-Atlantic trips are still relatively bullish with owners seeking mid-high teens of US$ 15-16,000 daily on Supramaxes from the US Gulf to the Continent while charterers are trying to keep rates within the US$ 14-15,000 daily range. Pacific spot rates have also been rising slowly but steadily as Indonesia rounds push toward US$ 8,000 daily. 

July 17, 2015 04:58 AM

While not nearly as astronomical as the Capesizes, Panamaxes have been making solid and steady gains all week with a similar US$ 200-400 day-on-day incline, taking TARVs up beyond US$ 12,000 daily even as charters continue to quibble about the par­ticulars. The ECSA front hauls are concluding steady DOP rates in the US$ 8,500-9,000 vicinity with talk of US$ 9,500 daily already on the books. Indonesia mineral rounds are getting higher than US$ 8,000 daily, which exceeds even the index levels of US$ 7,500-8,000 daily currently being reported. Short period chartering is going strong as well with several 4-6 month deals being fixed at over US$ 8,000 daily.

It's been a good week for dry bulk, at least trendwise, with quite some ways to go before owners will be willing to call it a truly bullish market, but seldom have we seen this year so far a period of uniform im­provement. Handy bulk rates continue climbing, sometimes at even greater magnitudes than their larger brethren, as the trans-Atlantic Supra trip from USG to UKC moves from US$ 14,000 to the US$ 15,000 daily range, the sort of day-on-day jump not seen in quite a while. Australian rounds are giving Handysizes nearly US$8,000 daily, brokers confirm.

July 14, 2015 08:29 AM

Unusually, the dry bulk market starts the week on a positive note and one that has rates up across the board—perhaps the result of an undervalued market undergoing a return in demand. Capesizes surge on long hauls with the Continental front haul up more dramatically, gaining more than US$ 1,000 today to settle within US$ 17-18,000 daily on index vessels of 172,000 dwt. Period chartering is also crawling back into the market with year periods being fixed at US$ 12,000 daily or higher. The Pacific rounds are moving from the US$ 8,000s into the US$ 9,000s.

The pick-up that began late last week in the Pacific Panamaxes carries into this week, boosting NoPac rounds soundly above US$ 7,000 daily and toward US$ 7,500 on ECI redelivery. Atlantic momentum is even stronger than the Pacific as front hauls ex-UKC move from the low US$ 14,000s into the mid-high range toward US$15,000 on modern tonnage. Short period is pushing toward US$ 9,000 via the NoPac.

July 13, 2015 07:34 AM

Panamaxes enjoy a robust return to business as fi­nally enough open tonnage has been absorbed in the Pacific to even see freights move upward as trans-Pac rounds now secure rates near US$ 7,000 instead of the low US$ 6,000s seen a week ago. Kamsarmaxes are fixing about US$6,500 daily on Indo coal rounds. Continental front hauls are booming with US$ 14-14,500 daily now attainable on DOP terms. Period chartering has returned in a big way as short period can get as high as US$ 10,000 daily for 3-5 months.

There is no ceiling yet in sight for the Handy bulk spot front hauls from the Black Sea and Continent, as their respective routes end last week US$ 2,000 and US$ 1,000 higher than a week before at about US$ 11,500 daily and US$ 10,500 daily, respectively, on a modern Handymax vessel. Trans-Atlantic business is buoyant as well with Supramax trips between the USG and UKC moving toward US$ 13,000 daily.

July 09, 2015 07:33 AM

The Black Sea Supramax front haul rate has been surging ahead since July began and its US$ 400 rise today continues the steady climb with rates now in excess of US$ 11,000 daily to NoPac. The rest of the Handy bulk market is less bullish, though firmness remains in both hemispheres. ECSA front hauls on modern Handysizes of 32-34,000 dwt are securing solid rates in the low teens of US$ 13-13,500 daily.

July 08, 2015 09:52 AM

Pacific Panamaxes are undergoing a demand surge, but owners have so far only seen minimal gains in spot freights with still quite a bit of tonnage available, thus giving them limited leverage in talks. Nonetheless, Indo coal rounds continue to emerge with the benchmark of US$ 7,000 daily to ECI said to be fixing US$ 7,250 daily on last. Period charter­ing has come back in full force with short period deals via South China getting as high as US$ 8,000 daily on new Kamsarmaxes or somewhere around US$ 7,000 daily on standard ten-year-old 76,000 dwt vessels. Atlantic business remains robust as well with ECSA trips looking especially buoyant. A num­ber of short Continental rounds with grain and coal are fetching US$ 10,000 daily DOP. Coal rounds via USEC are getting up to US$ 7,750 daily from CJK.

July 06, 2015 09:42 AM

Happenings in the Handy bulk sector continue to be a plus-minus business as slack rates in the Pacific counteract the rising Atlantic, where trans-Atlantic trips and Continental front hauls gain as much as US$ 200 before the weekend with tonnage tighten­ing off the Continent, brokers say. Supramaxes are fixing front hauls on APS at US$ 12,000 daily plus US$ 250,000 BB while the same trip on DOP can get rates of US$ 9,500 on well-positioned tonnage.

July 03, 2015 07:30 AM

A notable increase in Atlantic activity continues to be seen on the Panamax spot market as the trans-Atlantic runs in particular enjoy more attention than they have had in some time. As such, TA tonnage avails are starting to tighten and give owners a bit of an edge in talks. Charterers are giving upwards of US$ 9,500-10,000 daily for grain trips from NCSA to the Continent. Avails seem to be especially tight in the westward TA direction as charterers complain about finding tonnage willing to take biz with USG redelivery. Pacific action is also back with CJK avails tighter and NoPac grain now rounds moving over US$ 7,000 daily on modern tonnage. Period char­tering is also mounting a return as recent year-long period deals have been fixing US$ 7,500, traders say.

July 01, 2015 09:04 AM

Pacific ore voyages, of which there are still a decent number, seem to be the only business fixed on the Capesizes with voyage freights fluctuating between US$ 5.5/mt and US$ 5.75/mt, depending on terms. The spot market is dropping like a stone, however, with back hauls taking another dive of US$ 500-600 today to settle at just over US$ 16,000 daily. Trans-Atlantic RVs are equally bearish, losing about US$ 300 today to close in the US$ 8,500-9,000 range.

Indications of fresh Atlantic area cargo demand buoy trans-Atlantic Panamax freights by a modest US$ 100-200 toward US$ 8,500 daily, but actual fixtures remain so far limited on business to and from Skaw-Gibraltar. From NCSA, grain cargoes are moving to the UKC-Med at surprisingly strong rates in the low-mid teens of US$ 14,500-15,000 daily as charterers are more urgent to get tonnage into position. Eastern business is flat but firm with coal rounds via Indo­nesia into the Philippines getting barely five figures at US$ 10,000 on smaller 62-64,000 dwt vessels.

June 29, 2015 06:07 AM

Last week saw Far East Handy bulk trends move back into a sideways track after a week or so of respectable improvement in spot freights. There was little change seen over the past week on spot rates with Indonesian activity just strong enough to keep South China steels moving to ECI via Indonesia at US$ 10,000 daily on Supramax tonnage. Standard Indo rounds with coal from South China, meanwhile, are fixing unchanged freights of US$ 7,000 daily to ECI. Period chartering has been unusually strong, however, as several time charters for 3-5 months have been done recently at rates of US$ 8-9,000 daily, depending on terms. Standard Pacific rounds can fix US$ 6,500 on Supramaxes.

June 25, 2015 07:59 AM

Panamaxes still lack the momentum they came by so easily last week as Continental front hauls slip to­ward US$ 11,500 and ECSA front hauls move back into APS mode as standard rates settle at US$ 8,500 daily plus US$ 250,000 BB. Indonesia coal rounds via South China are under mild pressure with last-done just over US$ 6,000 daily. Pacific round voy­ages hold firm, however, at US$ 6,500 daily DOP. Positive sentiment in Handy bulk remains almost exclusive to front hauls ex-Continent with Black Sea origin Handymaxes doing US$ 9,000 daily and ARA delivery able to fix about US$ 9,500 daily or higher. Otherwise, smaller sizes struggle to maintain last-done levels as Pacific voyages move sideways at US$ 6,000 daily on Supramaxes while fertilizers achieve somewhat stronger rates of US$ 10,000+ daily from PG to EC India on modern Handymax tonnage.

June 24, 2015 08:46 AM

Winds of positivity haven't left the Capesizes yet as renewed interest brought rates back up again and again across the board. Long hauls improved the most since the start of the week with trans-Atlantic RVs up nearly US$ 1,000 since last Friday to US$ 9,000-9,500 while front hauls increase by almost as much to hover in the US$ 16,500-17,000 range. Whether the rally has feet, as they say, will be seen today as charterers consent to more fixtures or not.

No such luck for the Panamaxes as the expansive swamp of available tonnage swallows any new cargo demand from South America or otherwise. With today's minimal output from the charterers, it is little surprise that freights are trending sideways-to-down as front hauls from the Continent to CJK fix DOP levels of US$ 12,000 daily or slightly under. ECSA grain trips to NoPac are getting the same rates of about US$ 12,000 on modern 75,000 dwt ships. NoPac rounds fade in the lower range of US$ 5,000-5,500 as last-done slides just under US$ 5,000 daily.

June 23, 2015 07:39 AM

The official start of western summer sees Capesizes return to the silent ways as the principals retreat and take stock of their positions before re-entering the fray of a market that strongly favoured owners the week before. Nearly every rate goes sideways as front hauls ex-Continent float at US$ 15,500 daily and Pacific RVs hover at around US$ 8,500-9,000 daily.

June 19, 2015 09:52 AM

Handy bulk stays on the upward path in both hemi­spheres due to steady demand and dwindling avails across the major trade routes. Sentiment is positive and on the owners' side for now. Front hauls on modern Supramaxes have moved up by about US$ 200 today to US$ 13,000 daily or higher. Pacific rounds are regularly fixing in the middle range of US$ 7-8,000 daily while even the back hauls from the Pacific to the Continent are getting US$ 6,000 daily.

June 18, 2015 07:05 AM

Spot rates for Capesizes surge by an average of 16% in the kind of upward correction not seen in quite a while. Upgrades are across the board as long hauls like the trans-Atlantic round voyage gain US$ 1,200 to close above US$ 7,000 daily. Front hauls jump by US$ 1,500 day-on-day to as much as US$ 12,500 daily from the Continent. Ore voyages from South Africa are fixing upwards of US$ 8/mt to the Far East, having picked up some US$ 0.5/mt from the day before. Richards Bay has been closed due to adverse weather, so it has to be seen when coal trips will resume, but there is a decent chance that they'll be fixed at higher rates than before the closure.

June 17, 2015 07:59 AM

Panamaxes go from strength to strength as demand and activity align in East and West, helping owners keep avails tight and putting charterers in a tight position. Most tellingly, period fixing has re­sumed, after a period of deadlock, with charterers relenting to higher rates as short and year period TCs fix in excess of US$ 8,000 daily on modern tonnage. Trans-Atlantic rates continue rising with last-done DOP registered at US$ 8,000 and front hauls fetch­ing US$ 12,500-13,000 ex-USG. Indonesia coal rounds, meanwhile, climb to US$ 7,000 daily on WC India redelivery.

June 16, 2015 08:15 AM

Today both the big and small Handy bulkers move up in sync as 28-32,000 dwt ships see respectable gains for the first time in several weeks as Handysize trans-Atlantic trips trade at US$ 6,500 or even high­er. NoPac rounds are also rising above US$ 5,500 daily. Supras from the US Gulf to the Continent are getting strong rates of US$ 12,500 daily or higher, thanks to a strong US$ 200-300 premium over the weekend. Owners hope to see this bull run continue.

June 15, 2015 06:44 AM

A revitalized trans-Atlantic market helps push the Cape rates toward US$ 5,000 on TA business, albeit still sub-opex—owners still hope that momentum will stay on their side for a few more days and move the TARV to US$ 7,000 daily after US$ 6,500 daily was fixed on a Continental trans-Atlantic RV from Gibraltar and back. Front hauls are under pressure. Vibrant demand for end-month Panamaxes from ECSA continues keeping charterers on the back foot and willing to pay slight premiums to last-done with DOP front hauls trading on Kamsarmaxes up to US$ 12,500 daily and APS terms at US$ 13,000 daily plus US$ 250,000 BB. Improving sentiment in the eastern basin continues to support spot rates across the Pacific with grain trips from South Australia to NoPac (on tonnage open South China) going for over US$ 6,200 daily and rising toward US$ 6,500 daily.

June 09, 2015 07:11 AM

The all-important Atlantic grain trade is back on the upswing with positions for the end of the month occupying more tonnage and pushing down avails, thus holding APS terms steady at US$ 11,000 daily plus US$ 150,000 BB on Kamsarmaxes from ECSA. The Pacific is calm but coal trips ex-S.China to ECI via Australia are trading at bit higher at US$ 5,500. Pacific Handy bulk isn't over-energetic at the start of the week, though we hear that cargoes are expected to start bubbling up as the week progresses. Aussie rounds are giving 28-32,000 dwt ships about US$ 5-5,200 daily, depending on terms. TA business is steady-to-higher at/just over US$ 10,000 daily on modern Supras ex-USG to the Continent. Tonnage in the other way is less lucrative as UKC Handies to the USG fix sub-opex freights of US$ 3-3,500 daily.

June 08, 2015 05:59 AM

The WCSA Handy bulk market has jumped through the roof. Suddenly charterers had to pay US$ 13-14,500 daily rates for 35-38,000 dwt vessels for a trip to the East. Only one week ago the rate was close to US$ 8,500 daily. Trade is just the opposite via USEC-USG. With demand so slow in the US Gulf, it is not sur­prising seeing charterers rating as 32,000 dwt ship at US$ 5,750 daily for 15-20 days of local employ­ment. With Thursday and Friday, holidays in few European countries huge festivities in Geneva, news has been scarce. Continental owners are complaining at low rates offered by grain charterers. According to their calculations, all the grain cargoes proposed were only averaging US$ 6,500 including the ballast leg to the load port. Supra rates for the S.Spain-West Africa run are holding to around US$ 7,500 daily.

June 03, 2015 09:15 AM

Pacific voyages are surprisingly buoyant for Capesizes, all things considered, with index ships rated at US$ 5,000 daily DOP but modern ships from East Aus­tralia to NoPac fetching upwards of US$ 7,000 daily. Trans-Atlantic round voyages, in contrast, could hardly be duller as US$ 3,000 daily remains the benchmark for the TARV with no real trans-Atlantic cargoes in the pipeline. Pacific voyages have slowed in frequency in recent days with the standard of US$ 5.15/mt drifting to US$ 5.10/mt on modern ton­nage. APS trips from the USEC to NoPac are con­cluding rates over US$ 12,000 daily plus US$ 350-400,000 BB on newbuilding 180,000 dwt vessels.

June 01, 2015 06:34 AM

A welcome return in positive sentiment has been seen across several eastern routes, most notably on the Supramax Pacific round voyage, which gained about US$ 300 over the week to close the week in the range of US$ 6-6,500 daily, depending on terms. Increased mineral rounds and niche cargoes from the Philippines and Indonesia are helping tighten up cargoes and charterers are not too bothered to pitch in a few extra hundred dollars per day to secure their cargoes.

May 28, 2015 10:10 AM

A fresh wind of demand sweeps through the USG Handy bulk market, helping to move the trans-Atlantic rates up toward US$ 10,000 daily on Tess 52s. Continental rounds are giving Handysizes very low freights of US$ 3-4,000 daily on mineral rounds via Black Sea. Pacific sentiment is modestly positive.

May 26, 2015 09:13 AM

The ever-elusive dry bulk recovery was teased earlier this month as iron ore restocking in China lifted dry freights by 8% in the first two weeks of May. But those gains were negated in the past week as the weight of reality pulled those high-flying rates back to earth. In the big pictures, average dry bulk freights are nearly 40% lower than a year ago and several orders of magnitude lower than their peaks of 5-7 years ago. World trade—functioning as a cyclical indicator of shipping demand—continues to grow apace (see World Bank forecast below). But growth is slowing in the key country for dry bulk, China, which saw its economy expand in the first quarter of 2015 at its slowest since 2009. Emerging economies like India will account for an increasing part of dry cargo demand, however a decline in iron ore and coal trade to China will probably persist in the medium term, a feature recently verified by Drewry's, which expects a recovery in about two years. Hopes are still high for demolition, which has seen record rates of scrapping in this year so far, but bulker tonnage will most likely stay underutilized for some time yet.

May 22, 2015 09:58 AM

In the East, steel charterers were targeting a low US$ 5,000 daily on 57,000 dwt to perform 40 days from North China to Indonesia. And for the trade to PG a rate of low US$ 6,000 daily charterers deem suffi­cient. Many owners with tonnage open at Singapore area shun destination India and prefer to choose the other direction to the China-Japan area. Chinese charterers were showing intent for a 57,000 dwt at US$ 6,000 daily from China to the Med, which was close to owners' figures. Based on slow loading and discharge terms, sugar charterers were bidding US$ 37/mt for 25,000mt bagged sugar from Thailand to Aqaba.

May 21, 2015 09:51 AM

Period enquiry remains relatively high among the Pacific Panamaxes, though charterers are still offer­ing lower rates than most owners are willing to accept. NoPac origin TCs for 4-6 months of trading are being consistently fixed at around US$ 6,000 daily, whereas owners would prefer at least US$ 1,000 more than that. Pacific activity is steady-to-strong, though we hear that fixing activity has de­clined as the week has progressed. Coal trips from Newcastle to NoPac are fetching no higher than US$ 5,000 daily DOP. Fertilizers are moving from North China to WCI at US$ 6,000 daily. ECSA front hauls are holding firm thanks to sufficient cargo demand, despite some earlier wobbles, as trips to the Conti­nent go for US$ 8,000 daily plus US$ 50,000 BB.

May 19, 2015 09:11 AM

It's hard to get any flatter than the Handy bulk mar­kets are now with front hauls from the Black Sea still giving around US$ 8-8,500 daily to the Far East on 52,000 dwt units. Fertilizers are moving in the At­lantic with westward trips from the Baltic Sea to WC Mexico fixing US$ 6,000 daily on a modern 53,000 dwt ship. The Pacific-based Handysizes are scraping together US$ 4,500 daily on NoPac rounds, though some owners report fixing mid-high US$ 5,000s.

May 18, 2015 08:02 AM

Signs of life prove hard to come by for the calmer Panamaxes as the weekend brings slower activity in both western and eastern hemispheres with freights trending flat more or less across the board. Trans-Atlantic action has nearly ceased with the occasional iron ore trip fixed from Brazil to the Continent on APS terms of US$ 8,000 daily plus US$ 80,000 BB accounting for limited TA business. Front hauls continue to speak for the majority of Atlantic trades as ECSA shipments to Singapore-Japan float steadily at US$ 10,000 daily plus US$ 100,000 BB, which is just around US$ 1,000 daily less than the same was getting a week ago. Short period business is facing continued interest but the fixtures that are made for 4-6 months are at discounted rates of around US$ 5,000 daily on modern tonnage from South China. Indo coal rounds to ECI are flat at US$ 5,000 daily.

May 15, 2015 09:56 AM

Flat-lining remains the behaviour of the day for Handy bulkers in both hemispheres, contrary to some improved activity in the Pacific basin as NoPac rounds settle at APS rates of US$ 7,500 daily plus US$ 200,000 BB, despite the best efforts of owners to push back for DOP terms. Period trading has been somewhat popular of late with short period deals on 3-5 and 4-6 months of trading from Singapore-Japan fetching about US$8,500 daily and sometimes even US$ 9,000 on modern Supra tonnage. Front hauls from the Black Sea are fetching US$ 8,500 to NoPac while the UKC front haul is slightly better at US$ 9,000 daily amid rumours of US$ 9,500 daily.

May 13, 2015 09:54 AM

Rates have been dropping from the ECSA. A 56,000 dwt vessel has been fixed at US$ 9,500 daily from Plate to Algeria. Front haul rates have dropped to APS terms of US$ 9,500 daily plus US$ 150,000 BB.

May 13, 2015 09:53 AM

Rates have been dropping from the ECSA. A 56,000 dwt vessel has been fixed at US$ 9,500 daily from Plate to Algeria. Front haul rates have dropped to APS terms of US$ 9,500 daily plus US$150,000 BB.

May 12, 2015 08:13 AM

Capesize rates jump by a bombastic 7%, the first sign of positivity seen in many a moon, though traders are not ready to get excited yet as the depths of the current Capesize market and its infamous volatility would require several consecutive days of strength before anyone pops a bottle of champagne. Front haul sentiment is nonetheless modestly robust with gains of US$ 500 bringing average rates toward US$ 10,500-11,000 daily ex-Continent to CJK. A surge in spot demand for voyages ex-ECSA has also buoyed the Brazil/China voyage to US$ 10.85/mt as owners hope to see US$ 11/mt before the week is through. But don't call it a comeback, brokers warn.

May 11, 2015 07:53 AM

One of the better gains for the Capes in recent weeks came at the end of last week as average freights rose 4% and a handful of Australian time charterers were fixed in the US$ 3,500-4,500 daily range. Short period was also fixed on modern tonnage at just over US$ 8,000 daily. The present market is still a far cry from a rebound, but they firming trends seen across the board in recent days do suggest that a slow and steady recovery could well be just around the corner.

May 08, 2015 09:48 AM

Trans-Atlantic enquiry is gaining momentum for Atlantic Panamaxes, encouraging owners that the corner may soon be turned, though the majority of the fresh enquiry is on voyage rather than TC basis. Atlantic time charters remain decidedly the province of front hauls from South America as APS fixtures are concluded at a steady and somewhat predictable pace to Singapore-Japan in the range of US$ 10-11,500 daily plus US$ 100-120,000 BB, depending on terms. Coal is moving across northern Europe as modern vessels move from Murmansk to Dunkirk at voyage rates of US$ 6.5-7.0/mt. Grains via Rostock from Gibraltar can get just over US$ 10,000 daily on PMO redel. The Pacific remains as active as ever with owners pushing hard for more DOP terms even as APS remains the rule. Coal from Indonesia and EC Australia is making a splash, doing US$ 4,000 daily plus US$ 40,000 BB to Malaysia from the former and US$ 4,500 DOP to ECI from the latter. With DOP rates hovering at or under US$ 4,000 daily, it is still very much a charterers' market. Short period is relatively popular now, but at increasingly discount­ed rates as US$ 6,500 daily becomes the standard for 3-5 or 4-6 months of trading from the NoPac.

May 04, 2015 07:36 AM

A modest improvement in Capesize rates registers for most as an expected fluctuation in a volatile size class rather than a sign of recovery with traders having learned the lesson of jumping the gun on the first sign of positivity. Trans-Pacific RVs are steady at US$ 4,500 daily while front hauls from the UKC-Med to the Far East are being quoted at about double that, i.e. US$ 9,500-10,000 daily. Pacific voyages via Australia trade predictably steadily at US$ 4.4/mt.

May 01, 2015 03:07 PM

Intl. Labour Day and the extended weekend it brings have a bearish impact on Panamax trading, brokers verify, with the Atlantic especially hit by lower offers or no offers at all. There seems to be quite a bit of open tonnage from USG that is running essenti­ally idle, though many owners are dead set on the idea of a market recovery happening in May. Trans-Atlantic RVs have returned in a small way with trips from the Americas fetching circa US$ 9,500-10,000 daily into the eastern Mediterranean. Baltic coal trips to the UK are getting about US$ 5,500 daily on mo­dern tonnage. New DOP front hauls from St. Law­rence, brokers say, are getting up to US$ 6,000 daily, if not much higher. Pacific markets are equally pres­surized with owners hoping that NoPac grain rounds will answer their prayers, though standard 10-year-old tonnage fixed via Indonesia from South China to NoPac is languishing in the US$ 4-4,500 daily range.

April 29, 2015 09:45 AM

Both enquiry and fixing have increased for Panamax period TCs with several ships no consenting to sub-US$ 7,000 daily rates for year-long periods. Larger Pana­maxes of 80,000 dwt and up are still fixing similar TCs in the US$ 7-8,000 daily range. Nonetheless, it is telling that owners have finally started to relent to the pressure from charterers to bring their offers down.

April 29, 2015 09:44 AM

Both enquiry and fixing have increased for Panamax period with several ships no consenting to sub-US$ 7,000 daily rates for year-long periods. Larger Pana­maxes of 80,000 dwt and up are still fixing similar TCs in the US$ 7-8,000 daily range. Nonetheless, it is telling that owners have finally started to relent to the pressure from charterers to bring their offers down.

April 24, 2015 10:23 AM

Black Sea front hauls qualify as one of the only posi­tive Handy bulk routes currently with Supramaxes fixing spot freights to Singapore-Japan in excess of US$ 7,500 daily and some talk that US$ 8,000 has already been booked. Black Sea trips to PG are giving Supras rates exceeding US$ 10,000 daily. Trans-At­lantic trips are flat at US$ 10,000. Handysizes are fixing Pacific rounds at meagre freights of US$ 4,000 daily or scarcely higher on 28-32,000 dwt tonnage. Pacific rounds are giving Supras about US$ 5,500.

April 22, 2015 07:26 AM

Despite positive index movement and a generally optimistic attitude about May, Capesizes have levelled out again as Pacific rounds continue to conclude steady rates of US$ 4,500-5,000 daily, though just as many (like today's "Liu­heng") are fixed on Australian trips back to China at US$ 2,500, half of what the spot market has to offer.

April 21, 2015 07:52 AM

Indecision is putting principals at odds in the Atlantic Handy bulk scene with trans-Atlantic trips ex-USG securing about US$ 7,500-8,000 daily on Handysizes and up to US$10-11,000 daily on Supras. The problem remains that cargoes are just not coming on strong enough to keep ships employed, though there does appear to be some momentum building from the USEC-USG in terms of outgoing shipments to South America, West Africa and the UKC-Med. Pacific markets are equally indecisive as Supramax shipowners seek out NoPac rounds where they can fix more than US$ 5,000.

April 17, 2015 07:34 AM

A breeze of new activity on the Capesizes takes the BCI 5% higher today as spot freights grew across the board, however mildly. The trans-Atlantic RV gained nearly US$ 300 on the day to close just over US$ 5,000 daily while the Continental front haul pushed higher within its US$ 10,500-11,000 daily trading band. Pacific activity was noticeably higher as big Aussie charterers fixed Pacific rounds at freights exceeding US$ 4.45/mt in some instances.

April 16, 2015 10:15 AM

In a battle of the wills, Handy bulk own­ers put up a courageous front against lower offers from ascendant charterers—with the outcome that freights continue floating sideways or, alternatively, fixtures stops altogether. The latter has started to happen more frequently as we near the weekend and only the South American export market shows any sort of positivity with trans-Atlantic deals to the UKC-Med getting about US$ 9,500 daily on modern Handysizes of 28-32,000 dwt. Trips from the Med to W.Africa are fixing freights just under US$ 8,000 daily for Handymaxes in the 48-52,000 dwt range.

April 15, 2015 07:20 AM

Momentum keeps building on Atlantic Panamaxes with steady improvements seen on the trans-Atlan­tic front while ECSA front hauls are fixing above last-done as well. Front hauls from Brazil into Singa­pore-Japan with grains are now concluding DOP rates of US$ 11,000 daily on modern tonnage while equivalent APS rates (a format now re-gaining mar­ket share) are going for about US$ 12,000 daily plus US$ 200,000 BB. Coal trips from South Africa to ARA, while fewer than in months past, are still being concluded at reasonable rates of about US$ 10,000 daily. Indeed, Pacific rates continue to come under pressure from charterers. Indo coal rounds for ships from NoPac into WCI via Indonesia are getting at or just under US$ 6,000 daily—admittedly still a rather pitiful sum for owners trying to do better than break even. Period interest has been increasing of late with talk of well-described modern vessels being fixed from NoPac for one year at US$ 9,000 daily.

April 09, 2015 08:01 AM

An increase in interest, enquiry and fixing has failed so far to make much of a dent in Capesize freight trends, though sentiment is clearly handling a bigger upside than it was this time last week, though many of the fixtures that are finally being registered were done before Easter last week. Front hauls continue to slide sideways at US$ 10-11,000 daily from UKC-Med—though there are several much higher freights of US$ 15,000 daily seen from the Black Sea—while Pacific RVs can scarcely climb over US$ 5,000 daily. Trans-Atlantic RVs continue trading under opex.The steady throbbing of Atlantic activity has finally resulted in a modest uptick in the Atlantic spot rates for Panamaxes, particularly those from ECSA. How­ever, rates are on the whole still firming, not exactly increasing outright. Another encouraging sign for owners is a shift back toward DOP terms from APS as owners re-assert some leverage in negotiations. With the spot market now tightly balanced, though, cargo volumes will need to keep coming on strong to push freights up from their sideways levels, which are still admittedly rather low, historically. Pacific activity has also gained more momentum, though charterers have managed to hold onto their APS terms when possible. Indonesia coal rounds are still trading at rather modest rates of US$ 4,500 DOP. Hope springs eternal for Chinese demand to return.

April 08, 2015 09:48 AM

Continental Handy bulkers begin the business week with a moderate amount of demand and respectable freights of US$ 10,000 daily or higher for medium trips from ARAG to the Black Sea-W.Med via ECUK on modern Supramax tonnage. Similar freights are being fixed on trans-Atlantic trips from the USG as sport rates hover within the US$ 10-11,000 range.

April 07, 2015 08:33 AM

Russian-flagged coasters in the Sea of Azov will benefit from cargoes to and from the inland river ports. Rates are essentially unchanged from last week with 3,000mt wheat from Rostov still fetching about US$ 14-15/mt to TBS, US$ 16-17/mt to Marmara, US$ 19-21/mt to Izmir, US$ 29-31/mt to Mersin and US$ 31-32/mt to the Egyptian Med.

April 07, 2015 08:24 AM

Sea of Azov short sea freights are essentially unchanged from last week with 3,000mt wheat from Rostov still fetching about US$ 14-15/mt to TBS, US$ 16-17/mt to Marmara, US$ 19-21/mt to Izmir, US$ 29-31/mt to Mersin and US$ 31-32/mt to the Egyptian Med.

April 06, 2015 06:22 PM

Atlantic box rates rally in Q1: In contrast to the SCFI, which indicates freight rates, the other important indices for container shipping showing the development of the charter rates are constantly growing since the start of the year, in­dicating a rather firm recovery. Thus, an increase of more than 30% is reflected in the Hamburg New ConTex over the last three months while the Howe Robinson Index is up 20% YTD and Braemar's Boxi show some 8.1% more since the start of January.

April 02, 2015 09:51 AM

Forthcoming Easter holidays must be accounted for the subdued market activity. A couple of charterers managed to cover requirements before the holidays at unexciting levels for the owners. Grain charterers were seeing US$ 18/mt for 30,000mt wheat from Poland to Morocco versus their lofty number of US$ 16/mt. Unnamed charterers were laying themselves open to ridicule by talking US$ 7,000 daily for a 31,000 dwt for a trip from Rouen to Morocco. A 30,000 dwt was evaluated at US$ 4,000 daily for a trip from the Continent to the USG, which is an okay rate would the USG market be in a better shape. Low rates prevail in the Black Sea where Supramaxes have been traded at around US$ 7,500 daily for front haul. Grain cargoes have only been few and far between. According to grain traders, the Russian export volume has almost been covered. The new crop is only due for shipment in July-August.

March 31, 2015 05:52 AM

Panamaxes are flat despite a slight upside in senti­ment. Trans-Atlantic business has been slow and Continental round voyages (via Baltic) are fixing mid US$ 4,000s as are trans-Atlantic rounds. The ECSA market seems to have re-balanced with the open tonnage seen earlier this month mostly concluded now at the end of the month. Larger ships of 82,000 dwt can now fix about US$ 11,500 daily under ideal conditions to China from the USEC via Gibraltar.

Supramaxes are more buoyant in the East than in the West where a 56,000 dwt can get US$ 6,500 on a Pacific voyage compared to US$ 6,000 daily a week ago. USEC front hauls are regularly fixing over US$ 10,500 daily to the UKC-Mediterranean range. Front hauls from the Black Sea are trading at more side­ways trends of US$ 7,000 daily to Singapore-Japan.

March 27, 2015 09:37 AM

The Capesize market is rather quiet and spot freight rates are lacking direction indicating flat at best. Some iron ore voyages leaving Brazil in the first half of April appeared at US$ 10.20/mt into China and same cargo out of Western Australia at US$ 4.40/mt were seen in the market. Both rounds are still concluded at last seen levels. Rates remain in loss-making territory. Activity for the Panamaxes is scarce in the Atlantic as well as in the Pacific at the moment with spot freight rates drifting slightly. Fresh enquiries rarely showed up. The trans-Atlantic round voyage is hovering around US$ 4,100 daily while the Pacific rounds have dropped below US$ 5,000 per day. The low FFA trading provides no inspiration for the owners.The market for the Supras and the Handysizes literally comes to a halt at the end of the week. Spot freight rates are shy of last done levels and fresh new shipments are rarely seen in both basins. Long periods are seen for Supras at rates of around US$ 8,000 daily. 

March 26, 2015 10:30 AM

Not much of a change can be reported for the Capesizes. Spot freight rates are rather stable at last done levels with sentiment pointing upward currently but activity is somewhat subdued in both basins. Only a few fresh voyages from Australia to China showed up for first half April. The T/C Average crawled up to US$ 4,320 but still ranging below operating costs. The fundamentals for the Panamaxes are poor and continue to soften in the Atlantic as well as in the Pacific. Very few fresh business is in the market with freight rates sliding across the board and it feels as if this situation is likely to continue. Pacific rounds hover around US$ 5,000 daily. It’s a charterers’ world.Little activity is seen with the smaller sizes in the East and the West although the spot freight rates continue to climb up small step by small step on some routes. Grain rates out of the US Gulf are indicating steady at best as the demand is rather flat. Coal shipments coming from South Africa and heading towards India are softening. 

March 25, 2015 10:09 AM

The market for the Capesizes appears a bit uninspired in regard to rates although some new activity shows up. A few voyages from Australia heading to China were concluded at levels between US$ 4.40-4.55/mt and rounds in the West as well as in the East hovered around last done levels but with a positive sentiment growing. The Panamaxes are slow-moving with pressure on spot freight rates as only little fresh stems in the Atlantic are seen. The Pacific basin has low fixture volume also, reflected in a drop of some 2% in the Pac r/v in one day. The period market is characterized with all participants rather reluctant observing the market very calmly. On the Continent the situation for the Supras isn’t exciting with low cargo demand but tonnage increasing. For 57k dwt out of Continent to the Far East levels of some US$ 9-10,000 APS daily are realistic while same size from Continent to US Gulf can hardly achieve US$ 3-4,000 APS per day. 

March 24, 2015 09:12 AM

The spot freight rates for the Capesizes are slowing down and little activity is seen in both basins. The voyages from Australia and Brazil to China are retreating. Only the rounds in the West and in the East are still northbound although in very small steps. Fronthauls hover around US$ 11,500 daily. Low activity is seen for the Panamaxes with freight rates at best on last seen levels. The trans-Atlantic round is hardly clinging to around US$ 4,300 daily while the Pacific round shows some US$ 5,300 per day. Coal voyages from Australia to China indicate a slight increase to about US$ 8.90/mt.The Supramaxes in the Pacific are slow-going but small upticks in spot freight rates are seen like for the round voyages which have passed the US$ 6,000 daily mark for the first time since the beginning of February. The Atlantic is also relatively quiet with only a few fresh stems coming up and charterers a bit reluctant about the direction of the market after Easter holidays. But early April cargoes are pushed somewhat by charterers as increased rates are expected soon. Levels for trips from Continent to USG hover around US$ 3,500 per day. 

March 23, 2015 09:19 AM

The positive trend on which the Capes ended last week continues so the start for the BCI is around 14% above the level seen on last Monday. Activity is slightly picking up inspiring some hopes for the owners that the period of freight rates below OPEX may come to an end soon. Scrapping and idling of Capes have increased creating some slight tightness of tonnage in the East. But a spike in earnings is far from becoming reality soon. The voyages are hovering around last seen numbers and the rates for the rounds have increased some 7% in one day on the trans-Atlantic r/v and about 3.6% on the Pacific r/v. Some slowdown of activity for the Panamaxes is seen in both basins. Freight rates continue to show the same situation as before, sliding in the East and increasing in the West. The period market is rather firm with freight rates well supported by a flurry of interest. Fronthauls have gained around US$ 150 in one day but it’s mainly a chance for the younger vessels to see increasing rates. ECSA stems have slowed down.Not much change is characterizing the situation of the smaller dry bulkers, compared to last week. But the overall sentiment for the spot freight rates at least in the Atlantic seems to go up as charterers try to push the fixing of April cargoes with some urgency. Tonnage of 57-58,000det going into the Med is concluded at about US$ 11,500 APS. Trips of similar size tonnage delivery Continent and redelivery Singapore-Japan range are hovering between US$ 9-10,000 APS daily while same size tonnage from Continent to US Gulf are concluded between US$ 3-4,000 APS per day.        

March 20, 2015 09:15 AM

A small sign of relief currently appears with the spot freight rates for the Capesizes pointing north for the first time this week, probably because more ships have been put in lay-up. The BCI is up some 14% in one day. The biggest increase with US$ 540 is seen on the trans-Atlantic round while the Pacific round continues to slide. For the Panamaxes the freight rates for trans-Atlantic and the fronthauls are picking up with a few fresh ECSA stems appearing on the market while in the Eastern basin the situation is very different with rates definitely under pressure and dropping or holding at best to last done levels. Some owners prefer going into ballast. Quality tonnage is able to find some period charter even a tick higher than the current level.Flat to slightly increasing is the situation for the freight rates of the smaller sizes at the moment although a flurry of new businesses showed up. Supramaxes are concluded in the range of US$ 10,500-11,000 daily out of USG and from West Africa to the Far East US$ 6,500 per day is seen.

March 19, 2015 09:48 AM

With some kind of worry the week goes on for the Capesizes further sliding nearly on all trading routes. Fresh inquiries are still seen although in lowering numbers in the Pacific as well as the Atlantic basin and it seems as if this trend will continue for quite some time. Average daily earnings have slipped below US$ 3,800 per day crying for an increase in scrapping. Higher demand is seen for the Panamaxes at the moment especially in the Atlantic combined with a small further uptick in spot freight rates. In Brazil congestion is reported to increase at major grain ports to reach waiting times up to some 20 days for Santos and about 40 days in Paranagua. This comes in times when cargoes out of Brazil with agricultural products and into Brazil with fertilizers have shown a considerable increase. For the smaller Supramaxes the situation tends to indicate for better times ahead. In the US Gulf tonnage is still somewhat tight and owners expect freight rates going up further at the beginning of next month. Currently rates hover around last done levels with slight increases already showing up in the ECSA area. Business at the Continent is rather low.

March 18, 2015 10:20 AM

Nothing really new to tell for the Capesizes with the spot freight rates keep on sliding and both of the rounds dipping below last seen levels. A firm amount of voyages hauling iron ore to China are being concluded and indicate some sound demand which helps the rates a bit and let them hover around last done numbers. The T/C Average is down to a meagre 3864. The BCI is down to where it was at the beginning of January.The Panamaxes are still busy in the Pacific basin and spot freight rates are going north another small step only that the feeling is pointing towards a softening to come soon. On the Atlantic side fronthaul rates from ECSA seem to consolidate as the trans-Atlantic shows less activity currently. More vessels are open on the Continent and in the Med ready to head to the East.

March 17, 2015 10:00 AM

The situation for the Capes remains difficult with freight rates losing nearly throughout the market. Only the Pacific voyages can hold on to last seen levels thanks to ongoing demand. Atlantic rounds hardly reach US$ 3,000 per day while trans-Pacific rounds are hovering around US$ 4,000 daily. Owners seem to think about lay-ups.

March 13, 2015 06:42 AM

Pressure continues to build on the Capesizes after a brief grace period with the market running out of patience for last-done rates and opex lines. As such, the trans-Pacific RV drops to a flat US$ 4,000 daily and the UKC/FE front hauls tumble to just above US$ 12,000 daily, holding the dubious honour of being the highest rate among all of the Cape routes. Pacific Panamaxes are trading flat with word that an 82,000 dwt was taken for a NoPac trip on DOP at US$7,000 daily from Japan and a similar ship getting US$ 4,500 daily DOP from West Australia to ECI ex-North China. Atlantic trades are moving side­ways too as fresh orders are few and trans-Atlantic trips coming under mild pressure to just US$ 4,000.

March 12, 2015 08:41 AM

As many had hoped, grain from ECSA is emerging by leaps and bounds with Panamax owners finally benefiting for their weeks of patience as they held out for better markets. Front hauls are being fixed for mid-late March and even a few for April already. Rates remain flat with a slight uptick, though there are expectations for stronger upgrades before the weekend. APS freight rates to Singapore-Japan are still trading just under US$ 12,000 daily plus US$ 200,000 BB. Pacific markets are also rather energetic as NoPac grain rounds start moving over US$ 5,500.

March 11, 2015 10:51 AM

In the East, rate ideas remain low for Supramaxes from Indonesia to China, where charterers keep talking US$ 4,000 daily. Korean charterers want the same money to apply for 30-36,000 dwt vessels for a trip from China to the Med. Chinese charterers continue dis­couraging owners by talking US$ 2,600 daily on a Supramax for a trip to the NCSA-USG area. Handy­size rates for trips from North China to Southeast Asia are hovering around US$ 7-7,500 daily on 28,000 dwt tonnage. Logs charterers were bidding US$ 6,000 daily on a 41,000 dwt for a NoPac-USWC RV with delivery Japan, which did not im­press the owners at all. For a quick trip within PG, Supra tonnage has been rated at US$ 4,500 daily.

March 10, 2015 08:08 AM

The start of the week for Panamaxes, while pre­dictably slower, retains some of the positive energy that ended last week with stability in the West and buoyancy in the East. Very little trans-Atlantic acti­vity has been seen, through freights are holding firm on USEC/UKC business. ECSA front hauls continue to trade into the high US$ 10,000s daily plus US$ 125,000 BB. Pacific rates are modestly bullish with new coal stems fuelling some of the activity revival. Larger 78-82,000 dwt ships are fetching over US$ 6,500 daily now on NoPac rounds with South Korea delivery. Indo coal to China can get US$ 5,500 DOP.

March 06, 2015 09:57 AM

Low rates prevail in the Red Sea where 56,000 dwt ships are fixed at below US$ 3,000 daily for a trip to the East. A broker working a Supra from PG to China was caught by surprise that owners left negotiations because of US$ 1,500 daily difference in hire and instead fixed other charterers for the same destina­tion. South African brokers quite happily reported on rising demand from their area with Supras in focus. But a ballast bonus is still anathema for char­terers. They insist on APS delivery with rates to India hovering at US$ 8,500-9,000 and for redel East even close to US$ 10,000 daily.

March 04, 2015 09:05 AM

Significant improvements have been observed in the Pacific and the Atlantic Panamaxes as a resumption in orders from ECSA are keeping freights firm if not ascendant. Owners positioned off of Brazil worry about a new flood of oncoming ballasters, however, with expectations sky high for the grain season that should start to begin at the end of the quarter, i.e. the end of this month. USG front hauls are pushing up­ward with US$ 13,000 daily fixed as last-done on a modern 76,000 dwt ship. Eastern business, mean­while, has assumed a brighter outlook as Australian rounds on the 82,000 dwt vessels rise into the US$ 6,500-7,000 zone on EC India redel. Owners hope to see continued order activity throughout March.

March 03, 2015 07:07 AM

Tighter tonnage comes as a blessing to Handy bulk owners in both East and West with the NoPac North China markets looking the tightest in the Pacific and USG firming up in the West. USG front hauls have started topping US$ 11,000 daily and owners hope momentum will keep building as March "marches" ahead. Continent fixing activity is still sluggish, but southbound scrap rates have started firming up. Indo coal runs to India, meanwhile, have started to make some upward progress with last-done at US$ 5,000 daily.

March 02, 2015 04:37 PM

Owners have been encouraged by a modest but steady increase in Panamax Atlantic activity with the lack of interest in ballasting to the USG helping keep tonnage avails low from the Gulf and rates firm. As such, front haul voyages ex-USG gained US$ 1.5/mt over the past week to close at US$ 31/mt. Trans-Atlantic business has been especially buoyant in recent days activity-wise, thanks to increased grain stems from the Continent, even as freights remain on the sideways trend. Pacific spot activity has been building slowly since the end of Golden Week and owners are optimistic about a move to more DOP fixtures. Period deals on modern 82,000 dwt ships have been done at US$ 7,500 daily for 4-6 months.

February 27, 2015 10:16 AM

The slightest bit of positivity in dry bulk sentiment was enough to send several listed bulk carrier shares upward from midweek with Star Bulk [SBLK], Safe Bulkers [SB], Navios Maritime Holdings [NM] and Scorpio Bulkers [SALT] rising 6%, 6.5%, 9% and 11.5% week-on-week. DryShips [DRYS], meanwhile, had a bearish week with its shares drifting by 2% WoW to settle at just under US$ 1/share.

February 26, 2015 10:06 AM

The Continent has become the focus of attention in the Atlantic. Charterers need to pay up to secure tonnage. But US$ 12,000 daily basis Ushant via the Baltic to the eastern Med for a 42,000 dwt vessel as demanded by owners sounds too much-at least for this week. Ukraine charterers took a 34,000 dwt ice-classed ship from St. Petersburg to east Med at US$ 10,000 daily. Major grain charterers also had to pay up on last done by covering 30,000mt wheat from Poland to Algeria at US$ 21/mt. Ex-Rouen to Alger­ia—and similar size—owners were holding out for US$ 17/mt. Cargill has fixed their Southampton/ Algeria Handysize stem at the daily equivalent of US$ 7,000 daily, which admittedly sounds very cheap and is rather bucking the trend than con­firming the undeniable upward move. Supras still lag behind their smaller brethren, achieving lower rates for similar trades than the smaller Handies.

February 25, 2015 05:53 AM

In the East, Daewoo, having won a tender, has en­tered the market for 50-58,000 dwt from Indonesia to South Korea, talking US$ 2-3,000 daily. Rates from Red Sea. To India for similar size of tonnage rates are hovering around US$3,000 daily, charterers believe. PKE charterers are following market rules, holding out for a very low rate of US$9-10/mt for 25,000mt PKE from Indonesia to New Zealand.

February 23, 2015 09:40 AM

Panamaxes calmed in the East after the Lunar New Year kicked in, following a short bull run at midweek that saw NoPac rounds fetch US$ 4,500 and Aussie rounds to ECI at US$5,500 on modern tonnage. APS remains the prevailing scheme as charterers continue call the shots. And ballast bonuses are, by extension, minimal to non-existent. Atlantic rates have held firm with ECSA seeing a bit more action than usual and 82,000 dwt front hauls for March fetching up to US$ 11,500 daily plus US$ 150,000 BB, a slight im­provement over similar business a week ago. USG tonnage has been tighter mainly because USG is no longer an attractive ballasting location. TA trips are lucky to get US$ 4,000 daily while 2LL can fix US$ 6,000 daily.

February 20, 2015 08:42 AM

Eastern activity is predictably low on Handy bulk with a few India/FE trips concluded on Handymaxes in the range of US$ 4,000 daily. Long hauls to the Far East are a little more active with Supras getting APS deals of US$ 7,000 daily plus US$ 90,000 BB from the USWC and US$ 6,000 daily from South Africa. Atlantic business is more active than it has been for a couple weeks as avails continue tighten via USG, though rates remain firm at best. Handymaxes of 56,000 dwt are fetching freights just over US$ 10,000 daily to the Far East, we hear, while TA trips for USG/UKC are getting rates closer to US$ 9,500 daily on modern tonnage. ECSA activity is limited.

February 19, 2015 11:42 AM

Pacific Panamaxes enter the second half of the week in a calm manner to the surprise of approximately no one. Chinese New Year has taken traders away from an already sluggish market. Pacific rounds are said to be fixing no higher than US$ 4,500 daily, when said business is traded at all. Fertilizers from North China are seen moving in strong volumes to India at rates in excess of US$5,000, brokers say. Atlantic business looks slightly firmer with USG front hauls securing upwards of US$ 13,000 daily as fixed on APS terms.

February 17, 2015 09:45 AM

With Chinese New Year a few days off, there is little surprise that Pacific Panamax activity is muted, but there is also a general expectation that activity could rev up just before the holidays begin as some traders try to get their last-minute requirements in. Pacific rounds are seen pushing back up toward US$ 4,000 daily on modern tonnage, which owners take as a positive sign. Period business is steady at about US$ 7,500 daily for 4-6 months of trading deals. Atlantic activity is equally subdued as grain from ECSA is seen getting up to US$ 8,000 APS to the UKC and US$ 6,000 daily on front hauls to Singapore-Japan. <a href=""></a>

February 16, 2015 10:12 AM

Increased cargoes and a boost in fixture activity failed to drive Capes into positive territory in the past few days as Pacific voyages declined after a promising surge early in the week. Late February Pacific RVs fell to US$ 4.4/mt after climbing up to as high as US$ 4.75/mt three days earlier. Pacific rounds are steadi­er on TC basis with modern tonnage at US$ 6,000 daily on spot trips from CJK to EC Australia & back.

Pacific Panamaxes continue to grow on the upside with sentiment helped by fresh activity at the tail end of last week, even though rates are still trading at unimpressive levels. NoPac rounds and Indo rounds are both fixing about US$4-4,500 daily while Aussie rounds from EC Australia to ECI are getting up to US$ 5,500, brokers report. Atlantic markets have stabilized with front hauls from ECSA now fetching APS rates of US$ 11,250 daily plus US$ 150,000 BB on modern tonnage into the Singapore-Japan area.

February 13, 2015 10:21 AM

In the East, US$ 5,000 daily seems to be the new benchmark rate for Handies doing a trip from North China to Southeast Asia. A comparatively decent rate of 4,000 daily was seen by owners of a 22,000 dwt to do a trip from Singapore area to the Japan-Taiwan range. Grain charterers made it quite clear they wouldn't pay over US$ 5,000 daily on a 34,000 dwt for a trip from Southeast Australia to Italy. It has become common practice on certain trades for two different rates to be negotiated, as done by Korean charterers talking US$ 2,000 daily for the first 30 days and US$ 6,750 for the balance of the trip from South Korea to USG. In fact, a couple of Supras were done at US$ 2,500 daily for the first 30 days and US$ 6,500 daily thereafter for a trip to the USG area.

February 12, 2015 10:12 AM

Capesizes settle down after a period of modest im­provement with rates moving mostly sideways and traders trying to assess the market direction, moving into late February. No single route seemed to have fallen or increased with perhaps only the TARV appear to come under pressure to trade under US$ 8,000 daily. Pacific voyages, intensely active just 48 hours before, have evaporated just about as quickly as they arrived on the scene earlier this week with the newest benchmark of US$ 4.6/mt holding firm.

February 11, 2015 07:30 AM

Late February dates have been coming in slow for Pacific Handy bulkers with first-half dates almost all spoken for and the Lunar New Year most likely to dominate the second half. APS rounds via Southeast Asia are bumping along the bottom at US$ 3,000 daily. Backhauls to the Continent are giving Supras about US$ 4,000, also APS. Atlantic rates are re­balancing with front hauls ex-USG fixing upwards of US$ 10,500. Perhaps most encouraging has been an increase in activity from ECSA, which owners hope will translate into tighter avails and stronger frights. Scrap trips from the Continent to the East Med are trading steady on Handymaxes at US$ 7,000 daily. Front hauls from the Black Sea, when they are at all available, can fix up to US$ 8,000 to the Far East.

February 10, 2015 09:24 AM

Capesizes haven't come roaring back, not by any stretch, but their present firmness is probably preferable to owners. Pacific rounds are trading in the US$ 4,500-5,000 range with talk of US$ 5-5,500 daily already rumoured as fixed on more urgent requirements.

Pacific-based Panamax owners are slightly more optimistic this week with signs of activity resuming in the area, albeit just barely. Even more encourag­ing, however, was that cargo orders seem to be just high enough to justify a return of DOP terms, sug­gesting that charterers are willing to meet owners halfway again. Aussie rounds are getting over US$ 5,000 daily now on modern 82,000 dwt tonnage. Period enquiry is up with rates trading in the US$ 7-7,500 daily range for short durations of 4-6 months. Atlantic business is calm, though trans-Atlantic rates are holding firm. Standard ships of 76,000 dwt are fetching about US$ 10,500 daily plus US$ 100,000 BB on front hauls to the Far East from the ECSA.

February 09, 2015 08:12 AM

Pacific Handy bulk remains under pressure, though owners think the bottom has been reached and hope to see some recovery soon. Trans-Pacific rates are trading around US$ 3,500 daily while only adding transit via PG brings rates to US$ 5,500-6,000 daily. Market trends remain on the charterers' side as there is little immediate reason to expect a reversal in sentiment. Atlantic markets are steady-to-higher thanks to rising bunker prices, for the most part. USG shipments east are getting up to US$ 10,500 daily APS to the Far East. TA trips ex-USG to Continent-Med are getting closer to US$ 9,500 daily with sentiment firm. The ECSA is still a rough place to trade with FE front hauls getting rates no higher than US$ 9,500 daily plus US$ 90,000 BB. The Black Sea-Med owners are said to be digging in and refusing discounts, helping them get solid rates of US$ 7,500-8,000 to the Far East and US$ 3,000 for FE/USEC.

February 04, 2015 09:17 AM

Owners are relieved to see Capesize rates level out at mid­week with no loss or gain on any route as traders take stock with hopes the next session will push the market in their favour. There are signs of a tiny upside on the Pacific rounds, which have been lan­guishing at about US$ 4.2/mt since the week began, though current Pacific activity is still minimal. UKC front hauls have stabilized at around US$ 16,000 daily.

February 03, 2015 01:45 PM

Chronically low trade volumes are leading to des­perate measures and some Panamax owners are even contemplating laying their tonnage up until better times come, though this seems to still be "idle" talk rather than real action in that regard—hope springs eternal. With winter getting a little colder in Europe, coal shipments seem to have increased slightly. APS rates from ECUK to the Turkish Med have been fixed at US$ 7,500 daily plus US$ 90,000 BB. Fixing and failing is prevalent in the eastern basin, meanwhile, with coal shipments from EC Australia to Singapore-Japan going for DOP rates of US$ 3,500 daily or APS freights of US$ 5,000 daily plus US$ 120,000 BB.

January 30, 2015 10:09 AM

Tumbling rates are seen across the board and Cape freights feel the pain as front hauls shed US$ 600 to hover at US$ 16,500, plus or minus US$ 500. Pacific rounds, meanwhile, slip to about US$ 4,500 daily, well below operating costs. Trans-Atlantic RVs are down to US$ 9,000 daily with more losses expected over the weekend given the present bearish trend.

Panamaxes of 82,000 dwt are fixing short period rates (4-6 months) at just over US$ 7,000 daily on North China delivery. Indonesia rounds on Singa­pore-Japan redel are going for about US$ 5,000 daily plus US$ 40,000 BB. Cargoes are still limited in both the east and west, leaving owners to take whatever comes their way. Atlantic rates see front hauls ex-USG get APS rates of US$ 10,000 while average TA rates are floating just over US$ 4,000 daily. Owners say this market isn't sustainable for much longer.

January 22, 2015 09:22 AM

Atlantic Handy bulk continued to be swamped with open tonnage with perhaps the USG the tightest in terms of open Supramaxes with around five units quoted as open there for the next week. On the other extreme is the eastern Med, where we are told nearly 30 Supramaxes will be coming open in the next seven days. Similar numbers are seen quoted on the ECSA-WAFR range. The Continent, meanwhile, is somewhere in the middle with about 15 Supras quoted open next week. Scrap trips are still making rates at upwards of US$7,500 daily to East Med from the Baltic. From the USG, front hauls are fixing just under US$ 12,000 daily and trans-Atlantics to the UKC are able to fetch about US$ 9,000 daily on mo­dern Handymaxes. TA trips from the ECSA to the Continent, meanwhile, are only securing about US$ 4,500, which is probably sub-opex. Pacific rates keep sliding as well for similar reasons as rather few fresh fixtures are reported as the week draws to a close.

January 19, 2015 06:23 AM

The mid-range bulkers have had a shaky few days and not an altogether inspiring start to the year, but also not too far removed from the usual year-starting blues. Atlantic Panamaxes have in fact seen quite a bit of activity from the ECSA as well as the USG, the former coming especially unexpected. This did buoy sentiment some, but by the weekend USG grains for January were almost completely booked and, after this peak, voyages started to hit US$ 32, down US$ 2/mt on the week. Front hauls ex-ECSA, mean­while, maxed out at US$ 12,500 plus US$ 250,000 BB, on a fixing frenzy last week, though there are doubts that such enquiry will be repeated this week.

January 13, 2015 06:16 AM

Capesizes bounce back with the BCI up 20%, albeit from a small base. Regardless, Brazil/China voyages climb over US$ 10/mt and the trans-Atlantic RVs take on some US$ 1,500 to settle at just under US$ 7,000 while front hauls jump US$ 2,500 to US$ 15,000 daily.

Talk of ECSA front hauls getting US$ 12,500 daily plus US$ 250,000 BB seem to have been overheated with the cooler reality of the pacified market putting such rates closer to US$ 10,500 daily plus US$ 100,000 BB. The Pacific Panamaxes benefited from a hard-won decline in open avails from last week, which finally translated into slightly higher spot rates this week, especially on trips via Singapore-Japan. There continues to be rather healthy demand coming from Australia and CJK with Pacific rounds still hovering in the middle US$ 5,000s. The Indian Ocean is hard to gauge but volumes remain limited.

January 12, 2015 06:02 AM

Atlantic Handy bulk sees some relief at the end of the week with new orders coming from the ECSA and the UKC-Med, though such demand will have to remain pretty steady to have any hope of equalizing the outstanding amount of tonnage on hand to serve the cargoes. Indeed, rates continue to slide and ECSA front hauls basis West Africa are down to US$ 7,000 daily on modern Supras. USG front hauls are giving Handymaxes DOP rates in the US$ 13-14,000 area. Chinese steels keep sentiment supported in the East with Handymax trips China/Continent fetching up to US$ 7,500 daily. Indonesia rounds are stabilizing.

December 17, 2014 09:51 AM

In the East, Handysize rates have been holding fairly stable. Owners of a 34,000 dwt declined US$ 8,000 daily for a NoPac RV which trade includes "dirties" with delivery in China. Given the cargo to be loaded owners deem a rate of beyond US$ 9,000 daily more appropriate. Also from Australia, December tonnage may fetch a decent rate still, with aluminium char­terers closely trading a 37,000 dwt at US$8,500 plus around US$ 85,000 BB for a trip to China. The ship is open near Broome in Australia. On the other hand the owners are well-advised to not overplay their hand as a few cargoes ex-Aussie have already been fixed and the few remaining may also be snatched away by other spot tonnage in SE Asia. Owners of a 28,600 dwt hope to find a taker at US$ 8,500 daily for short period with delivery in the Singapore area.

December 15, 2014 05:57 AM

The slow-motion implosion in the Capesizes has continued with the BCI nearly halving last week and trends not looking particularly hopeful for the week ahead. Pacific voyages continue to tumble with mid-end December loading dates concluding around US$ 5.2/mt before the weekend, down some US$ 1/mt on the week. TARVs have fallen most precipitously, sliding to within range of US$ 3,000 via Continent.

Strong activity in the Pacific was sadly not enough to keep bearish sentiment from pushing eastern rates lower on Panamaxes as tonnage continues to out­pace orders. High avails around ECI are particularly worrisome for owners as they are bound to stay in the East and keep charterers supplied. Owners still do hope that activity will remain high this week and help turn rates around. Atlantic trends are bearish as well with the holidays projecting a long shadow across the West. Owners are readily accepting lower offers to ensure they can get cover in a thinning market.

December 12, 2014 09:53 AM

Period enquiry is rising from Panamax charterers but at lower rates, so few owners thus far are willing to bite. Fixing activity is generally still high in the East, but lower prompt positions for the last two weeks of December are pushing sentiment downward. NoPac grain rounds are slipping back to US$ 7-7,500 daily while coal rounds Indo/India or EC Australia/NoPac are fetching just over US$ 8,000 daily. US Gulf grain trips to the Continent have been seen concluded at APS levels of US$ 12,000 daily plus US$ 200,000.

December 08, 2014 09:39 AM

Handy bulkers in the western basin have been able to maintain their levels in recent days, but have not made much improvement beyond the upgrades they were able to secure a week earlier. USEC business has settled down since the end of November even as trans-Atlantic rates have been able to continue fixing firm with petcoke ex-USG to the Med on 56,000 dwt ships at about US$ 17-18,000 daily, depending on terms. Front hauls from the Continent have come under more pressure, however, as Handymaxes of 54,000 dwt have been getting rates no higher than US$ 16,500 daily from the Baltic Sea to the Far East.

December 03, 2014 09:46 AM

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.

November 26, 2014 09:56 AM

Panamaxes have settled into an awkward balance in the Atlantic between cargoes and tonnage, but own­ers still hold the upper hand on the Continent where tonnage continues to tighten. Trans-Atlantic freights remain buoyant as well, though we do see fresh TA cargoes starting to dry out before the week is over. There is talk of front hauls from the UKC-Med fixing two laden legs to the Far East at US$ 16,000 daily. APS rates are unchanged on USG front hauls, which continue trading at around US$ 15,000 daily plus US$ 500,000 BB on modern 82,000 dwt ships. Pac­ific business has calmed with Indonesia still speaking for most new cargoes. A 76,000 dwt has fixed US$ 10,500 daily from South China to ECI via Indonesia. Australian mineral rounds are steady but flat. New NoPac cargoes have also started to slow, brokers say.

November 24, 2014 07:22 AM

Pacific Handy bulk freights have been climbing with charterers scrambling to fix last-done and usually succumbing to higher as southbound rates ex-CJK are getting upwards of US$ 12,000 daily to ECI and US$ 10,000 to Southeast Asia. Back hauls to the UKC-Med are already seen pushing through US$ 8,000 daily, such is the present sense of urgency. Period chartering has also returned with Handymax­es able to secure US$ 10,000 daily for 4-6 months of trading. Continental trips east are up to US$ 17,500 daily.

November 17, 2014 08:54 AM

Off the Continent scrap charterers took a 37,000 dwt Handysize at US$ 11,000 daily to the eastern Med while another 38,000 dwt ship was taken at US$ 8,250 daily to the USG, not much below the rate the owners can expect for a return leg to the Cont-Med. Supra rates have been lower with US$ 5,500 daily done for a trip to the USG. A UK-controlled 52,000 dwt was booked for a Baltic round voyage at US$ 8,000 daily. The Black Sea remains dull and boring with a 48,000 dwt fixed at US$ 12,000 daily to the East. Owners of a 50,000 dwt vessel have been holding out for US$ 8,000 daily for a trip from South Spain to West Africa. South Africa has been rather busy with 30-34,000 dwt tonnage getting concluded at around US$ 7-800 daily to the Cont-Med area and roughly US$ 12,000 daily to the East. Supramaxes have been taken at around US$ 8-9,000 daily to the Continent.

November 13, 2014 09:55 AM

Atlantic Handy bulkers are still seeking traction via the USG and ECSA, though the Continent-Med con­tinues to provide new hope with scrap runs from the Baltic to the East Med picking up momentum thanks to renewed demand from Turkish steel mills. Chi­nese steel exports are lifting sentiment in the East with trips exceeding US$ 8,000 on Handymaxes from North China to Southeast Asia and generous premiums of US$ 2-3,000 for the same to WCI or ECI at about US$ 10-10,500 daily. Southeast Asia has seen some improvement thanks to increased coal shipments to China pulling down available tonnage. The PG also looks stronger as open ships thin out.

November 12, 2014 08:44 AM

Capesize corrections continue - Corrective trends persist on the Capesize markets with China/Brazil rounds shedding US$ 1,500 to settle in the low US$ 20,000s while Pac voyages close at a similar level of US$ 21-22,000 daily. TARVs plunge by US$ 2,500 day-on-day to stop at US$ 27,000 daily on index ships but are likely to fall even more today. Pacific Panamaxes are gaining momentum on spot markets with new orders seen across the board and open tonnage starting to tighten on major routes. The Far East has been seeing the majority of fresh interest, though NoPac has been holding steady with grain trips as well in the area of US$ 11,000 daily on modern units. Owners are optimistic, but charterers remain as noncommittal as possible. Atlantic trends are softer with voyage rates from the USG to Far East at US$ 42-43/mt. TA trips trade flat at US$ 9,000 daily.

November 03, 2014 06:57 AM

Whilst 2014 has so far seen about 250 newbuilding deliveries from a total of 500 units ordered, 2015 will likely outnumber 2014 by far with nearly 900 ships ordered for delivery, almost double the number ordered for 2014. Today's market is already suffering from oversupply—the consequences for 2015 will likely intensify nervousness among owners and brokers.

November 03, 2014 06:55 AM

Whilst 2014 has so far seen about 250 newbuilding deliveries from a total of 500 units ordered, 2015 will likely outnumber 2014 by far with almost 900 ships ordered for delivery, nearly double the number ordered for 2014. The market is already suffering from oversupply—the consequences for 2015 will likely intensify nervousness among owners and brokers.

October 30, 2014 09:09 AM

Panamax players seem to be catching their breath towards the end of the week with front hauls ex-US Gulf still firming, but to a lesser degree than in days past. Front hauls from the Continent have been fluctuating in the US$ 18,500-19,500 daily range with a few pushing toward US$ 20,000 daily. Prompt tonnage continues to be rather tight around the North Continent, which is keeping freight trends in sync with changes in cargo demand. Another encouraging for owners has been a recent upturn in orders from the South Atlantic with both ECSA and South Africa putting more business on the market after several weeks of sluggishness. Glencore has booked bauxite from UKC to Kamsar and back at US$ 10,000 daily. Pacific business is equally firm, though brokers note some slowing in the NoPac, which had been rather hectic with fresh cargoes since mid-October. The Pacific rounds hover in the US$11-12,000 range, depending on conditions and ship. Period charter­ing has been fairly busy with 4-6 months of trad­ing fixing rates of US$ 10-10,500 daily on modern tonnage in the Pacific.

September 14, 2014 11:30 AM

The market is considered generally quiet. Off the Continent fertilizer charterers failed to fix 35,000mt from the Baltic to Brazil which, the story goes, they fixed at the equivalent of US$ 3,000 daily on a 38,000 dwt vessel. The same owner had indicated to operators a rate of US$ 8,000 daily to the same destination. A couple of Supras have been taken for short period at US$ 12,000 daily. There are still a good number of prompt vessels around in the Continent/Baltic area which stops the market from moving up. Steel charterers are rumoured having taken a very eco 35,000 dwt from Gibraltar via the Baltic to Bay of Bengal at just above US$ 10,000 daily with a duration of around 80/90 days.

September 10, 2014 08:13 AM

Not much activity was seen in the USG fronthaul part for the Panamaxes with freight rates softening but still charterers remain reluctant to cover their cargoes. In the East some firming of the market was felt with Indonesia rounds at about US$ 7,000 daily and owners trying to push up to US$ 8,000 per day. NoPac and Australian rounds are hovering around last done levels but the trend points upward as tonnage in some trades is becoming tighter. For the Supramaxes the sentiment is rather steady in the East although activity is subdued for the ongoing holidays in some regions. With the approaching end of the monsoon season in India the movements there are expected to increase soon. On the Atlantic side very little activity is reported for the North Continent but due to a small lack of this vessel size in the US Gulf owners achieve good rates for trips heading to the Far East. 

September 09, 2014 08:00 AM

The Capesizes started the week with a positive trend indicating an increase of freight rates on most trading routes. Strong Chinese iron ore demand continues and is expected to increase further in Q4-2014. Another one-year period being concluded is showing confidence in the development of the market. TARVs are up by some 2.8%, the Pacific rounds by about 2.9% in one day. For the Panamaxes the situation is stable and even a bit improving as the balance between supply and demand due to the grains from ECSA and the USG is still quite good. Freight rates on TARVs are a tick softer but USG to Far East and ECSA to Far East are helping sentiment stay optimistic for the owners. In the Pacific the activity slowed a bit due to the holiday in China and Korea but nevertheless rates are pointing north.

September 08, 2014 09:10 AM

The always surprising Capesizes mounted another late week plateauing that carried over slightly into the weekend after some traders who wrote them off for September. Indeed, round voyages in both Pacific and Atlantic basins had TC declines of a mild 10% week-on-week with TARVs now into the low teens of US$ 11-12,000 and Pacific RVs in the high teens of US$ 17-18,000 daily. Period is also back on the agenda with new year-long deals fixed at over US$ 12,000. A flood of iron ore rounds buoyed Pacific sentiment with BHP-B and Rio Tinto taking several Aussie voyages at rates of US$ 8.4-8.5/mt. We shall see if the trend of levelling out continues to push into this week or if a real correction is imminent.

August 29, 2014 10:25 AM

Capesizes surprise the markets once again with a late-game rally before September as some rates such as the Pacific RVs take on US$ 1,000 day-on-day to settle at around US$ 16-17,000 daily while others like the trans-Atlantic RVs surge by as much as US$ 3,000 in the last 24 hours to close in the five-digits of US$ 11,000 daily or even higher. Front hauls ex-UK-Cont-Med, meanwhile, rally respectably by US$ 1,500 on the day to close at US$ 34-35,000 daily.

August 26, 2014 07:42 AM

Supramax ballasters to South America, i.e. owners fleeing or avoiding South Africa, are having a dampening affect on sentiment ex-ECSA with the predictable outcome of open tonnage become far too available for grain houses looking to fix rock-bottom rates. On the other hand, business has been strong enough on grain stems from the region that the flood of tonnage may well be absorbed. Avails are reportedly tight via NCSA. Trips from the Mediterranean to the USG are seen giving Handysizes rates of US$ 4,500 daily for 36,000 dwt ships and US$ 5,500 daily for Tess 52s.

August 25, 2014 09:02 AM

Pacific Panamaxes closed last week with some slippage in spot rates as open tonnage started expanding again even as owners insisted on locking in DOP rates before the market started to shift back to an APS preference. NoPac rounds are fixing just under US$ 6,000 daily, brokers say, though may be facing more pressure until September arrives. Indeed, stan¬dard Pacific rounds are still doing little better than US$ 4,500 daily, much to owners' chagrin. Activity also started to fade in the Atlantic, though rate trends remain widely firm with front hauls ex-ECSA still holding to around US$ 14,500 daily plus US$ 450,000 BB. Early September dates are being fixed now for the most part, even as many owners, ever confident, prefer to hold out for a September boost.

August 19, 2014 06:29 AM

Supramax owners seem to be enjoying steady demand from the USG where rates to the Continent have risen to US$ 12,000 daily whilst for front haul US$ 15,000 daily ahs been bid by Charterers, brokers say. Tonnage of 33,000 dwt has been rated at around US$ 9,500 daily or a trip to Nigeria, which destination due to Ebola is hard to sell. Not even money will do to lure them into doing it. A new and unexpected challenge charterers are to meet now. It is definitely worth closely following cargoes direction West Africa. Supra rates ex ECSA have been holding. But charterers are putting up their rates to meet the owner's figures which are around US$ 12,750 daily plus US$ 250,000 BB.

August 18, 2014 07:09 AM

Panamax freights saw considerable growth last week (with the BPI up by 29% week-on-week), supported mainly by a surge in activity among Atlantic market players whose requirements were released en masse on the market after saving them for last-minute biz in late-July. This upward correction has seen owners considering rates double what they were considering just a week ago—front hauls from the Baltic at US$ 22,000 daily, for instance, which were getting low teens just a week before. ECSA front hauls to the Far East are also higher on APS spot rates of about US$ 14,000 plus US$ 400,000 BB, even as the charterers have yet to concede DOP. US coal charterers have conceded to DOP on trips to the UKC-Med, though, with rates of about US$ 8,000 daily.

August 13, 2014 09:41 AM

Stable conditions have been reported from the Black Sea where a 32,000 dwt was traded for a trip to the Continent at US$ 6,500 daily. Steel charterers were disappointed to see owners of a 34,000 dwt walking away from negotiations which they opened at US$ 4,500 daily for a trip to the USG. The next best ship they were seeing was a 41,000 dwt at US$6,500 daily, which was of no avail to them since they could not utilize her cargo capacity. Grain charterers quoting 30,000mt from Russian Black Sea to EC Mexico have seen tonnage at US$ 23.5/mt basis very fast loading and discharging. Off the West African coast rates for Supras to the East are hovering around US$ 12-13,000 daily reading between the lines of owners and charterers rates exchanged.

August 11, 2014 09:43 AM

Front hauls ex-ECSA to the Far East, despite continued hopes for increased levels, still trend steady at around US$ 13,000 daily plus US$ 300,000 BB on Kamsarmaxes and closer to US$ 12,000 daily plus US$ 250,000 BB on standard Panamaxes. Owners are asking for rates up to US$ 14,000 daily plus US$ 400,000 BB on front hauls ex-USG, though it is so far unclear if they have been accepted. Available spot tonnage in the North Atlantic remains fairly tight, so this is going some ways to keeping rates stable amid irregular enquiry. Pacific sentiment is still nervous with too many ships available and too few cargoes.

August 08, 2014 06:35 AM

Activity is still firming up among the Pacific Handy bulkers thanks to the monthly switch-over as well as renewed demand for mineral and steel products to Southeast Asia where Handysizes are now fetching US$ 7-800 daily ex-South China. The North Continent is heating up again for the Supramaxes and the Black Sea continues to push upward on freights with grain front hauls to Southeast Asia moving toward US$ 13,000 daily, given present trends. The South Atlantic, however, remains plagued by overtonnage.

August 06, 2014 06:01 AM

The Atlantic remains steady for Panamax spot rates, though behind the scenes owners seem to be feeling their oats, as it were, with optimism palpable and fresh cargo demand arriving on the market from all corners. Even the troubled US Gulf market is starting to show more demand for late August positions while early September tonnage is already tighter than it was a week ago. ECSA front hauls are also flat, but Kamsarmaxes for ECSA/FE hve been seen con- cluding US$ 14,000 daily plus US$ 400,000 BB. DOP rates are even seen on Kamsarmaxes with US$ 14,500 daily fixed ex-Spanish Med to the Far East.

August 04, 2014 09:05 AM

Short-lived order surges that encouraged Panamax owners early last week did not see much replay as the week went on with APS terms once again dominating proceedings, even in the West, where USG/ UKC trips are now fixing around US$ 9,000 daily plus US$ 90,000 BB, levels nominally down from a week earlier. Coal voyages from the USG to ARA are estimated now to be around US$ 13/mt or lower. Tonnage available from ECSA continues to exceed cargoes, thus keeping front hauls under pressure and last-done freights at around US$ 12,500 plus US$ 250,000 BB. With grain season starting to come to an end in the next few weeks, owners are hoping for a final burst of grain activity to buoy rates in August.

July 30, 2014 09:40 AM

Petcoke charterers withdrew interest in a 45,000 dwt at US$ 10,000 daily from the USG to the Med after they saw 55,000 dwt tonnage fix US$ 9,500 daily. The trading pattern in the East has been all the same. In the Korea-Japan area Handysize rates look quite promising whilst in SE Asia the market remains depressed, which led owners of a 32,000 dwt to resume trading a trip ex-ECI to the Red Sea at US$ 6,000 daily. Steel charterers took a 55,000 dwt from China to the Continent at US$ 6,750 daily for the first 70 days and US$ 11,000 daily thereafter, which is not too bad a deal. A cargo of 10,000mt steels ex-Taiwan to North Spain was booked at US$ 40/mt.

July 29, 2014 06:57 AM

Pacific regional Panamax activity began the week relatively subdued with holidays in Indonesia and Singapore, among others. APS terms continue to dominate proceedings with charterers still resistant to give anything much higher than APS rates that equate to DOP levels of roughly US$ 3,000—again, nothing to write home about. New cargoes are being registered, although there is no strong trend that would suggest a recovery in the market. Period business remains decent with year period deals going for around US$ 9,500, plus or minus US$ 500 depending on terms. Atlantic cargoes are also slow coming, even as gen- eral sentiment remains on the positive side, if barely.

July 28, 2014 09:53 AM

Losses were less for Capesizes in the past seven days (down 3% week-on-week) than in the week before, but that comes, obviously, as faint comfort for owners still struggling to make ends meet, especially those trying to get TA business. A big surge in chartering activity from Australia on Pacific rounds by major chartering houses fired up the market in the Pacific on those routes, but even so failed to lift rates much higher than were they were trading when the week began, i.e. US$7.8/mt for Dampier or Hedland to Qingdao or similar. Brazil/China voyages did firm slightly into the upper US$ 18s/mt on the increased activity—Atlantic shipowners say they hope against hope that this uptick in sentiment will translate into real spot freight improvements in the week ahead.

July 23, 2014 07:04 AM

In the East, Chinese charterers are expressing interest in 30,000 dwt from Singapore area to China at US$ 7,000 daily. Australian charterers took a 29,000 dwt at US$ 4,500 daily for an Aussie RV with delivery in Singapore, whilst owners of a 45,000 dwt were coming with US$ 5,500 daily for a trip from Singapore via Australia to the Continent. With the USG market almost collapsed to find cheap tonnage from WC India like US$ 2,500 daily etc, to go there is almost impossible and takes a lot of explanation to make charterers realize that they have to pay up to attract owners at all. On the Supramax front, grain charterers are offering US$ 8,500 daily plus US$ 300,000 for a trip from NoPac to Japan-China range. 

July 21, 2014 11:08 AM

The South Atlantic has gone quiet for Supramaxes in much the same way that the US Gulf market has—currently new trips ex-USEC to the Mediterranean are fetching about US$ 11,000 daily, when cargoes are even available. Tonnage continues to expand along the USEC and the Continent, owners complain, with little in terms of stimulating cargo demand seen in the pipeline. Front hauls from Black Sea to SE Asia are getting Handymaxes rates of about US$ 8,000. But owner hopes remain high as more grain slowly comes on in the Black Sea basin.

July 17, 2014 08:49 AM

Activity is fairly high among the Atlantic Panamaxes, but clearly it will have to stay that way for a few more days before open tonnage is reigned in and rates have any hope of stabilizing. APS trips from ECSA to UKC are going for around US$ US$ 8,000 plus US$ 80,000. Ex-ECSA, grains are getting upwards of US$ 11,250 daily plus US$ 140,000 BB. Front hauls ex-USEC are fetching about US$ 12,500 daily plus US$ 250,000 BB to S'pore. Period interest is waning, but interest in year-long periods remains with last-done at US$ 11,250. Pacific period interest is comparatively higher. Far East rates are flat with Indonesia coal trips getting about US$ 6,000 daily plus US$ 130,000 BB to India.

July 16, 2014 06:05 AM

Enquiry is starting to perk up along the North Continent Handy bulk markets, brokers report, though rates thus far remain unimpressed, trending on a sideways path. Scrap trips from the Continent to the East Med remain sporadic at best. Black Sea front hauls to the Far East are giving modern Handymaxes rates in a wide band of US$ 9-11,000 daily, depending on terms. Activity from the South Atlantic has been steady, helping keep rates at last-done, though improvements are not seen. In the East, rates are flat-to-down with Supramaxes fixing Pacific rounds from Southeast Asia at US$ 6,500 at best. Activity is modest in the Indian Ocean amid monsoon 

July 15, 2014 06:10 AM

In addition to the dampening effect of the Ramadan holidays across much of the region, there are serious concerns about the ports of Crimea as the Ukraine-Russia conflict escalates. Traders have been already avoiding Crimean ports following the uncertainty of Russia's intervention there—as a result, brokers say, Odessa has seen throughput increase more than 40% this year so far with cargoes being re-routed from Crimea—now the government of Ukraine has ruled that effective today (July 15) it will officially close the Crimean ports of Kerch, Theodosia, Sevastopol, Yalta & Evpatoria. This, after the EU already banned all imports from Crimea. Owners should be warned that vessels calling at a Ukrainian port after calling at a Crimean port may face delays, detention and/or fines.

July 14, 2014 09:35 AM

Capes are tumbling after an overheated week with average rates down 21% week-on-week as tracked by the BCI. Sentiment remains sluggish in the Atlantic, though the Pacific is comparatively better with West Australian RVs holding to around US$ 7.5/mt. The Brazil/China routes are worrisomely slow with last-done at about US$ 20.5/mt and possibly going lower. USEC/FE front hauls are at US$ 28,000 daily.

July 09, 2014 08:36 AM

From ECSA, a 57,000 dwt has been taken at around US$ 10,750 daily for a trip via Red Sea with redelivery Port Said. A 39,000 dwt in ballast from West Africa was rated by a major grainhouse at US$ 8,500 daily from Brazil to Libya, a number the owners would love to get and submitted their offer close to this level. From the NCSA-USG trade regions, there seems to be no light at the end of tunnel. Even to carry a dirty cargo does not necessitate a premium rate with owners of a 33,000 dwt talking below US$ 8,000 daily for a trip from the Caribbean to the East Med. Petcoke charterers keep sticking to US$ 9,000 daily for Supramax tonnage ex-US Gulf to the Mediterranean.

July 09, 2014 06:04 AM

From ECSA, a 57,000 dwt has been taken at around US$ 10,750 daily for a trip via Red Sea with redelivery Port Said. A 39,000 dwt in ballast from West Africa was rated by a major grainhouse at US$ 8,500 daily from Brazil to Libya, a number the owners would love to get and submitted their offer close to this level. From the NCSA-USG trade regions, there seems to be no light at the end of tunnel. Even to carry a dirty cargo does not necessitate a premium rate with owners of a 33,000 dwt talking below US$ 8,000 daily for a trip from the Caribbean to the East Med. Petcoke charterers keep sticking to US$ 9,000 daily for Supramax tonnage ex-US Gulf to the

July 08, 2014 06:07 AM

Panamaxes kick off the week by continuing their bull run from last week with new requirements in the Atlantic helping to buoy the market and tighten tonnage, enough so that modern Kamsarmaxes are fetching APS rates of US$ 13,500 daily plus US$ 350,000 BB on front hauls from the US Gulf to the Far East. Trans-Atlantic RVs have seen the biggest gains so far this week with average rates jumping by as much as US$ 600-700 on Monday to exceed US$ 5,000—and still rising—suggesting that owners may again be able to cover operating costs and the market may be returning to a "real" one. Owners have their fingers crossed that new cargo orders will continue to emerge this week, helping push rates even higher.

July 07, 2014 06:09 AM

It has been a volatile few days for the Capesizes with a surge of demand early in the week petering out by the middle of the week, however still maintaining a mildly positive trend as the Pacific voyage falling under US$ 8/mt motivated the big Aussie charterers to get back in the game—before this activity started to increase rates back beyond the same charterers' comfort zone. Some of the Pacific voyages via West Australia exceeded US$ 8.25/mt at the peak of the cycle. Now they are back into the high US$ 7s/mt. Brazil/China voyages are relatively buoyant with upwards of US$ 22/mt being indicated ex-Tubarã

July 04, 2014 11:20 AM

Handy bulk shipowners are seen grabbing for any positive sign they can find and they have seen some minor positivity in the mild rate improvements on Indonesia coal rounds to Southeast Asia. Handymax vessels are reported as being able to fix upwards of US$ 7,000 daily with steels from Singapore-Japan to WCI. With Pacific opportunities still thin, a persistent trend of ballasters to the PG region is being observed. APS freights dominate the Black Sea now as charterers call the shots with lowly levels of US$ 2,000 daily being done on Continent redelivery.

July 03, 2014 11:32 AM

New ideas needed in German ship finance: The financial and economic crisis initiated by the fall of Lehman Brothers in 2008 is still being felt in the shipping industry and being reflected, among other reasons, in today's persistently low rates. The slide in vessel prices (newbuilding and secondhand) has led to a loss of value in shipowning companies. The financial resources of many owners have faded away to support the existing fleet or pay for newbuildings ordered pre-crisis. With the crash of KG funds in Germany, owners are now searching for new money. Many of them are eying private equity sources or shipping bonds. But both of these financing methods require higher rates of return and often have a shorter duration not well-adapted to the long-cycle of shipping.

July 02, 2014 07:02 AM

Back to the races for the Capesizes with a renewed demand surge helping lift sentiment and rates, once again, across the board, boosting average spot freight rates by 9% day-on-day today. Brazil/China voyages jump by nearly US$ 0.8/mt today to settle at just over US$ 23/mt. Long hauls are buoyant with front hauls from the UKC getting another solid US$ 1,000 upgrade today to about US$ 35,000 daily while the Pacific RVs leap by US$ 2,500 to US$ 14,000 daily. A concerted effort by owners to resist further rate cuts seems to be paying off as sentiment rebounds on the Atlantic Panamaxes, as predicted yesterday, with mild but perceptible gains on the front hauls and TA trips heartening owners. 

July 01, 2014 07:15 AM

The buoyant tone for Panamax TARVs that ended last week seems to be pressing ahead this week, claim Atlantic-based brokers, with rates looking to be bouncing back from their dismal three digits back toward US$ 1,000 daily—albeit in the US$700-800 range still a sorry rate for such a key route. There is, however, word of one quick TA trip getting US$ 4,000 daily, suggesting a recovery is on the way. Owners have been putting up more resistance to charterer pressure, which also indicates the potential for positivity this week. Front hauls are still essentially flat with Far East-bound trips ex-ECSA fetching APS freights of about US$ 12,000 daily plus US$ 200,000 BB. Activity in the Pacific is a bit higher and there are reports that general avails are tightening.

June 30, 2014 06:35 AM

Finally the Capesizes seem to have managed the turnaround with the freight rates on nearly all routes heading somewhat north. The Atlantic r/v is up by about US$ 1,000 and a firming trend is also seen on the horizon for the Pacific rounds as well as the front hauls. But the situation is fragile as more and more new orders are placed for giants to haul the commodities across the oceans. The smaller and older Capes will have to struggle to survive as cascading has a limit quickly reached.
A small increase in freight rates seem to arise for Indonesia to India for the Supras and Handysizes probably affecting other South East Asian routes like Indonesia to Thailand. The balance between supply and demand is not yet reached but the gap is closing. In the Atlantic some business out of the North Continent is reported but the Med remains more than calm. The South Atlantic saw a rate of US$ 7,000 daily for a 44,000 dwt with grain heading to ARAG. 

June 29, 2014 10:21 AM

The chartering market is not really a market any longer, is it? It has become a battlefield and can be likened to tanks fighting against soldiers lacking the means to stand up to the threat. This is the unfortunate situation we are in, which makes any attempt of a serious forecast almost impossible with ones mind too deeply entrenched in a doom and gloom thinking. Off the Continent fertilizer charterers are linked with a Chinese 45,000dwt vessel for a cargo to Brazil at a voyage rate equivalent of US$ 1,000 daily. US$ 4,000 daily seems to be the standard rate for Handysize tonnage for a trip to the ECSA/USG area. This given it is hard to believe that Belgian based charterers last week have taken a 35,000dwt at US$ 9,200 daily for 3-5 months trading with redelivery Atlantic. Swiss owners of a 33,000dwt took a 30,000mt fertilizer cargo to the East at a daily equivalent of US$ 7,500 daily. 

June 25, 2014 07:05 AM

Another slide in freight rates is seen with the Capesizes especially a drop of about US$ 1,000 day-on-day for the trans-Atlantic round. The Pac r/v drops some US$ 500. The voyages are losing ground although cargoes are fixed constantly. TC average has decreased to US$ 14,000. The decrease of freight rates for the Panamaxes is slowing with some improvement in enquiries seen in the Atlantic for minerals from the North Continent although overtonnage is reigning the region. ECSA to Far East is traded at US$ 12,000 + 200,000 BB like before. Fresh Indonesian cargoes arose with rates hovering around last done levels at best. Period interest exist but charterers do cherry-picking with no need to rush. Pressure goes on.

June 24, 2014 07:16 AM

Now the good luck of the Capesizes has come to an end with freight rates dropping across all routes in both basins. Voyages from Australia and Brazil towards China are fixed at best around last seen levels and the rounds in the Atlantic as well as the Pacific have lost about US$ 500 in one day. No bottom in sight for the Panamaxes therewith owners somewhat reluctant to fix. Trips out of ECSA are more or less flat at some US$ 12,000 daily +200,000 BB. A flurry of activity in the Pacific does not result in higher rates as there is just too much tonnage around. Pac r/v are hovering around US$ 5,500 per day with some 250,000 BB depending loading region.

June 23, 2014 08:34 AM

The Capes have managed to preserve the northbound trail of the freight rates since the middle of last week although with a flattening trend seen currently but still showing an uptick day-on-day on most routes. A good amount of activity is seen in the East but however supply is outpacing demand so with increasing fronthaul levels one may assume that owners will start to look more for Brazil. The BCI has gained more than 15% in one week. There still seems to be no chance for the Panamaxes to change their fate which has accompanied those ladies throughout last week. The market in the eastern basin is low with freight rates depressed and owners resisting to go below the US$ 5/mt level for Indonesian rounds and preferring to wait for better times to come. In the Atlantic the situation is nearly the same with round voyages and ECSA trips hovering at best around last done levels. In marked contrast to the Capes the BPI has lost some 15% in one week. 

June 23, 2014 08:34 AM

The Capes have managed to preserve the northbound trail of the freight rates since the middle of last week although with a flattening trend seen currently but still showing an uptick day-on-day on most routes. A good amount of activity is seen in the East but however supply is outpacing demand so with increasing fronthaul levels one may assume that owners will start to look more for Brazil. The BCI has gained more than 15% in one week. There still seems to be no chance for the Panamaxes to change their fate which has accompanied those ladies throughout last week. The market in the eastern basin is low with freight rates depressed and owners resisting to go below the US$ 5/mt level for Indonesian rounds and preferring to wait for better times to come. In the Atlantic the situation is nearly the same with round voyages and ECSA trips hovering at best around last done levels. In marked contrast to the Capes the BPI has lost some 15% in one week. 

June 18, 2014 11:35 AM

The slide of the freight rates for the Capes seems to come to an end at least for the voyages hovering around last done levels. The rounds to the contrary continue on the southbound trail with another US$ 1,000 down for the Atlantic basin and some US$ 400 lost in the Pacific. Periods of about 8 months are concluded at US$ 25,000 daily. But compared to the same day in 2013 the BCI shows a plus of 107 points. Some fresh cargoes emerged in the Atlantic for the Panamaxes but owners had to accept very depressed levels or choose to idle their vessels in an effort to stop the negative trend. In the Pacific some Indonesian cargoes arose heading to China or India paying around US$ 6,000 daily with about US$ 65,000 BB depending on loading point. Pacific rounds are showing some upswing compared to yesterday’s levels. Periods are hard to find although owners are reducing their ideas.

June 18, 2014 11:35 AM

The slide of the freight rates for the Capes seems to come to an end at least for the voyages hovering around last done levels. The rounds to the contrary continue on the southbound trail with another US$ 1,000 down for the Atlantic basin and some US$ 400 lost in the Pacific. Periods of about 8 months are concluded at US$ 25,000 daily. But compared to the same day in 2013 the BCI shows a plus of 107 points. Some fresh cargoes emerged in the Atlantic for the Panamaxes but owners had to accept very depressed levels or choose to idle their vessels in an effort to stop the negative trend. In the Pacific some Indonesian cargoes arose heading to China or India paying around US$ 6,000 daily with about US$ 65,000 BB depending on loading point. Pacific rounds are showing some upswing compared to yesterday’s levels. Periods are hard to find although owners are reducing their ideas.

June 17, 2014 08:01 AM

The chartering market is keeping its disappointing course. Although Q3-2014 is expected to improve in cargo volume and along with it bring rising rates, miracles should not be expected given the dramatic oversupply of tonnage world wide, which will take a while to reduce before substantial rate improvements can be felt. A Capesize broker who was asked for an explanation for the irritations of the market said to call him back once we had found out. In other words there is no logic in some segments of this market. Off the Continent clinker charterers found US$ 23/mt for 20,000mt from Portugal to Lagos too expensive. 30,000dwt tonnage has been turned down at US$ 8,000 daily for a trip to West Africa. From the USG Supra fronthaul rates have been agreed at US$ 15,000 daily.

June 16, 2014 08:28 AM

With the switch to June, traders in the Sea of Azov have advanced much of their new business to July requirements and new crop contracts, which is injecting the market with a bit of optimism as hopes are high for grain harvests this year in both Russia and the Ukraine, which will, owners say, put quite a bit of fresh cargo volume into the Azov basin. Wheat shipments of 3,000mt fixed from Azov to the Turkish Black Sea for July, for instance, have been concluded at upwards of US$ 26/mt, which is considered a solid freight level by owners and compares very positivity with the current spot market level for this route by as much as US$ 8-10/mt higher than spot rates.

June 13, 2014 10:32 AM

Apart from the relatively vibrant South Atlantic, western basin Handy bulkers are facing an uphill battle in the Atlantic as charterers refuse to pay anything but bottom dollar. There is, however, a growing consensus that rates will rebound in late Q3 when summer may have already run its course. Far East sentiment is also softer with Indo coal trips now achieving around US$8,000 daily plus US$ 800,000 BB on India redelivery. Available tonnage is said to be expanding via ECI while the WCI sees some fresh coastal business, albeit paying just under US$ 8,000.

June 11, 2014 06:53 AM

The month of June has been, historically, a wild card for the European short sea industry, especially in recent years, when sudden spurts in regional demand have supported an ailing market at just the right moment. But presently, trends don't appear to indicate anything but a steady-to-softer path on freight markets as a general bear market seems to be taking over. One broker says that he can't remember when he last saw so many spot vessels open on the Baltic market. Cereals—grains and maize, etc.—are fixing rates in the range of EUR 8-9/mt from Denmark to the German Baltic, German brokers report, with the same rates given for that cargo from the German North Sea (on 3,000mt grains with stowage of 60') to Denmark.

May 27, 2014 12:08 PM

From WC India to Turkey, grain charterers are testing the market at US$ 27/mt for 15,000mt wheat. Owners deem a rate of around US$ 35/mt as more realistic. A 27,000 dwt was taken for an Aussie round at a low US$6,500 daily with Singapore delivery. Grain charterers are holding a 55,000 dwt ship at around US$ 11,500 daily for a trip from Singapore via Australia to Yemen, whilst coal charterers were working similar tonnage from Indonesia to India at US$ 12,500 daily. For quick employment in SE Asia, rates are also hovering around US$ 12,000 daily. Backhaul rates from China to the Med have been established in the region of US$ 6,500 for this type of vessel.

May 12, 2014 08:27 AM

There have been some surges in demand observed via the Continent with Handy bulk still following scrap cargoes to the Med on modern Supramaxes. Such runs are now going for a steady US$ 10,000—not a terrible rate in this day and age. In the Black Sea, a Tess 52 ship can fix as much as US$14-15,000 daily on round trips from Nemrut Bay via Black Sea and Arabian Gulf on redel PMO. US Gulf sentiment remains remarkably even-keeled with trends, however, suggesting that rates ex-USG may start slipping in the week ahead, down from current levels of US$ 11-12,000 to the Continent, freight rates that are already running along the bottom of the market.

May 08, 2014 09:13 AM

Handysize rates to ECSA are hovering around US$ 6,000 daily for 32-35,000 dwt tonnage, at which level Supra tonnage has also been available. Supra rates to the East seem to have steadied at around US$ 15,000 daily, whilst 32-35,000dwt tonnage has been offered at US$ 13,000 daily for a trip to India. There are reports of congestion of around 7-9 days in Rotterdam, where stocks are full and arriving cargoes cannot be discharged immediately, which is a clear sign of poor trading activity. From St. Lawrence, a 27,000mt wheat parcel was fixed to Algeria at close to US$ 30/mt, which is said to be the equivalent of around US$ 8,000 daily basis delivery USEC.

April 28, 2014 11:56 AM

There has been a little settling in Atlantic Panamax rates after a midweek rise in demand and sentiment saw owners holding their tonnage in hopes of better freights in early/mid May instead of late April. Front hauls from EC South America are picking up some momentum with APS trips to China getting around US$ 15,500 daily plus US$ 550,000 BB or perhaps even slightly higher in some cases.

March 26, 2014 07:20 AM

In the East, Supramax owners want to see the market moving upwards, now talking US$ 16,000 daily for short period. Owners of a 58,000dwt expressed their preference for a trip from CJK via Indo to India at US$ 14,500 daily. The Handysize market is demonstrating strength with a 32,000 dwt put on subs at around US$ 11,500 daily for 3-5 months trading with delivery in China. Owners of a 36,000 dwt ship say they want US$ 12,000 daily ex-China to PG. Whilst the Supramaxes keep advancing in the South Atlantic, the Handysize market is still slow and demand is still limited. A rate of US$ 13,000 daily was mentioned by charterers for a 32,000 dwt vessel for a trip to the Continent.

March 25, 2014 07:07 AM

The recovery of rates for Supramax tonnage in the South Atlantic seems all but unstoppable. Owners of a 61,000dwt vessel were proposed a rate of US$ 20,000 daily for 4-6 months of trading with delivery in Brazil. And from West Africa, a 57,000 dwt ship has supposedly been fixed at around US$ 17,000 daily for a trip from West Africa via ECSA to the East. Given this, it is not very surprising that owners want the rates to escalate, talking US$ 22,000 daily for a trip to India via ECSA with West Africa delivery, which at this present moment looks to be a bit steep—whilst rumours do have it that US$ 20,000 daily has already been bid for similar tonnage and trade. By the end of last week, a 56,000 dwt was fixed from Brazil to Yemen at around US$ 15,600 daily plus US$ 550,000.    

March 24, 2014 07:45 AM

Pacific rounds are all over the place rate-wise, though the best levels of US$ 12,000 daily that were seen at the middle of last week have given way to more typical rates concluded in the US$ 10,500-11,500 range. Period business continues to perform much better with several Kamsarmax owners able to extract upwards of US$ 14,000 for one year while standard Panamaxes were getting the same for about US$ 13,500 daily. Charterers do seem to be gaining the upper hand, however. Atlantic Panamaxes continue to suffer from a tonnage supply overhang on nearly all fronts with the USEC, ECSA and UK-Continent delivery points all failing to give owners premiums. Trans-Atlantic RVs seem to be going no higher than US$ 11,750 daily plus US$ 180,000 BB with charterers pressing owners for more discounts. A single bright spot could be taken by a recent front haul fixed on a Kamsarmax from the Continent to the Far East at a generous rate of US$ 19,500 daily. 

March 19, 2014 07:11 AM

The ever-volatile Capesizes take another jump into positive territory today as average freights pick up 5% day-on-day and the Pacific rounds blast toward toward the low-mid US$ 20,000s range of US$ 22-23,000 daily, having gained some US$ 2,500 over the past 24 hours. Trans-Atlantic RVs, meanwhile, increase by about US$ 1,000 to US$ 22,500 daily. Pacific Panamaxes are steady as she goes with owners trying to maintain their advantage and higher rates. Several brokers have noted how owners have been able to keep freights at strong levels despite a lack of real cargoes seen this week across a number of major routes. For April positions, there is a very wide gap between charterers' and owners' freight rate ideas. The Kamsarmaxes from North China, for instance, are seeking US$ 12-13,000 daily DOP in early April from North China to EC India. 

March 18, 2014 07:08 AM

Market observers seem to be torn as to where the Capesizes are headed with freights trending on a finely balanced line as Brazil/China voyages hold to around US$ 26.5/mt and UKC front hauls to the Far East under moderate pressure but still maintaining rates around US$ 40,000 daily. Fresh cargoes remain limited, lending the market a wait-and-see tone. Even as last week closed with some enthusiasm about the week ahead for Atlantic Panamaxes, the new week has so far started with little fresh cargo demand behind it. There are, nonetheless, glimmers of fresh stems around the USEC. All eyes are on the ECSA and grain shipments are coming on fairly steadily, but not at the pace that owners had hoped. 

March 17, 2014 07:03 AM

Pacific Panamaxes continue to suffer from limited cargo demand even though prevailing spot rates are moving slightly upward as Pacific rounds average rates in the range of US$ 11,000-11,500 daily. The rest of the market remains finely balanced, though if cargoes remain slight there could be a tipping point toward charterers' favour this week—something that remains to be seen. Period activity has also fallen off somewhat with the few short period deals that are made being fixed at about US$ 14,500 daily with owners asking for US$15,000 and charterers pushing for closer to US$14,000. From the Atlantic, front hauls have picked up a modest US$ 200 over the last session to hover at just under US$ 17,000 daily. On APS terms, one LME is reported to have fixed US$ 16,000 daily plus US$ 600,000 BB ex-ECSA to the Far East for end-March dates. Atlantic owners continue to remain optimistic about the week ahead. 

March 12, 2014 07:09 AM

Rumours have it that a 35,000dwt traded at US$ 7,500 daily for a trip from North to South Brazil, which if true is extremely cheap. Under the depressed conditions it is not surprising to see Brazil charterers talking US$ 9,000 on a 28,000 dwt for short period. South African brokers report a fairly slow market. Freights for 30-32,000 dwt tonnage are hovering at US$ 6-7,000 daily for trips to the Continent. The same is getting fixed to the East at US$ 8,000 daily plus US$ 200,000 BB. Coal rates from South Africa to Turkey for about 40,000mt are trading at around US$ 25-26/mt. There appears to be a lack of tonnage for March dates to cover this cargo, brokers say.

March 11, 2014 07:06 AM

After their week-long rally, Capesizes finally take a breather at the start of a new week with voyages sideways—Pacific RVs steady at just under US$ 11/ mt—and long hauls all up by a comparatively minor US$ 500 today with the TARVs hitting US$ 25,500 daily for index ships but up to almost US$ 28,000 daily on newish 180,000 dwt vessels via UKC. Front hauls to the Far East ex-UKC rise to US$ 44-45,000 daily. Pacific Panamaxes take a breather as well with few new fixtures seen at the start of the week and market sentiment running on the fumes of higher activity seen before the weekend. Indo coal rounds via South China are fetching premium freights of up to US$ 16,000 but usually fixing closer to US$15,500 daily. 

March 10, 2014 07:10 AM

Optimism continues among Atlantic Panamax owners, though cargoes did slow down by Friday—hopes are high, though, for a resurge in cargoes this week. Supramaxes are still tight from the Continent, but a low level of cargo demand has kept rates flat. Scrap ex-Baltic to the Turkish Med is giving Handysizes of 42,000 dwt strong rates of up to US$ 19-20,000 dwt, brokers say. The Black Sea grain markets remain in a bit of limbo amid the Russian intervention in Crimea. From the USG, there are delays along the Mississippi River that are pushing waiting times up to one week, traders complain. Grain rates ex-ECSA have finally levelled out with 32-34,000 dwt tonnage able to secure over US$ 12,000 daily from the Plate to UKC. WCSA is said to be shaping up nicely on new sugar shipments for modern Handysizes. 

March 05, 2014 06:14 AM

The Pacific Handy bulk markets remain subdued at midweek with very few vessels seen on spot and freights trading at rather firm levels. Coal trips from Singapore to India and back are giving Supras rates of US$ 14,500 daily or higher, brokers report. India coal rounds from South China are going for upwards of US$ 12,500 daily. Tonnage is tight from ECI and getting tighter from WCI. In the Atlantic, there are signs of life from the ECSA with open avails finally starting to tighten as steady grain shipments are catching up with tonnage. Black Sea rates are looking firmer as well with owners asking for US$ 18,000 daily from East Med passing Canakkale to Singapore- Japan and charterers willing to pay US$17,000 daily. 

March 04, 2014 06:07 AM

Period business remains nearly the only sector of the Panamax markets that are presently holding firm with the week beginning on a sturdy note as a handful of 5-7 month period TCs were fixed in excess of US$ 15,000 from the NoPac. Year periods have been secured at about US$ 13,500 daily. The North Atlantic continues to face pressure on the spot market with rates softening further. The ECSA continues to be overburdened with open tonnage. USEC coal trips to ECI are fetching rates at up to US$ 16,500 daily. Pacific Panamaxes are also more troubled than last week with charterers starting to withdraw their cargoes from the market in hopes of further declines. 

March 03, 2014 06:06 AM

Pacific Handy bulkers are still barrelling ahead as cargoes run just in front of tonnage on a number of routes. The Atlantic is another story, however, with the USG still under pressure due to the abundance of ballasters in the area—but Mississippi River congestion has helped mediate the declines to some degree. Scrap trips from the Continent are securing strong rates into the East Med—often as high as US$ 17,000 daily on modern Supras—though there are signs this scrap rush has run its course for the time being. Scrap rates from the USEC to the Med were fetching nearly US$ 20,000 daily last week, but may come under more pressure this week, brokers warn. 

February 26, 2014 06:05 AM

Charterers were rating 35,000 dwt tonnage at US$ 15,000 daily for a trip to the Continent and US$ 13,000 for a trip from the Paramaribo area to the Black Sea. Supra charterers are reluctant to pay beyond US$ 20,000 daily for a trip to West Africa. Handysize rates from ECSA for local trades are still holding to around US$ 11,500-12,000 daily. Supras have been taken at US$ 11,500 from Santos via Red Sea to Port Said. Clouds have emerged on the once blue-skied Supramax market in the East. The insane and fast upward rally has come to a halt. Owners now exercise restraint by reducing their ideas. For Indo to India, owners are rating US$ 14,000, a far cry from the US$ 18,500 daily reported on a 61,000 dwt last week, let alone the recently rumoured fixture of US$ 12,500.

February 25, 2014 06:08 AM

It's a holding pattern for the Capesizes with virtually no movement up or down on any route with the possible exception of the trans-Atlantic RVs, which gain a slight US$300 from Monday on index types to settle at just under US$ 7,000 daily. Otherwise, the Brazil/China voyages are flat at US$ 18.9/mt. Trans-Atlantic Panamaxes are besieged by expanding tonnage as ships arrive at ECSA from all over and further depress rates. If grains don't start emerging from South America soon, Atlantic Panamaxes could be in trouble. Grains ex-ECSA to Singapore-Japan are getting APS rates no better than US$15,500 daily plus US$ 550,000. Pacific Panamaxes start the week on a rather uneventful note as owners and charterers each wait for the other one to make the first move.

February 24, 2014 06:12 AM

Atlantic Panamaxes are still struggling. The fact that almost all positive hope lies on the South American grain market points to part of the problem as the rest of the Atlantic faces high tonnage and low cargoes, relatively speaking. USEC coal voyages are getting about US$ 5,500 daily now, which is barely opex, while trips ex-USG to the UKC are fetching APS rates of US$ 12,000 daily plus US$ 200,000—again, nothing to write home about. Grain front hauls ex-ECSA can conclude about US$ 15,500 daily plus US$ 500,000. Eastern Panamaxes continue to fare much better with word of a short Indo round fixing nearly US$ 15,000 on Friday. But the real cargo push is coming from Aussie coal and NoPac grain, both of which are taking a lot of tonnage off the market.

February 19, 2014 06:06 AM

The chartering market in the Atlantic keeps showing signs of stability to say the least. Handysize period is up with five-digit numbers having become standard for short period. Owners of a 32,000dwt open Baltic see low US$ 10,000s for 3-5 months. Timber charterers are still open to cover their Baltic requirement to the Egyptian Med. Grain charterers are busy working on tonnage at US$ 24.5/ mt for 27,000mt wheat ex-Rouen to Algeria. Fertilizer charterers took a 35,000 dwt at around US$ 8,250 daily for a trip to ECSA. Supra owners like the fancy numbers, talking US$ 18,000 daily for a quick trip to the East Med with scrap, which turned out to be too high after all. The Black Sea remains a trouble spot for the owners. Supra charterers would not even be ready to pay US$ 20,000 daily for a trip to the East. 

February 18, 2014 06:04 AM

An early week turnaround is afoot for the Pacific Capesizes and some stabilizing on the Atlantic ones. Most dramatically, Pacific RVs achieve an upward correction of some US$ 1,500 daily today into the low US$ teens of US$ 11-13,000 daily, according to Pacific brokers. Pacific voyages are also buoyant on spot, firming up by nearly US$ 1 to US$ 8.3-8.5/mt. Pacific Panamaxes maintain the positivity that they ended last week with and freights continue to firm, though general fixing activity is slightly subdued at the start of the week. Normal Pacific rounds trading in the neighbourhood of US$ 11,000 daily DOP and there are fresh enquiries for early March dates on RVs via NoPac and EC Australia. Atlantic Panamaxes remain embattled with TARVs down to US$ 8,000 daily.

February 17, 2014 06:04 AM

Pacific rounds on Capesizes via EC Australia saw some strengthening going into the weekend with charterers willing to give no higher than US$ 7.6/mt for end-February. Rates have been mostly flat as cargoes come hit-or-miss in most markets. South Africa activity is also muted with voyages to UKC in early March being fixed at about US$ 12-13/mt. More worrisome for the mid-term is the continuing build-up of tonnage via ECSA against the fairly low offering of cargoes at the moment. TARVs are still drifting with last-done seen at under US$ 6,000. Period deals continue to far exceed the spot market with year-long periods fixed at up to US$ 19,000 daily and even up to US$23,000 daily on eco vessels. 

February 14, 2014 12:57 PM

South America has been easing off for Handy bulk freights. Brazil charterers wouldn't pay much more than US$ 10-10,500 daily for a 30,000 dwt trading along the coast for 20 days. They were rating a 46,000 dwt in ballast from North Africa (only six days mind you) at US$ 12,000 for a trip from north to south Brazil. But the owners, realising they'd not be able to get close to their rate of US$ 14,000 daily, decided to fix something else.

February 13, 2014 11:47 AM

The Cape recovery has been rather short-lived with reality outrunning sentiment and spot rates trending flat at best, down at worst. Fixture activity has been fairly strong early in the week and indeed year-period TCs have been fixed in the mid US$ 20,000s daily while Pac RVs have been able to conclude rates up to US$ 11,000. Trans-Atlantic RVs are under pressure, however, down US$ 500 today to US$ 5,500 daily.

February 12, 2014 06:07 AM

Handysize sentiment continues to improve in the Far East, however downward pressure remains on the Supramax markets, which are still overly reliant on Indonesian mineral cargoes—minerals like nickel ore that are now sorely lacking due to the strict government ban. Indo coal remains on the market, however. Ex-Indonesia, coal trips are getting slightly firmer rates of US$ 7,250 daily plus US$ 75,000 BB, we are told, into India, while the same to South China gets a comparatively lower US$ 7,000 daily plus US$ 60,000 BB. Rates are sliding in the Black Sea as open tonnage expands in the area. Tonnage is expanding via West Africa and in the South Atlantic in general. A 46,000 dwt vessel fixed US$ 11,250 daily basis DOP Abidjan with concentrates on a trip via ECSA.

February 11, 2014 06:08 AM

Pacific Panamaxes are more buoyant with Pacific rounds still firming and modern ships getting upwards of US$ 10-11,000. Period activity has slowed down. Pacific Handy bulkers are sluggish with charterers seeking mid/end-Feb positions, though holidays in Japan and Korea reduced shipbroking activity on Monday. In a more bullish sign in SE Asia, however, we hear open tonnage is getting tighter as ballasters flee, suggesting that a market turnaround is afoot. Indeed APS rates via Indo are fixing slightly higher levels of US$ 7,000 + US$ 60,000 BB. In the Atlantic, there are more prompt requirements emerging via West Africa and ECSA, though availabilities remain expansive in both areas, especially the former.

February 10, 2014 06:12 AM

Trade volumes are still unspectacular in the Far East for Supras and Handymaxes, though a combination of replacement shipments of nickel ore from the Philippines, more coal cargoes from Indonesia and a general clearout of tonnage thanks to ballasters looking for better areas trade all have contributed to an improved immediate market outlook for the larger Handy bulkers. It does appear that the bottom of the market has been reached and that rates are set to turn around this week. Coal rounds from NoPac to China via Indonesia are still getting about US$ 5,000 daily. Indo coal rounds to India are giving Supramaxes APS rates of US$ 6,500 + US$ 70,000 BB.  

February 07, 2014 01:20 PM

A mild Capesize recovery proceeds apace with another 2% day-on-day gain in the index and similar jumps on individual routes—particularly the Pacific round voyage, which picks up US$ 500 today to exceed US$8,000 on index routes and already suggest talks for US$9,000 daily on modern tonnage. Front hauls, meanwhile, are spotted exceeding US$ 26,000 daily.

February 05, 2014 07:21 AM

South African brokers report on a two-tier market in the area, where an avalanche of Supra vessels in ballast from India and SE Asia are spoiling the South African market, and also sooner or later the market in the South Atlantic in general. In contrast, the Handysize market remains still a bit tight on tonnage with rates to the East hovering around US$ 15,000 daily for 32-35,000 dwt bulkers and around US$ 11,000 daily for a trip to the Continent, respectively. Handysize rates in the South Atlantic for trips up to the Continent are holding to about US$15,000 daily for the usual 30-35,000 dwt ships. Period rates expressed by owners and charterers differ significantly when the vessel comes open in West Africa, where owners of a 35,000 dwt want US$ 11,000 for short period, whilst charterers were proposing US$ 9,000 based on the ship's position. Had the ship been ready in the ECSA area she'd have been worth around US$ 12,500 daily.     

February 04, 2014 06:08 AM

A non-binding Memorandum of Understanding (MoU) was already signed and mutual auditing has started. The Chilean line since quite some time has been looking for a partner to become a player in the big league. Together Hapag-Lloyd and CSAV would represent the world's fourth biggest liner company with a global market share of 5.6% and a total fleet of some 1m TEU plus a combined orderbook of 113,000 TEU. Until now Hapag Lloyd has been at seventh place and CSAV at 21st among the world's top container firms. According to recent estimates by Clarkson, an increase in global box trade of about 6.1% is expected in 2014. The largest share by far will be pocketed by the largest liners who are trending toward building consortia to create even larger players. The improved 2013 economic outlook prompted the Transpacific Stabilization Agreement (TSA) to aim for an increase of some US$ 300/FEU for USWC and around US$ 400/FEU for other cargoes compared to last year's levels. 

February 03, 2014 04:22 AM

Pacific area sentiment can be described as sluggish at best—with the onset of the Lunar New Year week and the continuing bearish impact of the Indonesian mineral export ban, demand for both Supramaxes and Handymaxes has fallen off rather considerably. There remain large volumes of Supramaxes off of Indonesia waiting for the tides to turn, but for now coal remains the only thing coming out of Indonesia for the dry bulk market. As such time charter rates have been nearly cut in half since the year began—indeed five weeks again Indo rounds were exceeding US$ 10,000 daily. Now they are lucky to secure APS freight rates of US$ 5,000 daily plus US$ 50,000. Unlike the struggling Supramaxes, Handysizes find themselves much more in demand—mostly because Handysizes are not overly reliant on mineral cargoes from Indonesia.

January 31, 2014 08:41 AM

The last day of January and the first day of the Chinese New Year—Gong Xi Fa Cai! to all of our Chinese readers—brings the Capesizes into a stasis mode as losses of previous days level out and owners refuse to go any lower for the time being. Year period TCs continue to trade in the low-mid US$ 20,000s daily. Flat line trends prevail in the Far East as Panamaxes run on fumes with the owners most desperately seeking holiday cover relenting to lower rates while those that can afford it are opting to wait until after the New Year week in China. Interestingly, there is better support for ECSA from late February, brokers say, but early/mid February remains plagued by an overabundance of ballasters versus relatively little grain to load on spot.

January 30, 2014 04:13 AM

Apart from occasional highlights, the East remains under pre-holiday pressure. A rate of US$ 6,500 daily for 45,000 dwt tonnage plus US$ 250,000 BB has become an appropriate trading basis. A rate of around US$ 8,000 daily for a 28,000 dwt to perform 2LL with delivery in Japan compares favourably with the aforementioned. Owners of a similar size vessel were cautiously testing charterers at US$ 7,500 for a NoPac RV with delivery in Korea. Unlike East and SE Asia, tonnage is said to be tight via PG-WCI, which quickly finds its reflection in healthy rate levels. 28,000 dwt tonnage was fixed at US$ 12,000 for a trip from PG ex I/I to WC India. In line with this, owners of a 32,000 dwt want US$ 14,000 daily for a trip to China and US$ 16,000 to EC India. Strangely enough, the market for 51,000dwt tonnage is hovering at similar levels—or even less—for this trade. 

January 29, 2014 06:10 AM

The Red Sea area remains a challenging place for charterers. Fertilizer charterers tried to induce owners of a 55,000 dwt at a decent US$ 12,500 daily for a trip from Red Sea to India. For trading within Bay of Bengal, owners of a 33,000 dwt want more than US$ 10,000 daily. The Black Sea no longer appears to be a preferred direction, and calling ice ports is one more obstacle to overcome for owners. From the NCSA, they are holding out for a lot of money, such as a 45,000 dwt vessel proposed at US$25,000 daily for a trip to an ice-ridden port plus a bonus of 180,000 lumpsum. Owners of a smaller 33,000 dwt had no qualms asking a 30,000 dwt for a straight trip. Rates from the US Gulf keep going strong with owners of a slightly overaged 30,000 dwt holding US$ 19,000 daily for a trip to the Continent, which is about US$ 5,000 daily below their own ideas. 

January 28, 2014 06:09 AM

After some increased interest from the big charterers via Australia was observed last week there were high hopes that this week would kick off with a bit more business of the same kind among Capes. Alas, trends remain bearish at the start of the week with TARVs especially downcast, losing nearly US$ 1,000 day-on-day to settle at US$ 7,500 on index types. There are some green shoots seen among the Pacific Panamaxes with principals jockeying for their pre-holiday business while trying to decide if the market will bounced post-Chinese New Year or continue on the sliding path it is today. There are good cases to be made for both. Indonesian coal rounds are getting about US$ 7,500-8,000 daily via Taiwan. APS trips are going for about US$ 8,000 plus US$ 110,000 BB from Indo to Japan.

January 27, 2014 06:13 AM

For early January, the Atlantic Panamaxes had been held up by a reasonable amount of cargoes from ECSA, but now with even these cargo flows having slowed down, sentiment has taken a turn for the bearish. Charterers, having gotten wind of the turning tides, are talking the market down and owners are more often consenting. TA trips from the USEC to the Continent have fallen under US$ 19/mt on voyage basis. There are still fresh cargoes coming on from the USG where APS deals east have been fixed at upwards of US$ 19,000 plus US$ 900,000 BB. Atlantic Handy bulkers lack the momentum they need to make it through the western winter without flagging while expanding avails continue to be a worry for owners seeking to secure half decent cover.

January 23, 2014 10:58 AM

Panamaxes are being savaged on the spot market as any ground gained last week has all but eroded this week. ECSA grain demand continues to loom large, though, as ever before, it is having a greater impact in theory than in practice. In the East, an eco 75,000 dwt ship is seeking over US$ 14,000 daily for an RV via Singapore in mid-February. More trips are being fixed from NoPac now that owners have finally relented to lower rates as rounds have been pushed down toward US$ 10,000 and even US$ 9,000 daily at last-done. Eco ships for CJK/N.China are getting rates of circa US$9,500 daily. APS terms are steadily gaining prominence via Indonesia with trips to China fetching around US$ 8,500 plus US$ 10,000.

January 22, 2014 06:15 AM

The USG remains a tough battlefield for the charterers where finding cheap tonnage has its limits. Grain charterers, attempting to avoid paying through the nose to cover a trip from USG to Brazil, for which the rate for a 32,000dwt vessel is hovering in the low US$ 20,000 daily, the charterers rather stick their neck out and take tonnage on for 2-3 laden legs, indicating US$ 12,000 daily plus a 225,000 ballast bonus and redely Atlantic. To cover a cargo to Red Sea charterers were hoping to attract owners of a 37,000 dwt vessel at US$ 22,500 daily with redely Port Said. But given the abundance of good choices, the owners find it difficult to make up their mind. Rates have come off from the Continent where grain charterers keep fixing 25,000mt cargoes from Rouen to Algeria at US$ 25/mt with the exception of the generous ACTI paying US$ 25.5/mt. 

January 21, 2014 06:06 AM

Spot freight rates on the main trade routes show a divided picture, much like the week before. The decline in the Asia-to-Europe route carries on, looking at this week's ratings on the SCFI, with rates down 4.2% to US$1,641/TEU. On the Asia-to-Med route the drop is 4.3% to US$1,670/TEU while on the Asia-to-PG-Red Sea route a smaller loss of 1.5% is seen to US$ 565/TEU. In contrast, ahead of the Chinese New Year a major increase is seen on the trans-Pacific routes by 13.1% on the Shanghai-to-USWC route to US$ 2,111/FEU and 6.6% on the Shanghai-to-USEC route to US$ 3,430/FEU. The secondary trade lanes had a 6.4% fall on the Asia-to-South America route last week while shipping to Africa is hovering around last week's levels with 0.7% less on the Asia-to-South Africa route to US$ 755/TEU and 0.2% more on the Asia-to-East/West Africa route to US$ 1,944/TEU. 

January 20, 2014 06:10 AM

The Atlantic Panamaxes are seen softening rate-wise going into the weekend with trans-Atlantic RVs, nonetheless, holding to US$ 14,000 daily but front hauls from the UK-Continent slipping into the US$ 22-23,000 daily range. Despite the short-lived surge in activity in the middle of last week, after-effects remain mildly bearish with owners still struggling to find employment and charterers still applying more pressure to last-done rates. Sentiment is sunnier in the Pacific with several period rates buoying the market with year period being done at US$ 15,000. Grain RVs via ECSA are being fixed on eco vessels from China at around US$ 14,000 daily DOP and up to US$ 17,000 daily passing by Singapore-Japan.

January 17, 2014 11:48 AM

The Capesize spot recovery continues with sentiment getting a further boost on the long hauls with both the TARVs and front hauls from the UKC to Far East picking up about US$ 1,000 day-on-day to settle at just around US$ 14,000 daily and US$ 35,000 daily, respectively, thanks to a concerted push by major charterers to start fixing their pre-holiday minerals.
After a spurt in activity earlier in the week, the Atlantic Panamaxes have calmed back down again as spot rates continued to drift and trans-Atlantic RVs slipped to about US$ 14,000 daily while front hauls dropped to US$ 23,000 daily. New cargoes remain limited, much to owners' chagrin, but hope springs eternal for re- newed grain interest via ECSA and US Gulf. 

January 16, 2014 04:44 AM

Handysize tonnage is tight in South Africa. Hence this market has bounced back with a vengeance. A 33,000 dwt was fixed at US$ 12,500 daily for a trip to the Med, which means that to the East she would cost as much as US$ 15,000 daily. The most reliable market for owners remains the US Gulf area, with a 60,000 dwt booked at US$ 30,000 daily for a trip to North Africa and another 57,000 dwt bulker at US$ 28,000 daily to the Med. Handysize tonnage of 32,000 dwt should be able to command over US$ 20,000 daily for a trip to the Continent. The 32,000 dwt "Kovdor"—which in the last week of 2013 was fixed for a cargo to Brazil at the daily equivalent of US$ 25,000—got cancelled. The owners of the ship are now seeking a similarly luxurious fixture.

January 15, 2014 06:09 AM

Even with brightening cargo sentiment in the Pacific as well as increased period chartering, Panamaxes in the East remain under the gun as freights move sideways at best. A mild uptick in period fixing and rates, however, can be taken as a positive sign for medium term sentiment. Rates of US$ 10-11,000 daily have been fixed most recently from South China for 4-6 months of trading. Fixing activity has been picking up steadily in the Atlantic as well with owners lifting their offers on front hauls from both ECSA and USG. TARVs are still under pressure. Handy bulk rates are steady in the Atlantic, though cargo orders from the North Continent have started to ease again, leaving area owners with the challenging decision of accepting discounts or holding to their higher-than-market offers.

January 14, 2014 06:28 AM

Enquiry levels have perked up across the Black Sea, NCSA and USG, brokers note, giving owners reason for optimism. Front hauls from ECSA for February are being described at steady to faintly bullish thanks to the emergence of Q1 grain demand to Asia, par- ticularly to China. TARVs are nonetheless down to US$ 15,500 daily and remain under threat. Pacific rounds are hovering around US$ 9,500-10,000.
Cargo enquiry for Atlantic Handy bulkers continues to gain momentum along the UK-Continent routes as Supramax owners off the North Continent can still demand premium rates, especially if compared to most of the rest of the Atlantic basin. Supramax rates from the Black Sea, however, do look a bit softer at the start of the week. A modern Handymax is said to have fixed US$ 18,500 from Port Said to the NoPac.

January 13, 2014 06:22 AM

Handysize business is all over the place, but the lead-up to CNY (Chinese New Year) coming at the end of the month remains a big question mark, i.e. are traders going to rush in fixtures just before CNY or will they wait until after the week of holidays has passed to get their business done? At any rate, a 32-34,000 dwt ship is getting about US$ 8-9,000 daily for Pacific rounds while the smaller 28-32,000 dwt ships can fix US$ 8,000 for NoPac rounds. Handysizes of 38,000 dwt from Singapore are said to be fixing US$ 9,500 daily to Australia and back. Short period is being done at about US$ 8,500-9,000. But general cargo activity is subdued across the region.     

January 10, 2014 12:07 PM

Panamax owners breathe a guarded sigh of relief as the declines seem to slow in both hemispheres with the Atlantic in particular looking steadier as TARVs level at US$ 16,500 daily. The Pacific also hints that freights may flatten before the weekend. Still, new cargoes remain scare in the East and avails continue to expand—never a good sign for owners hoping to fix last-done freights. Pacific rounds are concluding in the high end of the US$ 10-11,000 daily range and some Aussie rounds are said to be getting up to US$ 12,000 daily, though owners are mostly still being forced to take a reduction on last-done levels.

January 08, 2014 06:02 AM

After a drop in rate levels before Christmas the ECSA market has started to recover with owners of 32,000dwt talking US$ 16,000 daily for a trip to the Med. Brazil charterers were hoping that a rate of US$ 11,750 for a 23,000 dwt for a 20-day local trip would attract owners, whilst owners counter-indicated US$ 14,000 daily. The 32,000 dwt "Thurgau", open Esperance, is linked with a trip to China at yet undisclosed terms. Otherwise, charterers have quite visibly started to talk the market downward, rating 35,000 dwt vessels for short period hires or NoPac rounds, respectively, in the very low US$ 9,000s daily range. For a trip from China to Southeast Asia, for example, they have been rating US$ 8,000 daily.

January 07, 2014 06:30 AM

There are glimmers of new cargoes in the Atlantic Panamaxes as traders return to their desks, though trends remain bearish as charterers stay content to let spot market sentiment decline as long as it can. Front hauls have slipped to the low-middle US$ 20,000s while trans-Atlantic RVs are down to about US$ 17,000 range, though spot dates are tighter. The ECSA Handy bulkers, local sources report, have started 2013 on a surprisingly busy note with plenty of cargo inquiries being heard—fixtures, however, remain limited. Black Sea traders have seen a bit more grain activity and Supramax front hauls to the Far East are pushing toward US$ 19-19,500. Open tonnage is still tight on the PG-WCI trade routes.

January 06, 2014 06:11 AM

Still running on fumes for the first two trading days of the year, Capesizes continue on a mild downturn, losing some 5% from last-done and as much as 20% from the highs of late December. Pacific RVs have tumbled especially hard, slipping by US$ 5-6,000 in the past week to settle at just over US$ 20,000 daily. But new cargo orders are expected to return today. Pressure has been growing on the Panamaxes in the Pacific with those few fixtures that have been concluded in this very fresh New Year done at lower rates than end-2013. A few grain trips have been fixed via NoPac to Japan on delivery Tianjin at about US$ 11,000 daily and two Pacific coal voyages have been fixed at US$ 13.75/mt. Action is at a low ebb in the Atlantic as well with holiday hangovers still holding on and principals happy to wait for the first full week to begin trading in earnest. 

January 03, 2014 06:09 AM

The first trading day of the year does not open the flood gates as some had expected for the Pacific Panamaxes, though there have been trickles of fresh enquiry seen from China as a 2011-built, 73,000 dwt vessel is fixed at US$ 11,000 daily from Jintang, then back to China via NoPac with grain. Atlantic Panamaxes are only marginally busier, but sentiment is largely unchanged from last year—however there are concerns about the current tonnage overhang on the market and whether January cargoes will be sufficient to soak up the excess available tonnage. Still nursing their New Year's hangovers, the Atlantic Handy bulkers did not spring back into action either with sentiment very much subdued across the board and cargo orders rather limited.

December 20, 2013 07:22 AM

As Christmas approaches many charterers are trying to get through the last fixtures and focus on loading what they have coming towards them. There are few ships open in New Zealand in January but a few charterers have put off some of their December loadings with the increased charter rates and have also taken account of December loadings, giving an arrival in the middle of the Chinese New Year holiday. So, most January positions, which are normally difficult, have been relatively well subscribed. Looking ahead to 2014, log volumes will continue to grow from New Zealand and an approximate 10% annual growth rate which is adding about four voyages per month out of NZ to Asia (mostly China). Log markets remain flat to slightly up. Going into January and February they should be flat giving the supply and demand balance.

December 19, 2013 06:05 AM

Even amid the acceptance of a pre-holiday slowdown, Pacific Panamaxes see a last-minute spike in cargo demand from Australia and NoPac, albeit most of them for January. The remaining few December ships are seen pursuing that remaining December cargoes, though with charterers now regaining some nego- tiation traction, it is likely that they will be able to secure slightly lower rates than they were getting last week. Pacific rounds have now fallen below US$ 12,000 daily and are most likely to continue drifting through the end of the year, given present trends. The flow of fresh cargoes in the Atlantic Handy bulk markets has been very limited in the past day or two and more than a few shipbrokers report that many vessels in the North Continent are ballasting toward the USEC in search of better business opportunities. 

December 16, 2013 06:12 AM

Eastern Panamaxes are still pushing ahead, though there continue to be signs of expanding tonnage, suggesting that the good times are about to end for owners. Indeed, there have been discounts already recorded on the period market with short period getting no higher than US$ 14,000 on modern Kamsarmaxes, or some US$ 500 down from last seen. The Atlantic Handy bulk market remains strong almost across the board with even the West Africa delivery Handysizes fixing upwards of US$ 8,000 to the Black Sea without having to ballast. Tonnage avails, as such, are still very tight from ECSA and West Africa with well-placed Handysize owners securing astronomical rates in the mid US$ 20,000s from ECSA to the Continent. Short period business is solid with 4-6 months being done at US$12,500.      

December 13, 2013 06:05 AM

It's full steam ahead for Capesizes as average rates take on another 8% today and owners push forward with all they've got. TARVs are now being done in the low US$ 40,000s daily with US$ 42,000 daily fixed today from the UKC. Year periods, meanwhile, are getting concluded in the low US$ 20,000s daily. Pacific Panamaxes are holding to last-done rates and owners are still seeking higher levels, but not usually getting them—indeed charterers seem to have gotten a bit of confidence back and are asking for reductions again. Steadiness prevails for now, however. Pacific rounds are going for about US$ 14,000 daily, though with orders softer and avails wider, it seems like a downturn is just around the corner. The Atlantic is stronger with rates still rising and fronthauls getting more than US$ 29,000.

December 11, 2013 06:12 AM

Chartering markets are in a surprisingly good health. This rather unexpected improvement of the market is causing many charterers to run behind on time. Many charterers face huge losses on their shipments, which weeks ago were calculated at much lower rates. Wavering is no solution to this problem. Losing US$ 500,000 on a shipment can easily happen. The gradual and seemingly more sustainable upward movement has also shaped the general perception of a broader change in the market's direction with more prosperous months seen ahead for owners. After scrap charterers took a Supra at US$ 30,000 daily for a trip from the Continent to the east Med, owners now viewing this as the new benchmark. Owners of a 47,000 dwt turned down US$ 18,000 for a trip to West Africa lasting about 45 days. They want US$ 24,000.

December 10, 2013 06:02 AM

Panamax markets in the East see quite a bit of talk about fixtures with fresh cargoes entering the market at a steady pace, though tonnage is starting to expand on some routes, thus giving charterers a bit of hope that rates will at least plateau soon. Coal rounds from EC Australia to Japan are getting around US$ 16,000 daily. Cargoes are a bit calmer in the Atlantic, but the USG is still running hot and rates are bound to rise. Atlantic Handy bulkers stay very stable indeed with charterers still rushing around to fix their remaining cargoes before the holidays begin, especially on the Continent where holidays can begin a week before Christmas. Baltic scrap trips to the East Med now get rates up to US$ 26,500 daily on modern Supramaxes. 

December 09, 2013 07:08 AM

In the Pacific, Panamax activity stays at a high pitch with owners still pressing for short period deals when possible. Last-done short period is up to US$ 13,500 daily and there are already proposals from owners exceeding US$ 14,000. Trips from China to EC India via Australia are getting US$ 14,000 daily now and there is good reason to expect a round to be at US$ 15,000 daily—or more—by the end of the week with the supply-demand dynamic remaining mismatched. The ECSA has now emerged from the doldrums of early November into a market with charterers also paying top dollar like the rest of the Atlantic Handy bulk market. As there are few if any weak areas in the Atlantic—indeed most of the world for Handies—it is difficult for charterers to apply pressure to rates as owners have a wide selection to chose from. This is also what is keeping sentiment high despite the pre-weekend lull. The USG stays the strongest market with TA voyages consistently fixing over US$ 20,000. 

December 06, 2013 06:22 AM

2014 will bring a stronger demand for Handy vessels both from New Zealand and in the rest of the Pacific basin feeding into China. On the supply side, there are still ships being delivered, so supply is increasing modestly and there is the often unconsidered element of ship speed. There is a simple calculation: daily bunker costs + daily hire cost = total daily cost. As daily hire cost increases, low speed no longer delivers the lowest total cost. Speed needs to increase to get the lowest daily cost. Increased speed means more vessel supply. More vessel supply caps daily hire cost on the basis of flat bunkers. If bunkers were to decline in value, this situation would be exacerbated. This commentator sees the balance of ship speed to daily hire cost as the key factor of 2014 and possibly beyond. If all Handies and Supras were now running at full speed, this Q4 rally probably wouldn't have unfolded as it has. 

December 05, 2013 06:38 AM

Charterers still seem to be at the mercy of Panamax owners' whims in both basins with cargoes back-logged enough to give no excuse or reason to delay fixing what needs to be fixed in the last two weeks before the holidays. LMEs open South China are seeking upwards of US$ 15,000 to Indonesia and back while Kamsarmaxes open North China are getting Aussie rounds fixed at over US$ 13,000 daily. Owners are seeking long periods up to a year with years being done in the US$ 12-13,000 range, depending on terms. In the West, positions from the USG are very tight for mid-January as RVs see bids of US$ 18,000 daily + US$ 800,000. Atlantic-based observers expect avails from USEC to stay tight for the remainder of the year, hence the low resistance among charterers to grant premiums on spot rates.

December 03, 2013 06:19 AM

Brokers continue to describe the Sea of Azov market as "bullish" with tonnage availability for charterers being "poor" particularly on sea-river tonnage on spot. Charterers are, as such, advised to seek tonnage with minimum 2-3 weeks notice. Ice dues are expected to come into force at the end of December with the first ice forecast to arrive on about 25-30 December—something that could considerably shift the dynamic of the Azov market and, says one broker, likely add US$ 2/mt on top of current freights. Freights basis Rostov with 3,000mt wheat (free ice dues) are trading at US$ 29-30/mt to the Turkish Black Sea, US$31-32/mt to Sea of Marmara, US$ 34-35/mt to Izmir, US$ 46-47/mt to Mersin, US$ 47/mt to Albania, US$ 49-51/mt to Egyptian Med, US$50-52/mt to Italian Adriatic and US$60-63/mt to Spanish Med. 

December 02, 2013 06:20 AM

Off the Continent, Rouen to Algeria has now gone up to US$ 27/mt for 26,000mt of wheat. Other charterers covered a 30,000mt stem on time charter basis (see below) at US$ 14,500 daily, which equates to about US$ 25/mt. The quantity makes all the difference on a voyage rate. A 32,000 dwt has allegedly been offered a rate of US$ 14,500 daily for a trip via St. Lawrence to ECSA whilst a rate of around US$ 13,000 daily has been agreed on a Supramax for a trip to the ECSA. Still-steady demand from the Black Sea area continues to keep rates from dropping. Owners of a 45,000 dwt reduced their offer to US$ 21,000 daily for a trip to India. And Singapore charterers were keen to find a Supra to cover a cargo via E.Africa. Charterers kept raising their ideas from US$14,400 to US$16,000 without inspiring owners to act. With cargo output up, the ECSA seems to turning into the "promised land".

November 29, 2013 07:51 AM

Capesizes rocket upward with average rates up 14% in the past 24 hours and owners pushing for further hikes. Long hauls are on fire with the trans-Atlantic RVs up US$ 3,000 on the day to hit US$ 22,000 and front hauls up US$ 5,000 to US$ 33,000 daily. Lifted by Cape enthusiasm and their own tightening avails, Panamaxes are keep the fires burning in both hemispheres, but increasingly the East as healthy cargo volumes come on from Australia and Indo. Fog and congestion at North China, says Thurlestone, is also occupying tonnage avails and contributing to a general bullishness in the North Pacific. Rising fertilizer demand is complementing the already strengthening grain cargoes in the NoPac. 

November 28, 2013 06:06 AM

The Capesizes have been moving into a higher gear with spot markets picking up momentum across the board. Particularly buoyant are the front hauls from UK-Continent to Far East with some rates adding US$ 2,000 in just the last 24 hours to settle at rates of around US$ 27-28,000 daily—there are even some rumours of US$ 30,000 daily already in talks. Pacific RVs are also bubbling up with rates fixing at US$ 19,000 daily and starting to move toward US$ 20,000. Brazil/China voyages exceed US$ 21/mt. Fixing activity remains at rather high levels in the Atlantic with available Panamaxes starting to become fewer and fewer, especially from the USG and Continent. With open tonnage dwindling, charterers find themselves obligated to pay premiums on routes all across the Atlantic. 

November 26, 2013 06:13 AM

A calm start to the week for the Capesizes can't hide the mildly positive turn in sentiment, though trans-Atlantic RVs are facing down, losing some US$ 500 over the weekend to settle at just about US$ 18,000 daily. The rest of the market is trending flat-to-up with owners taking as a positive sign BTG's 10-15-month APS period deal on the 172,000 dwt "ABML Grace" at US$ 17,500 daily plus US$ 300,000 BB. Steady trends persist among the Atlantic Panamaxes even if the market itself has yet to offer much fresh energy at the start of the week. Early tonnage was cleared out, mostly last week, and new requirements from the US Gulf remain to be seen—however there is a rising chorus of grain demand for early/mid December that could lend quite a bit of support to rates in the next two weeks. 

November 25, 2013 06:07 AM

Cargo activity remains vibrant in the East, especially in the Indian Ocean where Supramaxes have been getting a lot of charterer attention for iron ore from WCI to China. Handymaxes on WCI/China trades are fixing around US$ 11,500, plus or minus US$ 500 depending on terms. Larger Supras can get up to US$ 12,000 on the same run. ECI/China via Indonesia, on the other hand, is giving Supras upwards of US$ 14,000 daily and up to US$ 15,000 daily with bauxite. The ECI/WCI coastal trips are even more bullish with word that some lucky Handymaxes were getting up to US$ 17,000 daily for the trip. Period inquiry is also up with a number of 52,000 dwt ships fixing rates around US$ 12,000 daily for 4-6 months of trading. 

November 22, 2013 06:07 AM

The East has also been a fertile area for owners. Owners of a 35,000dwt turned down US$ 12,500 daily for a trip from Indonesia to China. They want US$14,000 daily whilst their preferred goal is a short period deal to cover the vessel until February next year, and in order to get doesn't seem unrealistic given the pressure on some charterers. Further, a rate of around US$10,500 daily has been established for a trip from Vietnam to Japan on a 35,000 dwt vessel. Other owners of similar size tonnage have been talking US$ 10,500 daily for a NoPac round voyage with delivery China. A 1992-built 38,000 dwt has been rumoured fixed at around US$ 9,000 for a Vostochny RV with delivery Korea. There has been interest in a 55,000 dwt from EC India to China at US$ 12,000, which looks low. A shortage of tonnage in the PG-WC India area is driving rates up. A 45,000dwt unit is now worth US$ 12-13,000 for a trip to China. 

November 21, 2013 06:15 AM

Panamaxes start to pull it together in the Atlantic as avails tighten up on key routes and grain demand from the US Gulf resumes—indeed the US Gulf grain cargoes have been so in-demand that charterers have begun marking up their rates with little or no negotiations on the rate upgrade, much to owners' delight. Long hauls remain limited, but rates are holding firm with front hauls from UKC via USG to China fixing DOP US$ 19,500 daily, which is more or less the industry standard at the moment. Pacific RVs have also started to turn around with sentiment buoyed by increased activity in the western basin. ECSA Handy bulk is still rather devoid of real fixtures, but miraculously sentiment remains positive and rates remain stable as most market players continue to feel open tonnage is running short—or shortly will be.

November 19, 2013 06:03 AM

Taking into account that GDP development is seen as a forecast for container demand growth, the numbers indicate quite an imbalance and the forecasts are mainly based on wishful thinking. It's not the trade increase but the displacement of rivals that is reflected in the current development. Therefore investment in new vessels is apparently not based on real trade but on speculation—not a sound base for sustainable future. What to do with all the nice, new ships around? More than 50% of the current fleet was ordered between 2003 and 2007, ships that are too young to scrap but not bound to find full utilization. The total capacity removed from the fleet after 2008 equals the average capacity delivered in each year in the same period! However, scrapping as a share has increased from 0.5% of the fleet in 2011 to 2% in 2012. In 2013 some 3% in demolition is expected, mainly in smaller sizes. But with the huge amount of very young vessels in the fleet now the scrapping rate will slow down in the coming years.

November 18, 2013 06:12 AM

Rates continue sliding in the Atlantic with Panamax owners offering even deeper discounts in hopes of securing end-November. The BPI declined 10% over the past week, unreassuringly. There were signs of increased activity late on Friday, even though this was limited to the USG and Continent, while prompt tonnage has been expanding in both of those regions. Activity remains on the upswing for Atlantic Handy bulk, especially on the trans-Atlantic trades between USG and UKC. Open tonnage is still in short supply from the USEC, giving shipowners every reason to ask for higher rates. Indeed, modern 56-58,000-tonners can fix US$ 30,000 daily for USEC/Continent, none too shabby. West Africa is performing well with Supra trips via ECSA to China doing US$ 16,000 daily. 

November 15, 2013 06:32 AM

Healthy demand for scrap shipments to the Med have helped lift Handy bulk freight rates via North Continent as charterers increasingly seek positions for the end of November. From the Black Sea, freights are unchanged but maintain a slight upside. The US Gulf is also flat, though rumours that trans-Atlantic business is about jump are keeping owners on the ready. Tonnage is still tight via ECSA, where rates are rising. Pacific activity is also busy with rates of US$ 18,500 concluded on Supramaxes from South China to Singapore and back. Rates stay very firm from PG with Handymaxes getting US$13,000 daily to EC India.

November 14, 2013 06:27 AM

Rates remain under fire in the USG where owners of a 34,000 dwt want US$ 21,000 daily to the Med. A 58,000 has been put on subs for a trip to the east at US$ 29,000. In sharp contrast dire prospects keep dominating the ECSA market for Handysize tonnage, where a 34,000 dwt was instructed to ballast from San Lorenzo to Recalada and beyond. There is widespread fear that the dearth of inquiry will remain a nagging problem for some months to come in the area and might last until March next year. Whilst Handysize rates are painfully low, Handymax and Supra tonnage is faring much better in terms of demand and money—though rates have been drifting.       

November 12, 2013 06:24 AM

Handy bulkers see a surprisingly vibrant market in the UKC-Baltic markets, especially considering it is the beginning of a new week, with open vessels being closed for end-November dates quicker than many had anticipated, thus tightening overall available tonnage in the process. The Black Sea-Med is comparatively slower, though hope remains for a Med-based turnaround. The USG is flat but firm and the ECSA routes indicate a mild increase in cargo demand. Activity is down in the Pacific, though rates remain solid and short period Supra deals are still being done in the vicinity of US$ 13-14,000 for year-end cover. WCI trips to China are fixing about US$ 11-11,500 daily and US$ 12,000 daily to PG. 

November 11, 2013 06:00 AM

As Super Typhoon Haiyan brought horrific damage to the Philippines over the weekend and has since headed toward Vietnam and SE China, many routes across the Pacific basin have closed down. Despite a relatively busy fixing activity in the East—especially with coal from East Australia and front hauls from the North Atlantic—plentiful open tonnage has kept Cape rates under pressure. Freights are comparatively strong from Brazil with voyages to China holding to around US$ 22/mt and even US$ 22.5/mt. Some of the more optimistic players suggest that this week will see the Atlantic rise given the abundance of front hauls that need to be fixed. Atlantic Panamaxes came up against strong head winds going into the weekend with markets slowing down again and open tonnage proving to be once again sufficient for charterers. 

November 08, 2013 06:26 AM

Flashes of activity in the Atlantic buoy Panamaxes just enough to keep rates unchanged but not enough to give then higher values. In fact, rumours of trans-Atlantics starting to fix under last-done sent charterers retreating from the market again in hopes of further declines. Though index TARVs are currently rated at about US$14,500, there is talk that US$ 13,500 and even US$13,000 has already been concluded on the same. In the East, Indonesia remains active as well as vessels open South China, though cargo activity is flat in most of the rest of the Pacific. After a rather quiet week in the East, Handy bulkers suddenly find themselves facing a burst of enquiry as charterers seek to get their stems covered for mid-November dates. Short period deals have returned, most notably, as Handysize owners are fielding rate offers of US$ 13,000 daily for 3-5 months. 

November 07, 2013 08:55 AM

After recovering somewhat early in the week, Capes level out with trends decidedly sideways—indeed the entire dry bulk market has barely budged up or down in the last 48 hours. Front hauls have settled at US$ 36,000 daily such as 'K' Line's fixture from the UK via ECCA on the 180,000 dwt "Rio Montevideo" to Japan. Pacific voyages are bubbling to just under US$ 9/mt with major charterers on redelivery Qingdao.
Pacific Panamaxes get a welcome return in activity with cargo volumes suddenly more robust than they have been in several days, which is going some ways to buoying sentiment and pushing general Pacific rounds up to (and sometimes just over) US$ 12,000. 

November 05, 2013 06:16 AM

Panamaxes are seeing more activity, especially in the Pacific, but unfortunately still not enough to offset the considerable tonnage overhang along the major routes. Pacific RVs are still trading sideways in the US$ 11,500-12,000 area on modern vessels ex-North China. On the bullish side, however, there are signs that the Cape resurge is having a positive effect on the Panamaxes with charterers already starting to seek out stems to split down to Panamaxes before November gets fully underway. With Cape Pac RVs some US$3,000 more expensive than Panamax RVs, there is a good chance that serious stem-splitting will start to be seen this week and next. Another bullish sign is some pick-up on the paper market with investors on the margin starting to see a bounce around the corner. Atlantic Panamaxes remain slow, though rates have stabilized and trends are steady via UKC-Med, ECSA and the USEC, brokers confirm. 

November 04, 2013 06:10 AM

The Sea of Azov coaster freight markets continue to perform well as grain cargoes are soaking up any available tonnage and sending charterers to look for avails farther afield. River tonnage is also faring well with the last calls on Russian rivers for 2013 quickly approaching. In fact, rates across the Azov markets have increased by US$ 0.5-1.0/mt over the past week, brokers report, with several sources describing the market as "bullish" and freights as ascendant. Spot tonnage is proving particularly hard to find for charterers who are under the added pressure of expiring shipment periods. Reports on charterer's broker, "charterers have to accept abnormal freight levels, making owners even more confident of the market's upward trend. Recent bad weather around all Azov Sea ports also caused huge delays with timely shipments. 

November 01, 2013 07:07 AM

Capes bounce back, surprising many traders, but also confirming some forecasts that said the market was storing up cargoes that would have to be concluded in a flurry before the weekend—especially ahead of the Eisbein weekend in Hamburg. Indeed, the Far East-bound front hauls from the UKC reclaimed about US$1-2,000 on Thursday to climb back into the low US$30,000s while trans-Atlantic RVs also took on an extra thousand dollars day-on-day to return to within range of US$20,000. It remains to be seen if the momentum will hold until Monday. Panamaxes continue to muddle about in the doldrums with even the once solid USG coming under more pressure with the en masse onslaught of ballasters arriving. Fresh trans-Atlantic business is challenging to come by and owners are starting to settle for what they can get rather than what they want. 

October 31, 2013 07:09 AM

Panamaxes are in a downward reacting spiral—as rates fall, charterers resist further, thus pushing rates down further. It's a standard pattern, albeit one that many did not expect to see in mid-Q4. At any rate, a lot of blame is being placed on the Eisbein meeting in Hamburg, whether justified or not. Grain trips from EC South America are being fixed by major charterers like Bunge to Singapore-Japan at APS rates of US$ 16,000 plus US$ 600,000 BB. The Pacific is looking a bit better with activity recovering, though rates remain flat. East Aussie coal rounds are fixing US$ 14,500 for Busan/China while Indonesia coal is fixing US$ 13,000 open China via Indo to Singapore. Pacific coal voyages are steady at US$16/mt. Pac-based Handy bulkers find themselves facing a fresh wave of demand as a number of ships switch from prompt to spot, holding rates firm and threatening premiums before the weekend. 

October 29, 2013 07:55 AM

The Atlantic Handy bulk markets start the week a bit calmer, running on steam gathered from last week, as owners and charterers alike from US Gulf seem to be happy enough to fix at last-done levels rather than argue about an up or downgrade. ECSA positions look overtonnaged currently, while the Black Sea sees owners digging in their heels at around US$ 25/mt for Far East front hauls. In the East, bauxite continues to lift the market on Supra trips from Indonesia to South China while iron ore stems are coming on strong from EC India to China—both trips getting around US$ 11,000 daily at present. Handy bulkers from WC India are fixing US$ 9,000 into China. Tonnage via PG is tight. 

October 28, 2013 09:47 AM

The Black Sea remains bullish with Supra owners turning down US$ 25,000 daily for a trip to India, which should justify US$ 30,000 daily given the destination. Basically, all the cargoes to India and the East are extremely hard to cover. More cargoes are being added to a still uncovered huge number of cargoes. Thus, should logic prevail, one record rate after the other will likely be reported to cover those cargoes in the coming days and weeks. The USG remains a major pillar in the Atlantic for owners. The short supply of tonnage is forcing charterers to resort to WCCA and Peru to cover cargoes from the USG or to pay between US$ 17-19,000 from USG for 32-35,000 dwt tonnage to the Med. From St Lawrenc,e a 32,000 dwt on a trip to 3 ports in China, charterers were proposed rates along the lines of US$ 75/mt. 

October 24, 2013 05:59 AM

Handysize owners with tonnage open in South America remain deeply entrenched in a market mired in extremely poor demand. With cargo proposals averaging around US$ 5-6,000 daily, many owners are contemplating to ballast up north to NCSA or even the USG. Rates from WCCA also have the potential of cheering up the owners. For a 36,000dwt, undisclosed charterers were ready to pay US$12,500 daily for short period. Demand for Handysize tonnage in the PG-WCI has also been very poor lately whilst brokers now have the feeling of improved sentiment based on a moderate gain in demand. Supra charterers were looking at a 55,000 dwt willing to take her at US$ 10,000 daily from WC India to the PG. 

October 22, 2013 06:08 AM

Capesizes take a hit as the week starts with cargoes limited and the added absence of traders attending the Coaltrans conference in Berlin (home of BMTI, we should add). Only Pacific RVs show stability, unchanged at about US$10.5/mt, but long hauls like the trans-Atlantic RV slip US$1,000 since Friday. Pacific Panamaxes get a boost in activity at the start of the week with fresh cargoes from EC Australia as well as a strong push for mineral stems from Indonesia on destinations such as China and Malaysia. Modern 76,000-tonners from South China are getting rounds via Indonesia at about US$ 15,000 daily while smaller ships are fixing closer to US$ 13,000. Kamsarmaxes have lowered their short period ideas from US$ 15,000 to US$ 14,500 daily, brokers comment. NoPac sentiment is flat with grain shipments still chartered, but not at the volume that many had expected. LMEs from Japan are getting upwards of US$ 15,500 daily for NoPac rounds.

October 21, 2013 07:22 AM

In the East, it appears as if things are not going that well any longer. The market seems to have taken a breather. A 32,000dwt was traded in the low US$ 6,000s for a trip from Taiwan via Russia to India. Period rates have dropped for Supras with charterers talking below US$ 9,500 daily for 4-6 months of trading with delivery WC India. South African brokers report an active market with a rising tendency. Tonnage of 33,000 dwt is now worth around US$ 8,500 daily for a trip to the Med-Cont and some US$ 10,000 to the East. From the Red Sea, fertilizer charterers were hoping to get hold of a 35,000 dwt at US$ 11,000 daily for a trip to Indonesia.

October 16, 2013 01:55 PM

Capesizes have halted their freefall of the past few days with silence on the markets leading to flatten­ing on Cape rates with even slight gains on the Pacific RV index to over US$ 28,000 daily. Apart from Pacific voyage done at US$ 36,000 daily, there is very little Cape activity to report with charterers biding their time and watching market movements.

October 10, 2013 07:26 AM

Panamaxes are still simmering at a low heat with some owners complaining that the market hasn't take off as expected—but just as many owners say that there is traction building up below the surface and that fundamentals are looking good for the month ahead. Fresh mineral demand from Indonesia is pushing up rates in the East and we hear of trips from Australia to ECI being discussed in the area of US$ 19,000 daily. South China to PG trips are heard of getting almost US$ 20,000 daily, according to some sources. Period chartering is especially busy as 4-6 month deals are regularly getting upwards of US$ 16,500 daily with year-long period deals calmly hovering at rates of around US$ 13,000 daily. 

October 08, 2013 07:21 AM

It is the USG that is driving the market in the north Atlantic. The market for Handy and Supra size ships is thriving in the USG-NCSA area. Charterers who were still hesitating to swallow higher than calculated rates from owners are now facing even higher numbers than seen last week. And again, instead of taking a bold decision to book the next best candidate, they keep playing around, risking even further losses. Last week, owners of 33,000 dwt declined US$ 12,000 daily for a trip from USG to ECSA. This week the same owners declined US$ 14,000 daily. Demand for the smaller 17-20,000 dwt vessels is moderate in comparison with owners of a spot 18,000 dwt talking a reasonable US$6,000 daily from NCSA to the USG. 

October 07, 2013 06:08 AM

The Chinese Golden Week holidays did not have as big of an impact in the Far East region as one would have expected last week. The freight rates were slowly, but progressively growing as last week developed for both the Handysizes as well as their larger sisters. Some Chinese brokers were still working quietly during last week, trying to snap up some bargains before the majority of their competitors got back to business as usual. The coal routes from Russia remained stable as well, even though during last week almost no new fixtures were concluded. Naturally, last week started of quietly as fewer orders in the market were balanced out by not too many spot vessels. The trend of not much spot vessels would continue throughout last week, helping keep rates afloat. Vessels in N. China were deciding to take their time and ballast towards Indonesia. 

October 04, 2013 07:00 AM

Handysize tonnage has been taken off the Continent to ECSA at rates ranging between US$ 10,000-11,000 daily. For USG destination the rate should be closer to US$ 7,000 daily for 32-37,000dwt vessels. Union InVivo keeps quoting 25,000mt wheat from Immingham to Algeria with a couple of restrictions applying at load port, which coupled with a loading rate of only 6,000mt daily could propel the rate close to US$ 30/mt. Sentiment in the Black Sea area is still favouring the owners. Thus a rate indicated of US$ 12,500 daily for a 34,000dwt vessel for a trip from Central Med via Black Sea to Egypt Med is not surprising at all. Cargoes to the East and India/PG range remain the most difficult to cover. Grain charterers should regret earlier neglect to fix the first best possible candidate for 25-30,000mt peas to India including Calcutta. The next suitable vessel will be much more expensive, brokers are convinced.

October 03, 2013 09:59 AM

The secondhand market continues on a high level regardless of the BDI losing steam but without a Capesize on the list at the moment although surely there is no lack of interested buyers. Nearly all vessels changing hand this week are under the age of ten as modern tonnage is high esteemed by investors. In the first nine months of the year 50% of all dry bulkers in the S&P market were in the Handysize and Handymax sector. More than 30% of all transactions in this size, which is 145 ships, were related to ladies from 10,000 up to 40,000dwt. Looking at the asset values for the five-year old vessels the Capesizes remain on last seen levels while the Panamaxes are up about US$ 150,000 week-on-week, the Supras gained some US$ 60,000 and the smaller Handys are increasing by some US$ 80,000. 

October 02, 2013 08:38 AM

In the East Chinese Golden Week holidays are certainly having an impact on the all over activity, but it is not believed to derail the general upward trend. Owners of 35,000dwt tonnage keep holding out for US$ 10,000 daily for short period with delivery in Australia. From EC India 56,000dwt tonnage was proposed at US$ 12,000 daily for a trip to China, and for going back to India owners of 55,000dwt vessels are holding out for US$ 13,000 daily plus a bonus of almost US$ 180,000 lumpsum from Indonesia with redelivery EC India. A 350k dwt vessel was taken at US$ 9,000 daily for 2 laden legs with delivery South China. Considering the overall improved sentiment owners of 27,000dwt tonnage feel invited to talk US$ 8,000 daily for a NoPac round voyage. Rice charterers are may find it difficult to cover 25-30,000mt from Kohsichang and Kakinada to 1-2 ports in West Africa. A couple of owners appeared uninterested at much below US$ 60/mt, brokers say. 

October 01, 2013 06:37 AM

Just ahead of the Chinese Golden Week holidays the spot freight rates out of Asia showed a further substantial downfall as per latest Shanghai Containerized Freight Index (SCFI) with a total decrease of the index of 5.5%. A hoped for boom expected before the holidays didn’t realized. On the major routes the slump is much more than last week with Shanghai-to-Europe down by 12.6% to US$ 765/TEU and Shanghai-to-Med losing 11.3% to US$ 837/TEU. From Asia-to-PG/Red Sea the rates are even down by 21.8% to US$ 598/TEU. On the trans-Pacific routes the decrease is less but still notably more than last week with Asia-to-USWC down by 2.9% to US$ 1,837/FEU and Asia-to-USEC losing 1.3% to US$ 3,252/FEU. The secondary trade lanes are also heading south this week with Shanghai-to-South America dropping by 9.6% to US$ 719/TEU, Shanghai-to-East/West Africa down by 1.6% to US$ 1,932/TEU and Shanghai-to-South Africa indicating 1.3% less to US$ 757/TEU at the moment. 

September 30, 2013 06:07 AM

More freight rate losses for the Caspian, albeit not as intense as last week. Shipments of steel from Russian ports have slowed down a bit, thus freight levels are now down around US$ 0.25/mt. It is also said that demand from Iran for steel and grain has slowed down affecting the rates as well. There is a lower amount of vessels in the region however, saving the rates from falling further. There is a slight surplus of vessels at the Astrakhan port. On average, the cost for grain hauling has fell by US$ 0.5/mt, and shipments in 2-3,000mt lots from Kamyshin to Amirabad are fixing in the US$ 45-48/mt range. A source in the region is predicting that in a couple of weeks there will be an increase of river grain shipments towards Iran, although. 

September 27, 2013 06:00 AM

The freight derivatives started the week going further upward but towards the week’s end the rally slowed down and settled for the Q4 at somewhat lower levels. Finally the dry bulkers seem to emerge from the painful depths and – at least seasonally – reversing their fortunes. All depends now on the macro economic trends in the world as well as the political situation. Especially China will remain in the focus as the country counts for more than one third of all iron ore, coal and grain shipments according to recent data published by Clarkson Plc and next year’s economic growth of the country is forecasted to slowdown to about 7.4%. The International Monetary Fund recently has cut its forecast for global economic growth to 3.1% in 2013 expecting a 3.8% increase in 2014. Although the rate of increase of the dry bulker fleet is slowing a sound balance between supply and demand is still not in sight.

September 26, 2013 08:02 AM

High activity is reflected in the secondhand market at the moment with prices further firming. Most of the dry bulk vessels changing hands were of younger age and the majority was of smaller sizes. Especially Greek buyers are eager to close the deals and quite a lot of resales are reported. Banks started to return to ship financing with increased lending activity seen so more liquidity appears on the market. Asset values for the five-year old Capesizes take another jump of US$ 650,000 week-on-week answering therewith to the strong growth seen in the recent spot freight rates. Panamaxes and Supramaxes of the same age are up by around US$ 150,000 and US$ 250,000 respectively w-o-w. 

September 25, 2013 10:54 AM

Continent seem to be getting softer with a 29,000dwt closely traded at around US$ 10,250-10,750 per day for a trip from the Continent via Scandinavia to eastern Med. But a rate of US$ 9,000 daily for a 43,000dwt to do a trip to the Adriatic was considered a non-starter by the owners. From Black Sea charterers are trapped by rising rate levels. Owners of a 37,000dwt have been talking US$ 11,000 daily for a trip to the Continent, with the same rate demanded by owners of a 54,000dwt, which looks more in line with the market. And charterers with a spot 30,000mt wheat cargo to Spanish Med are now facing rates in the region of US$ 23.50/mt. They could have fixed this cargo early last week at US$ 19/mt. 

September 24, 2013 06:09 AM

In the Black Sea area charterers keep grappling with a steadily rising market for Handysize tonnage as painfully experienced by major grain charterers ignoring the markets movement and still sitting on 26,000mt wheat to South Spain, they could have fixed last week at US$ 19/mt, which they refused. The cheapest tonnage is now only available at US$ 21/mt. Owners of a 33,000dwt were proposed US$ 9,000 daily for a trip to the Continent, but have yet been undecided what to go for. A 37,000dwt failed at US$ 14,500 daily for a trip to the East.
Rates from the USG keep hovering around US$ 13-14,000 daily for 33-37,000dwt vessels for a trip to the Med. The dismally poor ECSA market leaves owners very few options of which one is to ballast to NCSA. 

September 23, 2013 06:31 AM

This week, the freight rates in the Caspian have lost some of their gains that were previously made, after rates were seen levelling out during last week. An increase in the available vessels in the Russian ports is one of the reasons for the rate losses. Steel product availability from Russian ports was the most drastically reduced and thus rates for steel transport have in some cases fallen as much as US$ 1.5/mt. Freight rates from the Russian port of Makhachkala are not hit as hard for most commodities, and 3,000mt of slabs from the port heading towards Anzali are now fixing for around US$ 14.5/mt. Shipment rates of grain and timber have fallen slightly less, on average at US$ 1/mt. One charterer predicts that there might be an increase of inland river shipments to Iran before closing of river navigation, however so far the rates seem to have fallen. 

September 20, 2013 06:00 AM

The Continent remains a reliable source of profitable income for the owners of Handysize vessels. Owners of a 42,000dwt have been talking US$ 13,000 daily for a trip to the Adriatic. Given the owners widespread reluctance to consider the abysmally poor ECSA direction it is hardly surprising to see rates thriving to almost US$ 10,000 daily for 37-39,000dwt tonnage. And the fact that owners of a 35,000dwt want US$ 15,000 daily for a trip to the East is not surprising either. Timber charterers also had to swallow taking a 32,000dwt on the Continent for loading in the Baltic for a trip to Egypt Med at a rate of around US$ 11,500 daily. Owners of a 53,000dwt were turning down an offer at US$ 16,000 daily for a trip to East Africa, rather waiting for better opportunities. 

September 19, 2013 08:59 AM

A slight slowdown in secondhand activities is seen for the dry bulkers this week with limited sales reported. A 97-built Capesize of South Korean origin changed hands within a week of being offered to Greek buyer with brokers telling that the deal was done without inspecting the ship. This apparently with the hope to cash in on the recent surge in freight rates as they more than doubled since the beginning of the month. Capes coming fresh to the market therefore will find interested buyers rapidly as this segment is the one with the biggest upswing in freight rates at the moment. This goes in line with asset values firming as the five-year old Capes gained some US$ 600,000 week-on-week and there are more buyers than sellers on the table. 

September 18, 2013 12:09 PM

Sentiment continues to improve for Supramax owners in the USG, even though most cargoes are being awarded to the larger ladies at the moment. Prompt tonnage is clearing in ECSA. Not much activity in the North Continent, even though the prompt tonnage has mostly cleared. Scrap in the East Med is fixing for the US$ 12,000 daily mark and just under US$ 10,000 daily for the Handys. Tight tonnage in South East Asia is the driving force for the Far East. Coal and bauxite stems to China are being reported, with less activity in India. Several vessels have been spotted ballasting towards the NoPac region and vessels are still trying to avoid WC India.

September 17, 2013 06:14 AM

The Continent and the Black Sea area remain the most promising areas in the Atlantic for Handysize tonnage. Fertilizer charterers must consider themselves lucky having found a 33,000dwt at US$ 7,000 daily for a trip from the Continent to ECSA, whilst many brokers consider the market to be at US$ 8,000 daily. For a trip to the eastern Med rates have been exchanged in the region of US$ 12,500-13,500 daily. In stark contrast scrap charterers were showing interest in a 55,000dwt from the Continent to the eastern Med at US$ 11,500 daily. Whilst Supras have been taking a beating in the Black Sea area with a lot of ballasters from WC India spoiling the broth, Handysize tonnage keeps commanding very satisfactory rates, which in some instances must be regarded excellent like the US$ 11,000 daily on a 28,000dwt vessel for a Aqaba round voyage. The charterers took the vessel in Tunisia. 

September 16, 2013 09:27 AM

Rates for the Panamaxes in the USG are firming and trips to the Far East are seeing grain rates much higher than US$ 45/mt. The Pacific is showing some life with plenty of E. Australian coal stems being chartered more and more to the Panamaxes. Coal out of Indonesia and an increase of NoPac grain stems are keeping things busy. Vessels in the Pacific are generally fixing in the US$ 12,500 daily range. Period fixing is going on at the US$ 11,000 daily level and is attracting the charterer's attention as the spot rates have now overtaken the period rates. 

September 13, 2013 07:44 AM

Sentiment improves for the owners in the USG region for the Supramaxes as more September cargoes enter the market. Less spot vessels are observed in the ESCA region, rates are not rising but it seems like they can only go up from here. Rates in the Continent continue their descent as charterers are pushing rates for scrap trips to the East Med as low as US$ 10,000 daily. Indonesian coal stems are active in the Far East. Nickel ore trips are still preferable and are seeing bonuses of as much as US$3,000 daily. Charterers in general are waiting to see if the market cools down before fixing vessels for end of September cargoes. Business is very quiet in the PG and WCI region that owners are now ballasting towards Singapore and to a lesser extent into the Med. 

September 12, 2013 08:12 AM

Some activity has come into the USG for the Supras with fixtures towards the Far East done as high as US$ 20,000 daily. The market is far from coming into full swing but the position is improving. Still too much tonnage and not enough stems in ECSA. Rates in the North Continent are now set to slow down, charterers are however already marketing stems for October. Not many spot vessels are reported in South East Asia. Rates for coal trips passing Singapore towards India are around the US$ 12,500 daily range. 

September 11, 2013 09:22 AM

Although the Baltic and North Sea aren’t experiencing a solid growth in freight rates, there has been gradual improvement over the last couple of weeks and confidence on the side of the shipowners is growing. Demand is continuing to pick up as some fresh inquiry and strong orders have been seen. This being said however the grain so far has not resulted in any major boost to the spot market. There is currently an ample supply of coasters and sea-river vessels in the area. Around EUR21.5/mt is charged for 3,000mt of grain shipped from Bordeaux to southern Swedish ports. 

September 10, 2013 07:30 AM

The freight rates for the Capes have jumped drastically with trips to the Far East demanding a very strong freight rate of almost US$ 43,000 daily. RVs from the Continent have also increased significantly to the US$ 23,000 daily mark. Short and long period fixtures are appearing on the market at rates between around US$ 17-18,500 daily. A newly built Cape was fixed for up to three years for US$ 20,000 daily. 

September 09, 2013 07:38 AM

China has been experiencing the fastest steel output on record, yet the production level is still too slow to meet demand from builders. This has caused a reduction in inventories and has been pushing prices toward a bull market, in strong contrast to the estimates from the beginning of the year. For the first seven months in 2013, the production rate of steel reinforcement bars increased by 14% totalling 113Mt and at the same time stockpiles dropped 35%. Rebar accounts for around one-third of steel output in China. In the last week, inventories of rebar held by traders in China dropped to 6.59Mt, in comparison to 10.18Mt held in March 2013. China's steelmakers produce almost one in every two tons of the world’s steel. China’s biggest steel producer, Hebei Iron & Steel Co, is set to double profit per share this year. 

September 06, 2013 07:02 AM

The market in South Africa is pretty much on its knees. With the armada of hungry vessels in the PG area charterers can afford to be picky and have no problem to talk rates down to levels as low as US$ 4,000 daily on a 32,000dwt for a trip to the Med. Also owners have started to realize the defying the trend is counterproductive and have reduced their numbers to US$ 5,000 daily. Rates to the East have been done at US$ 8,000 daily.

September 05, 2013 08:15 AM

The chartering market keeps dragging along, with exciting news limited. Rates for Rouen to Algeria are hovering around US$ 23/mt with tonnage available at US$ 23.50/mt. However, rumours have it that one owner managed to catch one charterer napping and squeezed a much higher rate out of them. Basically the standoff between owners and charterers remains unchanged. Owners of a 32,000dwt keep talking US$ 13,750 daily for a trip to the Adriatic which exceeds charterers ideas by more than US$ 2,000 daily. Supramax tonnage has been taken by scrap charterers in the region of US$ 13-14,000 daily. 

September 04, 2013 09:02 AM

The Black Sea market seems to be the strongest market in the Atlantic. Major grain charterers under stress to fix a spot vessel to Tunisia were said to have been badly hurt by paying around US$ 30/mt for about 26,500mt. Sulphur charterers keep sitting on their 35-40,000mt cargo to China for which they do not appear to have a single workable proposal. Steel charterers apparently prefer to turn a blind eye on what is going on and have been rating 32,000dwt vessels at US$ 4,500 daily for a trip to the USG. Supramax owners are holding out for US$ 25,000 daily. 

September 03, 2013 06:10 AM

The irresponsible newbuilding activity (or the lust for committing suicide) has led to the present depressed market conditions, which is causing a period of hardship and pain among owners and their bankers bearing huge losses. How to survive this crisis? How realistic is it to believe in a markets revival in 2015-2016 as many optimists dare to predict? The unpleasant facts are telling a different story. First, the newbuilding activity, although slowing down, continues with 550 and 338 units for 2014 and 2015 in the orderbooks, let alone the number of about 700 vessels still scheduled for delivery this year. These in total about 1,600 vessels still go on top of an already oversupplied market. Secondly China, although still a dominant force, is unlikely to return to economic growth figures of 10-13% any time soon, which would be needed to give the shipping market a lift. China is facing a looming bad debt problem which according to finance experts makes the US banking crisis in 2008 to look pale. According to Goldman Sachs and Morgan Stanley, the total debt outstanding across banks, shadow finance entities, bond markets and the government stands at 220% of Gross Domestic Product.

September 02, 2013 06:02 AM

The market was fairly stable in the Far East last week with bauxite and nickel ore helping to raise the rates throughout the week. The coal stems from Indonesia were slow at the beginning of last week and would end up in the same situation as well. Vessels in Singapore with bauxite cargo shipments from Indonesia to China were fixing around the US$ 11,500 daily level. A smaller 37,000dwt was fixed for US$ 7,800 daily for a similar trip. There was a limited amount of spot vessels in South East Asia by the middle of last week as a surge of nickel ore and bauxite entered the market. Vessels from WCI were ballasting towards the improved rates in Singapore. There was a large demand for vessels in the North China-Japan area for fertilizer, steel and backhaul stems. The daily rate for a 27,000dwt - open Singapore - for an Australian round voyage was hovering around US$ 6,500 daily.

August 30, 2013 08:40 AM

The overall positive trend continued for the freight derivatives with a slow but steady upward movement although some smaller ups and downs during the week were noted. But only for the Capes a notable increase w-o-w of US$ 650 is seen in Q4 while the Panamaxes and Supras show a merely gain of US$ 50 over the week and the Q4 Handysizes remain on the same level since around ten days.
For the dry bulk stocks on the Wall Street it has been a successful week with most of the companies listed making their way upward. In general the increase seen was between 5-10% while some companies spiked much more. Few of the companies show lower levels like Diana Shipping Inc. [DSX] losing about 3% during the week. Many dry bulk shipping stocks have prospered recently on two hopeful signs: strong growth in China’s iron ore imports and a slowdown in new ships entering the market in the next 12 months.

August 29, 2013 09:29 AM

The situation in the secondhand market for the dry bulkers remains the same as no summer lull appears. The good freight rates seen for the Capes stimulated this bulker size with three Capes of South Korean origin purchased this week at prices further firming up. The 179,643dwt and 2009 built ‘Lilac’ was sold for US$ 36m this week while her sister ‘Cap Magnolia’ went over the counter in May for US$ 32m. In total around seven Capesize vessels have been sold in August. In the two months before another eight Capes changed hands. Interest in the other sizes is also quite steady while a lack of modern vessels available in the market is felt at the moment which may result most probably in a continued upward tendency for prices. 

August 28, 2013 08:50 AM

Estimates of bulk trade comparing the growth since 2008 show an increase of 29%, however during this time the fleet has grown 79%. Due to current earnings which continue to scrape along the sea bed the net fleet growth is expected to shrink in 2014 by around 2-3%. Recent analysis of the size of the current bulk carrier surplus paints two different pictures. One article estimates the surplus at 30%, while another calculation is much smaller at only 8%. What can possibly cause such a difference in the opinion between the analysts? An explanation is that there are different methods in measuring the size of the surplus. The market mechanism insures that the transport performance of the carriers is effective and constantly adjusting to the movements in the market. Thus the surplus is hidden in the way that the vessels are operating commercially. Because of the lower earnings, owners save cash on slow sailing, waiting, multi-porting and as a last resort, spotting. 

August 27, 2013 06:25 AM

Vale's Chinamax fleet still represents a large chunk of world bulker capacity, one that the company is still struggling with, but some analysts claim that given the cyclical nature of shipping and signs that world trade is finally stabilizing, Vale—and indeed VLOC owners at large—may end up seeing the benefits of their go-big strategy after all. On paper, at any rate, Vale's plan seemed—and still seems—sound. The company produces a massive 380Mt in iron ore per year, 140Mt of which goes to China. With China consuming about 800Mt in iron ore currently per year, Chinese ore demand will like­ly be insatiable for at least another decade. Indeed, 1,200Mt of seaborne iron ore is transported every year, a level that continues to grow. At present, Chi­na accounts for more than 70% of the world's sea­borne iron ore trade. With a round trip from Brazil to China and back taking about 74 days, there is a distinct advantage in making sure that ship is hol­ding as much iron ore as physically possible. 

August 26, 2013 06:47 AM

The Capes could preserve their good luck and start the new week on a TC average level lastly seen in November 2012. The FFAs are pushing higher also with Q4 trading up to US$ 21,300 helping sentiment and expectations to stay high. Voyages from Brazil are scratching at the US$ 23/mt level while those from W. Australia are heading to the US$ 10/mt mark. Front hauls gained another US$ 500 and the RVs show some US$ 13,500 daily for the western and about US$ 18,000 per day in the eastern basin. 

August 23, 2013 06:38 AM

The Capes accomplish with their assignment this week to push the freight rates. Several new stems out of Brazil show even an approach toward US$ 23/mt for end September loadings. Front hauls are now rated well above US$ 31,000 per day while the round voyages in both basins are rather stable at last seen levels. In August so far the BCI has gained more than 21%. The Panamaxes are not as bullish as their bigger sisters but sentiment is becoming more positive with China/Indo rounds crawling upwards. In NoPac some mineral stems come up but not enough to absorb the tonnage available. Australia seems to become stronger. Slowly the USG market is opening. TARV levels are still around US$ 7,000 daily. 

August 22, 2013 06:32 AM

The Panamax market in the East is still subdued with only a few ships finding jobs and freight rates slowly sliding with Pacific rounds around US$ 7,000 daily for open North China. Owners are trying to position their vessels for the USG market expected to start boiling soon. Sentiment for the Atlantic is still negative due to the building up of tonnage and only limited cargo avails. Short periods are rated above US$ 9,000 daily somewhat boosted by paper forecast for Q4. A flurry of fresh cargo comes up in the East for the Supras with coal, bauxite and the feared nickel ore which has been linked to some deadly sinkings some years ago. The western basin see increasing enquiries on the Continent combined with some tightening in tonnage. Otherwise in the USG and the South Atlantic the situation is flat with chances to stay this way for some more days. 

August 21, 2013 08:09 AM

It would have been a comfortable middle of the week for the Capes if not one of the ladies full of coal would have split in two just in front of Richards Bay. What a horrible sight! And what a contrast to the current northbound trail of the spot freight rates with a daily increase of more than 3.6% in the BCI. Voyages remain very firm as the iron ore demand will not cease in the near future and Chinese stocks have fallen to their lowest level since May. The trans-Atlantic RVs take another almost normal US$ 500-step upward while the Pacific rounds gained nearly US$ 1,000 in one day. 

August 20, 2013 06:09 AM

For another day the Capesizes are the ones to put a smile on owner’s face as the firming trend is unbroken in the East as well as in the West. Iron ore from West Australia and Brazil keep hauling into China at rates crawling upward again. The round voyages in the Atlantic are up some US$ 500 again in one day and a fronthaul from the Black Sea to Singapore/Japan range was concluded at US$ 35,000 per day. The TC average is touching US$ 14,900 a seven-weeks high.

August 19, 2013 06:09 AM

There is ample reason to feel deeply worried...
As feared and expected a civil war in Egypt looks like an inevitable scenario. This will change the entire region and pales all other earlier revolutions in North African countries into insignificance. For sure trade and shipping will be severely affected. In the likely case of a civil war, will the USA continue shipping grain cargoes to Egypt and with a political shift comes an economic change to which the international traders will have to adapt to, and may decide to abstain from selling into this market altogether. Much more owners might want to shun passing the Suez Canal which passage they do not consider safe any longer. A civil war in Egypt will never be an isolated Egyptian matter. It will have widespread effects and will draw many unwanted countries and groups into the battle, shaking the whole country which will sink into uncontrollable chaos. This given freight rates can be expected to rise. If the crisis is unfolding fast rates from Black Sea/Med area are very likely to soar beyond already stronger levels seen and agreed. Time will tell. 

August 16, 2013 06:02 AM

The market took a little dip down at the end of last week due to the long week-end in Singapore. A few ships were caught spot and were willing to talk low numbers in North China. This led to nervousness amongst owners closer to New Zealand and a feeling from charterers that things were about to finally head down at a pace. This feeling persisted during the early part of this week. However, it now appears that the looseness was entirely due to Singapore folk not being at their desks. This leads to the very interesting question about whether or not the market has reached its bottom. If it were to reach its bottom this early in August this could well imply much higher numbers than anyone had been thinking from September onwards. 

August 15, 2013 08:10 AM

The market in the East has stabilized for Handysize tonnage, where moderate rate increases seem a more likely direction than a moderate decline. Nevertheless the fixture of the 34,000dwt "Zambesi" for an Australian round voyage is considered high, and is thus being investigated to find out more details. Owners of a 28,000dwt open Haldia talking US$ 6,500 daily for 2 laden legs which includes trading New Zealand. And for a pretty long duration of abt 60 days owners of a 55,000dwt have fallen in line with charterers’ ideas of US$ 5,000 daily for a trip from China to WCSA. Chinese charterers keep sticking to US$ 2,000 daily on a 55,000dwt for a trip from China to the USG. Alumina charterers were proposing a dispiriting US$ 4,000 daily for 24,000dwt - open Vizag ppt - to perform an Australian round voyage, and which so was perceived by the owners. 

August 14, 2013 08:28 AM

Since December 2011, when the Research Department of BMTI for the first time approached this topic, the Arctic routes have gained quite some importance. Both of the Arctic Routes – the Northwest Passage as well as the Northern Sea Route (NSR) – are set for a record year as the melting of the ice continues at a rather rapid pace. Since 1979 the summer sea ice coverage has declined by about three million square kilometer. And because dark open water reflects far less sunlight than ice, warming accelerates with sea ice loss, which in turn causes the ice to melt more quickly. This year so far around 270 ships already have obtained permission to sail the Russian regulated trade lane between Murmansk in the Barents Sea and the Bering Sea, called the Northern Sea Route. The NSR administration has received more than 390 applications from vessels to pass the route or at least parts of it. Some 50 refusals were given until now as these ships do not fulfil all the requirements needed. 

August 13, 2013 06:05 AM

More and more cargo is transported in containers, although if the trend in manufacturing returning to Europe and the US continues, the growth rate will slow down. Currently it is expected that containerization will reach 87% in 2017, up from 83% in 2012 and 63% in 1995. Apart from manufactured goods, forest products and chemicals are the two largest commodities, but some iron ore, steel, other metal and scrap is shipped per box too.  Containers on their way back to China are always eager to pick up some cargo to reduce the backhaul costs. It’s worth to take a look at the timber market. According to statistics published in the latest Wood Resource Quarterly, shipments for whole logs as well as prepared timber dropped during 2012 and the beginning of 2013. 

August 12, 2013 06:29 AM

In a recent report London-based Clarkson Research Services stated that world seaborne trade in general has increased by 49% during the last ten years from 6.7 up to 9.9 billion tons. With regard to the dry bulk shipping the major commodities like iron ore and coal have grown by around 660Mt and 512Mt respectively. Grain, including soybeans, rose by about 89Mt, while the minor commodities like for instance nickel ore, steel products and fertilizer show an increase of 85Mt, 75Mt and some 30Mt in the mentioned period. Especially the strong growth of the Chinese economy was the main driver of the increases seen during the last decade. For the bauxite commodity China is expected to import in 2013 with around 65Mt more than 50% of all the global trade, most of it coming from Indonesia, the world’s largest exporter now. 

August 09, 2013 06:25 AM

The Black Sea market remains in the spot light as much that owners keep holding out for odd destinations like India, the East and Red Sea, respectively. Grain charterers were surprised to be offered tonnage at US$ 40/mt for a cargo to Yemen, which they thought should not pay much more than US$ 30/mt. Other major charterers were also puzzled by the steep numbers in the region of US$ 33-35/mt they were seeing to Aqaba for 30,000mt. Grain charterers seem to be luckier to find tonnage at reasonable levels with owners talking US$ 14/mt for 26,000mt wheat from Novo to Egypt Med. 

August 08, 2013 07:52 AM

How to read the market on the Continent, seeing a 37,000dwt almost 30 years of age indicated at US$ 11,000 daily for a trip to the eastern Med, which is quite an attractive destination bearing in mind a flourishing Black Sea market offering a positive outlook for subsequent employment. Rates for 40-43,000dwt vessels are hovering around US$ 6,000 daily for a trip to the USG, brokers report. It looks as if steel charterers had no choice but to resort a 32,000dwt vessel to cover a trip from the Baltic to the Adriatic, for which the owners were asking US$ 12,750 daily - versus charterer’s figure of about US$ 2,000 daily less. 

August 07, 2013 08:20 AM

The Atlantic is keeping a steady note, with the only highlight in the Black Sea where the rising potential has become visible by the challenges a number of charterers are facing to cover cargoes to odd destinations. The Black Sea has turned into a bumpy road for charterers in need to cover cargoes to the PG/India-Far East range. Owners of a 35.000dwt rather booked a grain cargo than taking US$ 16,000 daily for a trip to PG/WC India range. This given the US$ 14,000 daily indicated to owners of a 32,000dwt open Egypt Med looks hardly good enough to tempt the owners. Being so much pressurized taking tonnage from the Red Sea to cover Black Sea stems has become an option again. A 32,000dwt was bid US$ 10,000 daily from Red Sea via Black Sea to PG/India range. But whilst grain seems to be the driving force it could change soon. Wheat prices are low and with freight rates rising, for the time being there is very limited incentive by traders to get deeply involved in trading activities. Thus, there could be temporary lull until wheat prices get moving when demand for tonnage will again accelerate. 

August 06, 2013 06:05 AM

With the ever-growing vessel sizes ports are urged to cope with these new challenges in order to remain competitive. Big investments are needed without many chances to pass these rising costs to customers due to the weak economic situation in many countries. In Europe according to Drewry ports have spent or are committed to spend up to US$ 13.3 billion on projects to be able to handle ultra-large vessels but regarding to western Europe the box volume growth is expected to be merely 1% this year. But also ports in other regions of the world are affected. Damietta for instance is forced to invest more than US$ 140m in dredging since the annual throughput in 2012 fall nearly 37% to 760,000 TEU from 1.2m TEU in 2011 due to the inability to handle the ultra-large container ships. And with the cascading of 6-8,000 TEU vessels to the secondary trade lanes also in the emerging markets a lot of money has to be invested in ports to cater with those ladies.

August 05, 2013 07:46 AM

The last month of summer has reached the Azov Sea and sources are giving mixed messages about where the freight rates are standing. One source states that the rates continue to rise, another claims that rates have started to roll back and yet another broker sees no change in the market. Whether the rate is going up or down depends on a lot of factors, for example just how much are the charterers in a rush to get their grain on the market or the quality of the commodity. A usually optimistic charterer has lowered some of his quotes for wheat. Shipments of 5,000mt wheat from the Azov towards TBS are going for around US$ 27/mt and to Marmara for US$ 29.5/mt.

August 02, 2013 06:08 AM

Dry bulk shipping stocks on the Wall Street showed a general declining movement during the week with some stocks losing around 5%. Eagle Bulk Shipping Inc. [EGLE] was one of the positive exceptions spiking on Tuesday up to 11% but heading down again ending the week hovering around 0%.  In a recent analysis the Conference Board, a New York-based research group, stated that China was responsible for some 37% of world economy’s growth from 2006-2012. But this time is over and the debt issue is of serious concern to the government as the credit boom that helped to finance the 2008 stimulus plan is a threat to the financial system. China’s central government on the end of July ordered 1,400 companies in 19 industries including steel, cement and paper to cut excess capacity. The country’s growth is down to 7.5% in Q2-2013, the same number seen in Q1-2013. 

August 01, 2013 06:16 AM

Off the Continent scrap charterers were seeing US$ 15,000 daily on a 55,000dwt for a trip to the eastern Med, whilst owners of a smaller 37,000dwt were asking for US$ 11,000 daily for a trip to West Africa. Fertilizer charterers were reported rating a 38,000dwt for a trip to Brazil at US$ 6,100 daily. The Black Sea has all the potential to become a boiling pot. Supras are available for a trip to WC India at US$ 22,000 daily, with owners unwilling to budge and compromise at US$ 21,000 daily, which certainly would also be a respectable number. With demand steady and rates improving owners of an overaged 43,000dwt were raising their ideas for a trip to the PG from US$ 10,000 to US$ 12,500 daily. 

July 31, 2013 11:37 AM

Far Eastern brokers have little faith in an improving Handysize market in the area. The present market, though presently stable, has been tilting slightly more in charterers favour. The first two days of this week have been particularly quiet, with only a very limited number of fresh orders. And this given, the short term prospects do not appear very exciting. For a modern 30-34,000 dwt bulker the rate for an Australian r/v with a attractive delivery in Indonesia is still likely to hold around US$ 7,000 daily, to give an example. A 35,000dwt has just been concluded at US$ 7,500 daily for a trip from Singapore area to Vietnam, which rate – if true - is even better than expected, brokers say. The rate for 20,000mt sugar from Bangkok to Surabaya is hovering around US$ 17/mt whilst for 25,000mt PKE European owners were giving cover at US$ 39/mt for end August dates. 

July 30, 2013 07:23 AM

After all the exciting high rates reported done for Supra tonnage to the East at daily levels between US$ 16,500-18,500 owners appear to have come down to earth by now talking US$ 16-16,500 daily for this run. Fertilizer charterers were also pleasantly surprised to see one owner coming in below US$ 40/mt for 40,000mt to China, for which last done was US$ 37.50/mt. But the tug of war over the "right" rate levels continues between owners and charterers. Supramax owners of a 53,000dwt were proposed a trip to East Africa at US$ 14,000 daily which they would only do at US$ 12,000 daily basis redelivery in Durban. Japanese charterers were telling brokers they had seen 32,000dwt vessel at US$ 6,000 daily for a trip from eastern Med to St. Lawrence. All the others were much more expensive ranging from US$ 7,500-9,000 daily. 

July 29, 2013 06:09 AM

The Atlantic Capesizes hold firm thanks to fewer ballasters and signals that South American front haul is going strong—indeed Brazil/China voyages were trading in the US$ 17-18/mt range, though brokers spoke of at least one US$ 20/mt fixture in talks. The Pacific Capes have lost a little bit of steam in recent days with cyclone weather and volatile Chinese demand slowing down chartering. Pacific voyages are trading all over the place as brokers noted that US$ 6.75/mt was done midweek, followed by US$ 7.5/mt, which slipped back to US$ 7/mt by Friday. The Panamaxes close the week on a quiet note with owners struggling to find fresh orders and charterers content to wait and see what the market will do. Generally, however, market sentiment is bearish with the benchmark rates taking minor cuts on last-done rates with Pacific RVs trading in the low/mid US$ 6,000s daily but starting to trend toward the low end. 

July 25, 2013 06:27 AM

There are mixed outcomes being registered among Pacific Panamaxes with most rates going sideways as principals seem unclear about where they expect the market to go in August. There have been, however, more imports into EC India, even though this has failed so far to stem the declines in area freights. There is more tonnage seeking Indonesia rounds, brokers say, for rates of around US$ 7,500 daily with early August cancelling dates still looking pretty tight. The best deals continue to be in the Atlantic basin with quite a few ships opting to ballast to ECSA, however shipowners already open at South America worry about the resulting over-tonnage. 

July 24, 2013 09:02 AM

Period activity among the Panamaxes has started to wane again after last week's minor run-up, much of it due to a mild decline in Far East fronthauls from ECSA. Indeed, the Far East Panamaxes have been starting to paint the picture of tonnage supply outstripping demand, leading to an inevitable fall in freight levels. DOP remains the standard condition, owners hasten to remind, but there is already word of a few APS fixture trickling in, bad tidings for the owners' side. Enquiry is also down in the Atlantic, especially in the Med. Baltic-Continent coal trips are fixing about US$ 13,000 daily. Rounds from Port Said via Black Sea and back are doing US$ 12,500 daily.

July 23, 2013 06:10 AM

Another week another slide in the container spot freight rates out of Asia for most of the main trading routes as reported by the latest Shanghai Containerized Freight Index (SCFI). The drops are nearly at the same pace like last week with Asia-to-Europe down by 3.9% to US$ 1,240/TEU and Asia-to-Med losing 4.9% to US$ 1,235/TEU. The exception is the Shanghai-to-PG/Red Sea route with a jump of about 14.6% up to US$ 677/TEU. The trans-Pacific routes continue their downward trend with a loss of 3.1% for Shanghai-to-USWC to US$ 1,979/FEU and Shanghai-to-USEC down around 0.7% to US$ 3,293/FEU. On the secondary trade lanes the Asia-to-South America spot freight rates are down by some 2% week-on-week to US$ 899/TEU while the routes to Africa are more or less at the same levels as before with Asia-to-East/West Africa down US$ 6 to US$ 1,953/TEU and Asia-to-South Africa up US$ 5 to US$ 750/TEU.

July 22, 2013 07:06 AM

An influx of iron ore has been seen around Indonesia and vessels like a 57,000mt vessel carrying iron ore were chartered for Indo-China US$ 13,000 DOP. Other Indo-China vessels, presumably coal, were chartered for US$ 10,000 per day. Finished metal products such as rebar and wire from Vladivostok bound towards China and Vietnam showed a downwards tendency last week, whereas costs for metal products from South Korea to the Philippines saw no change. 

July 18, 2013 08:24 AM

In their latest report about global piracy by the International Chamber Commerce’s International Maritime Bureau, piracy attacks have dropped in Somalia to the lowest level since 2006. But as opposed to this in West Africa piracy action is increasing rapidly. In H1-2013 piracy incidents worldwide has amounted to 138 compared to 177 during H1-2012. Some 34 piracy attacks have taken place in waters off the West African coast during the first half of the year compared to 25 incidents in H1-2012.

July 17, 2013 08:35 AM

Handysize owners are not to be blamed for trying their best in a weaker environment. Despite the unlikely event to be considered a competitive candidate, owners of a 32,000dwt were holding out for US$ 9,500 daily from the Baltic to eastern Med, but on the basis of delivery Gibraltar, which is an unrealistic approach to the business. After they received a charterer’s indication at US$ 3,000 daily from Canakkale via the Black Sea to the USG, the owners replied to only give indications on dop basis. The vessel is coming open in Sfax. Owners of another 32,000dwt vessel open in Black Sea are viewing the market differently talking US$ 5,000 daily with a higher rate after 35 days. Italian grain charterers are not expected to stand any chance to fix 25,000mt of wheat to Libya at US$ 16.50/mt or US$ 18.75/mt to Tunesia, which last week was covered at US$ 19.75/mt. With more grain regularly emerging from the area the rate is likely to exceed US$ 20/mt. A 57,000dwt was rated from the area to the PG at US$ 17,000 daily. 

July 16, 2013 06:40 AM

Handysize tonnage is plentifully around on the Continent, with owners demonstrating flexibility to Otherwise the market remains slow and boring. Handysize tonnage is plentifully around on the Continent, with owners demonstrating flexibility to get their tonnage fixed. Petcoke charterers are said to be on subs for 25,000mt from North Spain to USG at below US$ 19/mt. The vessel has to wait 5 days to meet the laydays. Also fertilizer charterers had no problems to cover 25,000mt from the Baltic to Brazil at around US$ 25/mt. About eight vessels were competing for this cargo. On the background of the grain shipping season the Black Sea market can be expected to gradually move upwards. The time for cheap tonnage is coming to its end, brokers believe. Finding a vessel of 17-21,000dwt from South Africa to the Red Sea is not the easiest task. Brokers involved confirmed that owners’ interest has been very limited and they would reckon charterers are facing numbers of US$ 8,000 daily and beyond.

July 15, 2013 06:35 AM

The bullish trends are continuing with the grain season in full swing in the Azov Sea. The market has been given momentum by the commencement of grain harvesting in Russia. However, the rates that the owners are seeing for the grain on the market are below their expectations. These lower than forecasted rate increases are due to the unrest in Egypt, the war in Syria, as well as the volatility in the exchange rate of the US dollar. Nevertheless the rates for wheat shipped from the Azov have gone up this week by around US$ 1. A source exclusive to BMTI has upgraded most of his freight rate levels by US$ 1, so that 3,000 mt of wheat from Rostov-on-Don towards Egypt are at US$ 42-43, and towards the Adriatic Sea at US$ 44-45. Interesting to note is that some wheat ranges from this broker have expanded negatively by US$ 1, in comparison to a week ago, so that charterers now have a higher chance of getting rates fixed at a lower price. For 3,000 mt of wheat from Rostov-on-Don towards Marmara the range is now US$ 26-28. For the same cargo from Rostov-on-Don towards TBS the rates have also gone down US$ 1 to US$ 24-25. Another broker reported that rates for 3,000 mt of wheat have gone up US$ 0.75, compared to his own rates from the week before.

July 12, 2013 06:56 AM

Reports from the Continent have been mixed. On the one hand a 30,000dwt vessel was booked to the USG at the daily equivalent of around US$ 4,500 daily, and another 45,000dwt was fixed to ECSA at US$ 5,000 daily, which seems to reflect the softer tone prevailing on the market. But a rate of US$ 14,500 daily for a 34,000dwt allegedly taken to West Africa has irritated brokers. It does not match with the present more negative trend. But remedy is beckoning on the horizon. Algeria has bought 500,000mt wheat and 150,000mt barley originating from France/Poland range, to be shipped as from September onwards. This additional demand inevitably will lead to an increase in rate levels. The huge grain export potential from the Black Sea will also have a significant effect on the market. With altogether about 35Mt of wheat, barley and corn, available for export, demand for tonnage will accelerate. Traders expect an increase of about 10-20% in freight rates. With many sales done on the basis of larger size vessels like Supras and Panamaxes, this segment will benefit most.

July 11, 2013 08:17 AM

The Continent has changed into a slippery slope for the owners. A 32,000dwt failed at US$ 12,000 daily for a trip to West Africa, and thence only saw US$ 8,500 daily from other charterers for the same destination. Also major grain charterers managed to find tonnage US$ 2/mt below their initial ideas. Brokers report of moderately softer USG market for Supras, citing a front haul fixture at US$ 21,000 daily. The Handysize market remains very stable wit 35,000dwt tonnage proposed at US$ 13,000 daily for a trip to Brazil. The market in the south Atlantic has hardly been changing. Grain charterers are seeing US$ 36-37/mt for 30,000mt wheat into Morocco but would ideally like to fix around US$ 32-33/mt. The market in general has improved a little compared to the market of 2-3 weeks ago, brokers say. The East has been very quiet. A 55,000dwt was indicated at US$ 9,750 for 3 to 6 months with delivery in China, whilst from WC India owners of a 55,000dwt have been talking a reasonable US$ 7,500 daily for a trip to China. Handysize activity has been disappointingly boring. 

July 10, 2013 08:29 AM

Brokers wonder why on earth the Handysize market on the Continent has been looking fairly steady? Around 30 vessels of 20-47,000dwt have been counted available from now until 27th July. A couple of vessels are spot which to cover does not seem to be that easy. Grain charterers were telling their brokers they were seeing about 15 vessels for their 25,000mt stem from North France to EC Mexico, and feel inclined to drop their ideas down from US$ 25/mt. Supramax owners keep talking US$ 14,000 daily for a trip to the E. Med with scrap.
Good news from the Black Sea area. Brokers noticed an increase in grain cargoes which can be expected to continue and will help to lift rate levels and change the area into a bright spot, worth going to in future.  

July 09, 2013 07:00 AM

Having been following developments in Egypt, I already last year had the hunch that the way things went in Egypt civil war could no be ruled out. Meanwhile six months have gone by and the tensions have exacerbated with the potential to explode into a civil war, which is dominated by religious hatred, and thus suicide bombers are likely to enter the stage to intensify the countries race to the abyss. The repercussions for the shipping industry could be significant. The warring factions in Egypt might not be able to guarantee safe passage of the vessels in the Suez Canal, because both parties are fighting for cashing in the Suez fees to finance their war activity. As a consequence thereof many owners or a growing number of owners will refuse Suez passage and automatically rates will go up, let alone that a possible closure of the canal will have a huge impact on shipping. Demand for tonnage will pick up and rates will inevitably rise. The Continent has been steady. Voyage rates to South America have reached the equivalent of around US$ 6,500 daily.

July 08, 2013 06:22 AM

The week starts for the Capes with a further slide in freight rates as spot vessels are abundant but cargoes limited, most notably from Brazil, and fixing activity slowed somewhat due to port congestion in Australia. Front hauls from Cont/FEast are concluded around US$ 25,350 per day and TARVs crawled back above US$ 13,000. One of the highlights was a BS/China fixture concluded ppt at US$ 27,500.
For the Panamaxes some signs of easing are noted in the ECSA region as much of the prompt business seems to be covered and stems for forward dates are putting pressure on rates. Trading volumes in the East are limited while supply is in no shortage with most Pacific r/v remain on DOP basis but charterers insisting in APS rates only. A bit of extra activity is seen in South Africa. Period trading is slow with charterers in no hurry to fix. The eastern basin is rather quiet for the Handysizes as charterers expect a further drop in freight rates although the levels for the less volatile smaller vessels are sliding on a much slower pace than for the other ladies. The biggest loss with some US$ 400 per day is seen on the USG/Skaw-Passero trip hovering now around US$ 20,500 daily. Pacific rounds for Supras dipped below US$ 8,000 daily while on the ECSA-Skaw route rates are clinging to US$ 13,700 daily for the small Handys.

July 05, 2013 06:41 AM

A steady Handysize market is seen in both the East and the Atlantic. Both owners and charterers seem to perceive the Handysize market on the Continent very differently. Fertilizer charterers refused to look at any vessel unless owners come up with a rate starting with a "5" in front, which owners oppose. They are talking way above US$ 7,000 daily. The fact that brokers have counted more than 50 vessels available on the Continent within the next two weeks does not appear to impress them an rather keep raising their ideas. The story goes that steel charterers had to take a 32,000dwt from central Med via the Baltic to India at US$ 9,200 daily. This sounds weird but, can only be explained by owners’ general reluctance to go that direction. Scrap charterers are still facing numbers of around US$ 13-14,000 daily for Supra tonnage to the eastern Med. Fertilizer charterers put a vessel on subs for 30,000mt from the Baltic to Dakar at around US$ 25-26/mt, brokers suspect. In the wake of the forthcoming grain shipment season from the Black Sea expectations of significant rate improvements in the area are high. Grain traders confirm they have been facing obstacles to cover cargoes to Libya which is not only considered a politically instable country, but a place where owners are also facing huge cargo claims of US$ 70,000 and beyond, so brokers say.

July 04, 2013 08:56 AM

In the USG the race for tonnage continues. Owners of a 55,000dwt want beyond US$ 20,000 daily for a trip to the Med and alumina charterers have no choice but to keep trading a 27 years old vessel for a trip from NCSA to the Black Sea. South America is widely depicted steady with 30,000mt grain parcels done along the lines of US$ 28-29/mt to the Continent basis 8,000mt discharge. Salt charterers took a 27,000dwt at US$ 7,800 daily for a trip from north to south Brazil. Also South Africa looks pretty perky. Brokers report of a flourishing market where 32,000dwt tonnage has been taken to the Med at US$ 9,000 daily and US$ 10,000 daily to the East respectively. In the East, most astonishingly sugar charterers have seen several indications safely below US$ 30/mt for two 25,000mt shipments from Australia to Japan for forward dates from September through December. Is this hinting to a weakening market, brokers wonder, let alone charterers aggressive ideas of US$ 25/mt, which equates to less than US$ 6,000 daily including a ballast leg of 4 to 5 days, brokers say.

July 03, 2013 08:21 AM

The financially troubled STX Panocean must be accounted for the sudden increase in Caper rates. There have been reports of about 45 Cape sized vessels presently idle waiting for release from STX long-term charter, and thus cannot be moved/nominated for contract cargoes Panocean have booked. This leaves the charterers of these cargoes with the only choice to cover these cargoes from the spot market, leading to an unexpected additional enquiry with the potential to trigger a temporary spike in rate levels.
In the East a fairly decent rate was expressed by fertilizer charterers indicating on a 58,000dwt vessel US$ 9,500 daily from Jeddah via WCI back to Yemen, which partly explains the rate. For whatever reason, it took owners of a 15 years old 45,000dwt one week to reply to scrap charterers’ bid for a NoPac round voyage at US$ 7,000 daily, to which they now countered at US$ 8,000 daily. The rate for an Australian round voyage on a 30,000dwt vessel is still hovering around US$ 7-7,500 daily with a favourable delivery in Indonesia. 

July 02, 2013 06:03 AM

The positive trend from last week continues for the Capes with stable spot rates now well above US$ 20/mt for iron ore from Brazil/China and firm US$ 15/mt from South Africa/China as China began restocking the low stocks. Loading Australia sees mid US$ 8s for prompt dates. The T/C average shows more than US$ 15,200. Further firming freight rates for the Panamaxes are seen in the Atlantic with coal from South Africa and fresh grain stems from South America and also emerging from USG. In general vessels in the western basin are getting some US$ 3-4,000 more per day than in the Pacific but coal cargoes out of Indonesia are helping rates staying at firm levels also in the East. Freight rates for the Supras and Handys are holding up in both basins. In the East some coal stems from Indonesia to India are registered at freight rates around US$ 14.20-14.50/mt despite the monsoon season, a situation not seen since many years. On the North Atlantic the situation is more subdued currently.

July 01, 2013 06:21 AM

The market in the Azov Sea is bullish in general fuelled by quite some optimistic news about the upcoming wheat crop. As suggested before, there is a US$5/mt gap between the owner's and charterer's freight charge for any destination. One source states that many owners are trying to avoid the euphoria and believe that fixing later is better than now. Fixtures of 3,300 mt of grain from Taganrog have been set towards Marmara US$20/mt, Izmir US$24/mt and Mersin US$34/mt. It's not all clear skies however; another partner broker has reported that CIF markets for grain have fallen significantly last week. Egyptian owners were offering US$ 40-42/mt for 3,000mt of grain, but revaluated their offer to about US$37/mt. One of the reasons might be because of the political situation in Egypt; the price drop could however lead to changes in other fixtures as well. Rates for 3,000mt of wheat from Azov towards the Turkish ports of TBS, Marmara, Izmir are going for about US$ 20-24/mt. A player in the market told BMTI that there are numerous 5,000 mt wheat fixtures being concluded from the Azov port of Yeisk towards TBS for US$19.5/mt, to EC Greece for US$26.5/mt, to Egypt for US$36.5/mt and Sicily for US$39.5/mt.

June 28, 2013 08:41 AM

The increasing trend in freight rates have continued for another day for the Capes in the Pacific with a trip for 2LL of an eco lady via India/Indonesia to Singapore/Japan range for about US$ 15k. Sentiment indicates for even more during the next days. In the Atlantic freight rates are pushing upward also with Continent/FE aspiring up to US$ 30k. The South American grain market appears to be the main catalyst for the Panamaxes, driving a larger armada to the area. A large enough demand seems to be available, and rates and sentiment are improving. With the grain rush we also see an interest in short period fixing at the low to mid US$7,000 range. No clear trend and volatility is visible in the Pacific market with rounds being fixed on the APS basis. Charters were fixing round trips in Indonesia for about US$ 7,000 + 80,000 BB. For the smaller Supras and Handysizes the slight upward trend in rates continues as well with several fresh stems popping up in the eastern basin like a 52k dwt out of N. China redel India with ferts concluded for US$ 10,000 daily. In the western basin fixing into the Med is low and owners prefer to ballast to USG/NCSA to catch some business. TA rates are hovering around US$ 14-15,000 per day. 

June 27, 2013 09:03 AM

Strong sentiment for the Capes is encouraging further buying with Q3 being traded at US$ 11,000 for the first time this year. TC earnings take another jump of more than 1,000 supporting rate increases seen in both basins. TARV are tending towards just around US $16,000. Panamax tonnage is somewhat piling up in the East but eco types are getting rather strong numbers up in the US$ 7k for a NoPac r/v with dely mid China. In general an imbalance in supply and demand is prevailing. A slight improvement in FFAs indicates towards some more interest in periods as Q3 keep on rising with US$ 7,150 currently. In the Atlantic supply is somewhat tight with vessels going on subs. Firming tendencies are seen with the Supras as bauxite and nickel ore cargoes appeared in the East finding some tight tonnage in the area. Rates in South Africa are staying in the range of US$ 9,000 + US$ 300,000 BB for APS Durban. The USG remain firm although the trend is going toward ECSA with some fresh enquiries seen and rates increasing. 

June 26, 2013 08:24 AM

Some fresh enquiries are seen in both basins for the Capesizes with spot freight rates on an upswing and the TC earnings climbing towards US$ 12,900, more than doubled in two weeks, up to a six-month high. The recent slide in commodity prices seem to spur the cargo availability currently with early July voyages from Brazil to China hovering around the mid US$ 19’s and from South Africa to China for the same time concluded at around US$ 14.60. Panamaxes show an upward tendency in TC averages of around 15% during the last two weeks but with great difference between the two basins. While the freight rates in the Atlantic, especially the front haul, are going up nearly every day, the Pacific sees a constant sliding. Fixing activities remain subdued and tonnage ballasting to ECSA is dampening expectations of big rate increases. APS rates are concluded for trips of Indonesian coal at the moment. 

June 25, 2013 06:10 AM

For the Capes it’s a quiet first half of the week as new cargo is a rare view in the Pacific and also the Atlantic has no big offer at hand. Rumours of Pacific r/v in the range of US$ 14,700 are spurring some hopes. The trans-Atlantic r/v is tending higher up to US$ 15,500 daily. Only little activity is registered for the Panamaxes at the moment with some tonnage building up in the eastern basin. NoPac as well as Australia are lacking of fresh cargo while some grain bids from Argentine and Brazil are reported for US$ 40/mt helping sentiments remain positive. Periods of 4-6 months are being fixed in the range of low to mid US$ 7k BMTI is told. Like the bigger dry bulkers also the little sisters are somewhat lazy currently in the Pacific as most of the tonnage in the East has been fixed last week. Spot freight rates are done at rather stable levels although with an upward trend seen in the market. In the Atlantic front hauls for the Supras from the USG are approaching US$ 25,000 daily.

June 24, 2013 06:20 AM

Momentum seems to be building in the Far East with owners demanding higher rates. There were a number of DOP fixtures reported with a Supramax fixed for a DOP South China at about US$ 7,500 to Southeast Asia carrying coal. The Indonesian coal trade is fuelling demand and the short supply in tonnage is raising the rates. Trips from Singapore to India or China are up US$ 500, in some cases getting about US$ 11,500. One correspondent reports that Korean charterers are looking at a 53,000 dwt spot CJK, suggesting US$ 7,000 daily for a trip to WC India. Meanwhile, another source is reporting that owners are demanding around US$ 9,500 daily for a coal trip for the same route. Charterers see this trend as a spike in the market; those with prompt cargoes are going with the higher rates, whilst charters that can afford to wait are hoping that the market settles. 

June 21, 2013 06:03 AM

Panamax front hauls from ECSA are one of the remaining hotspots with very strong (albeit APS) rates of US$ 15,000 daily plus US$ 500,000 BB for mid-July on an economic 82,000 dwt unit. There is talk of a shift to APS terms on front hauls as well.
Mediterranean Handy bulkers have calmed down, brokers say, with the next wave of activity expected in July. Short period demand remains relatively healthy off the UKC with world of US$ 10,750 daily done on a 2010-built Supramax for 4-6 months. Scrap trips to the Med, meanwhile, are ascendant with Supras getting up to US$ 15,000 daily from the Continent. The US Gulf remains shockingly strong with front hauls now pushing toward US$ 24,000 daily. 

June 20, 2013 06:53 AM

The eastern basin has presumably hit its highest point in this particular Panamax business cycle, brokers claim. This is evident when looking at the total number of APS rates concluded, they say, for example on coal shipped from Indonesia towards India on the "Mega Donor" (79,000 dwt) that concluded a trip for US$ 6,000 plus US$ 90,000 despite her less-than-ideal specifications. Period tonnage is being fixed in South China—we hear of rates done in the range of US$ 7,250-7,750 daily. One interesting fixture was the "Lord Byron" (75,000 dwt) to Norden that was done for one year at an index-linked rate of BPI +14%—a clever hedge for uncertain times.

June 18, 2013 06:38 AM

It's been much of the same trendline seen since early June as the Black Sea is locked into another holding patter, though sentiment has experienced, perhaps, a mild kick-up thanks to perceptions that the grain harvest and/or exporting season is just around the corner. Clearly, it remains a charterers' market. Nonetheless, there are big hopes for Ukraine and Russia (as well as Kazakhstan, Bulgaria and Romania) to bring high grain volumes to the market this year and, assuming their grains are priced low enough on the global market (an increasingly competitive one), it looks like this could very well happen, given early indications of the Black Sea harvest. Standard maize cargoes of 3,000mt from Nikolayev to Sea of Marmara are getting steady freights in the range of US$18.5-19.5/mt, brokers report. Steel shipments are steady, being assisted by deepsea demand to the Atlantic. Coal of 10,000mt, meanwhile, is getting US$ 11.25/mt from Mariupol to Constanza with earnings of US$ 1,500 daily. 

June 17, 2013 06:39 AM

Charterers have nearly completely resigned to returning to DOP routes with owners outright refusing to accept APS terms at this point. In the Pacific basin, activity is moving in owners' favour. Pacific rounds are getting over US$6,500 daily, we hear, with charterers likely to concede higher rates in the days ahead. Handy bulk activity remains robust in the Atlantic with higher enquiry in the UKC-Med sector, especially on grain volumes to North Africa from France as well as firming scrap demand from the Baltic to the Turkish Med. Black Sea rates are under pressure, despite steady cargo flows, while fertilizers from SPB to West Africa are getting firm freights. From the US Gulf, ton- nage continues to tighten and front hauls to Japan-S'pore are now fixing strong rates of US$ 24-25,000.

June 14, 2013 06:49 AM

With supply of tonnage tightening on the Continent rates can be expected to rise. A 30,000 dwt, 1985-built, that brokers say is not a good quality ship, has been fully fixed at US$ 10,000 daily from the Baltic to the Adriatic. Owners of another overaged and similar size vessel are aiming for the same rate, holding US$ 9,000 daily already. This truly resembles the situation on the Continent, where fresh business is added to a pile of still-uncovered orders. Finding tonnage in the Black Sea is no problem at all. To cover Yemen RVs with modern 30,000 dwt tonnage at around US$ 9,000 daily with redel Port Said is not very difficult. But with the pending grain season in July-August, this is very likely to change. The USG-NCSA area is also trapped by a lack of tonnage. Owners of a 37,000 dwt are offering coal charterers the golden opportunity to take her at US$ 15,500 daily from USEC to the Continent.

June 11, 2013 07:49 AM

The supply of Handysize tonnage in the USG-USEC area seems tight. Petcoke charterers are approaching tonnage in the Gibraltar area, indicating US$ 15,000 on a 34,000 dwt for a trip to the Med. Owners of Supramax tonnage do not recoil from talking strong numbers as high as US$ 16,000 daily from NCSA to Brazil. A vessel of 34,000 dwt was offered at a pretty weird number of US$ 18,500 daily for a trip ex-NCSA to the Black Sea, a figure that didn't encourage charterers to start a dialogue with owners. Tonnage tightness in the USG is felt in the WCCS-WCSA area. If this continues, charterers may deem it worth taking vessels from this area where present demand is pretty low. A 44,000 dwt ship would probably get US$ 7,500-8,000 daily for a trip to Brazil and, with a bit of luck, around US$ 10,000 to the Continent.

June 10, 2013 06:05 AM

Capesizes have seen a gradual rise in momentum in the Pacific with enquiries especially high as last week came to a close, much of it concerned with fixing last-minute mid/end-June positions. Many of the big Australian charterers are getting busy on Pacific voyages, which pushed rates up into the US$ 7.25-7.35/mt range. Coal cargoes ex-EC Australia have absorbed several open vessels with rounds via China getting upwards of US$ 10,000 daily. The Atlantic is less than stellar, however, with Brazil/China at US$ 17.45 and TARVs fixing US$ 8.5/mt. After sustaining some discounts on ECSA stems, Panamaxes seem to have stabilized once again in the Atlantic as fresh grain demand on backhauls via UKC-Med has made ballasting to South America less attractive than before, thus helping to keep overcapacity under control to some degree.

June 07, 2013 07:13 AM

Excellent grain harvest prospects in Russia, Ukraine, Romania, etc. have the potential to propel the area into a busy place with rates rising, if limited. Given this background, even grain traders concede the likelihood of a raising rate levels of a couple of dollars per tonne. The first sales from Black Sea to Saudi Arabia for August have already been concluded. Two years ago the situation was almost similar and prospects looked pretty bright for owners to cash in. Regrettably the outcome was disappointing for owners. The rush did not happen. From South America, the 53,000 dwt "Anastasia" failed at US$ 9,000 daily for a trip from Santos via Red Sea with redelivery Port Said. Brazil charterers failed on intake on a 27,000 dwt vessel which they had on subs at US$ 10,000 daily for a 20-day duration along the coast.

June 06, 2013 08:39 AM

The eastern basin continues to display steadiness for Handysize vessels with a 36,000 dwt taken for 2-3 laden legs at US$ 7,250 daily. The Far East Handy bulkers are still trading timidly, which is made even more sluggish as many industry players are off to attend the all-important Coaltrans Conference in Bali. Understandably, owners of a 28,500 dwt open in Indonesia want to get the same money. Owners of a 34,000 dwt vessel keep talking US$ 7,250 daily for a NoPac round voyage. Supramax owners keep exercising restraint. A 55,000 dwt ship was proposed for a short coastal employment at around US$ 6,250 daily, which owners were hoping to attract the charterers to get something done. Alumina charterers have been showing interest in a 34,000 dwt vessel from Australia to the Continent at a rate of about US$ 6,000 daily plus a small ballast bonus. The 34,000 dwt "Kwangyang" has been fixed on subjects for a trip from North China to SE Asia at a yet undisclosed rate.

June 04, 2013 06:35 AM

Iron ore spot prices fell dramatically last week on the Chinese markets. Not that surprisingly, increased domestic production is seen as one of the reasons, among others including weakening world demand and flat global steel output. Beijing-based spot prices fell from US$ 113.5/mt FOB to US$ 100.5/mt FOB last week, according to the Chinese Chamber of Commerce. Such a drop is indicative of weaker markets as well as the new month index. China produced 110.5 Mt of iron ore in April, up 5.7% year-on-year. Chinese iron ore production has increased 9.9% in the first four months of the year to 398 Mt after rising by 14.5% YoY in 2012 to 1,310 Mt. If Chinese iron ore output in the first four months of 2013 were to be annualized, iron ore output growth for the year would amount to a massive 43.5%.

June 03, 2013 06:43 AM

The Azov markets remain under pressure, though grain trips are still being made, if at a lower frequency than before. Bagged cargoes of 3,000mt are fixing US$ 15/mt from Mersin to Azov, one broker tells us. Scrap shipments of 3,000mt from Rostov are fixing US$ 19/mt to the Turkish Black Sea, US$ 21/mt to Marmara and US$ 24/mt to Nemrut Bay. Russian flag tonnage is fixing US$ 13/mt on general cargoes from Marmara to Azov while non-Russian flag tonnage can fix about US$12/mt for the same. A 2,000 dwt vessel fixed US$ 53,000 lumpsum, reportedly, from the Adriatic to Rostov. A 1,000 dwt, meanwhile, fixed US$ 30,000 lumpsum from Constantza to Rostov. On Volga River transport, a general cargo of 3,000mt on an Omskiy type ship has concluded US$ 150,000 from the Adriatic to Volzhskiy. Grain freights are lower than a month ago with Azov/Marmara now getting no better than US$ 17.5/mt, or about US$ 2/mt lower than two months ago—other sources say the freight is closer to the US$ 18-19/mt range, but this is contested. Pressure on Azov owners has become so heavy that owners of 6,000 dwt tonnage are accepting maize stems under 3,000mt just to get cover. 

May 31, 2013 06:32 AM

Atlantic Capesizes are fielding fresh interest from charterers after several weeks of inaction. Fixing has picked up, brokers say, with Brazil/China deals done at upwards of US$ 17.75/mt on mid-June positions. Cargoes are also picking up on long hauls from the Black Sea to the Far East. Trans-Atlantic demand is still tepid with RVs from UK-Cont to South America and back getting no better than US$ 3,300 daily.
Fresh Pacific cargoes continue to come onstream for Panamaxes and at greater volumes, but the ocean of open tonnage has yet to be satisfied and charterers maintain the upper hand, albeit less so than before. Coal from Indonesia is especially prominent with APS rounds predominantly, though there have been a few DOP rates also fixed, which are doing roughly US$ 4,500 daily on NoPac or WC Australia basis. Short period is fixing at or just under US$ 7,000.

May 30, 2013 06:46 AM

The secondhand market for the bulkers stays as active as seen in recent weeks with especially a lot of vessels of Japanese origin and less than ten years of age changing hands. Supramaxes and Panamaxes are the preferred sizes like the 76,942dwt/2006 Japan built "Shoyo" being snapped up by Greek buyers for US$ 20m. The one-year-older "Ikan Kembong" of 76,447dwt, also from a Japanese yard, went over the counter for a softer US$ 17.7m basis drydock survey due in August, also to Greek buyers. Total invested capital so far this year in the secondhand market of the dry bulkers amounts nearly to US$ 2.6 billion. Around US$ 850m of this was paid for vessels in the Panamax size. Asset values for five-year-old bulkers rose by some US$ 340,000 week-on-week, Supras of the same age show about US$ 100,000 more while the Capes are decreasing around US$ 80,000. 

May 28, 2013 06:19 AM

From the Black Sea, grain charterers have been rumoured as fixing 15,000mt SFS last week from Bulgaria to Portugal at around US$ 25.5/mt. The USG-ECCA area seems to remain a stronghold of stability. Brokers report on charterers rating a 33,000 dwt vessel at US$ 14,500 daily for a trip from ECCA to the Med. For owners of a larger 37,000 dwt vessel such a rate would be unacceptable after they were seeing US$ 16,000 daily for this run, tempting them to raise their rate to US$18,500 daily. The charterers are holding their breath. Speaking of tongue in cheek, the South American market seems to have failed owners. There were high hopes that a strong and steady supply in this area would have the potential to lift the entire Atlantic basin. But this dream did not come true—presently rates are getting weaker with the supply of tonnage improving.

May 27, 2013 06:40 AM

Atlantic Capes are still having difficulties with coal stems down and trans-Atlantic RVs falling into the US$3-4,000 range. Demand from South Africa was gaining some momentum with June positions being covered at US$13.5/mt on Atlantic redel. The East is still relatively busy with West Australian minerals dominating proceedings and decent levels of around US$ 7,500 daily fixed on spot Pacific rounds. From East Australia, rounds are fixing closer to US$ 6,500.
Last week ended with Pacific Panamaxes running a bit slower due to the holiday in Singapore and sentiment on the slide as owners are nearly completely resigned to fixing on APS terms with little support from Australia or the Indian Ocean. With prospects also fairly dim for the week ahead, owners are not holding out for much recovery until perhaps the start of June, when some traders predict a new influx of activity. Indonesian RVs are fixing steady at about US$ 6,000 daily plus US$ 90,000.

May 24, 2013 08:18 AM

Minerals from Australia and NZ, as with the Capes, are having a moderate effect with a still-low US$ 6,500 daily plus US$ 320,000 BB booked from Lyttleton to China. Period chartering is gaining some interest, though owners are still not too enthusiastic about the offers for sub-US$ 6,000 for 4-6 months.
North Continent positions for Handy bulkers seem all booked for the time being, at least until mid-June, brokers report, though tonnage remains relatively tight via UKC. Short period deals from the Black Sea look rather bullish with at least one US$ 12,000 daily fixture down for 3-5 months on worldwide redelivery. Baltic grain is starting to increase, though with minimal impact on rates. Tonnage is tightening off NCSA with congestion and increased grain stems expected to lift freights next week, brokers tell us.

May 23, 2013 06:45 AM

Far Eastern brokers express a mixed view about the market's medium term prospects. Some refer to a likely summer lull whilst others have been talking to a couple of charterers who are considering taking on tonnage for period. Owners of 30,000 dwt are talking around US$ 7,000 daily for an Aussie RV with a favourable delivery in SE Asia. The rate for a NoPac round for a similar size is closer to low US$ 6,000s daily, to draw a comparison. For their 38,000 dwt open Japan, owners indicate US$8,000 for a trip to WC India. Owners of 26,500 dwt totally disagreed with sugar charterers that US$ 4,750 daily for a trip ex-Thailand to Korea-Japan is the market rate, which they would regard to be closer to US$ 5,500-6,000. From the Red Sea, fertilizer charterers are seeing US$ 18.75/mt for 50,000mt to EC India which is about US$ 2.5/mt over last done. 

May 21, 2013 06:31 AM

A lockdown on Atlantic activity keeps Panamaxes subdued at the start of the week and, even though tonnage is comparatively tight, cargoes are far from fast enough to make much of dent. Grain trips from ECSA are being fixed just under US$ 15k on APS with US$14,750 daily plus US$475,000 BB last seen fixed to S'pore-Japan on a 2009-built, 80,000 dwt vessel. Other trips from Brazil to the Far East are fixing not much better than US$ 15,000 plus US$ 500,000 even though the owners continue to pursue upwards of US$ 16,000. On voyage basis, rates for bauxite (ex-Trobetas) getting over US$ 40/mt to South Australia. A Kamsarmax fixed an APS deal of US$ 6,200 daily plus US$ 300,000 BB on an Australian round voyage from North China. Short period deals are few with last-done rates for 3-5 months of trading fixed between US$ 8-9,000 daily. 

May 20, 2013 09:43 AM

Handysizes of 34-36,000 dwt from Indonesia were reportedly able to fix over US$ 8,000 daily for Australian round voyages. Not all were quite as lucky, however, with 32,000dwt ships fixing closer to US$ 7,500 daily on the same run. Modern vessels of 28,000 dwt were getting at or just under US$ 7,000 daily for Australian rounds via Singapore-Japan. Via Far East, similar vessels were getting around US$ 6,500 daily for NoPac round voyages, though a bit higher (about US$ 7,000 daily) with 2LL on North China delivery. India has been keeping Handymaxes and Supramaxes fairly busy in the past week, even with freights still trading on a flat line thanks to more vessels coming open in the area. Owners were pushing for rates in the US$ 9,000s on iron ore cargoes from EC India to China. Pacific rounds in general are trading in a wide range between US$7,000 and US$8,000 daily, depending on terms and ship.

May 17, 2013 07:20 AM

The chartering market in the East has been steady for Handies whilst Supras appear less attractive for the charterers, talking very low rates for odd positions and certain trades. Short period rates are still hovering around US$8,800-9,000 daily. A 32,000 dwt vessel failed on subs at US$ 7,400 daily for an Australian round voyage with delivery in Shanghai. This is very understandable. The vessel was overpaid given the latest fixture done at US$ 6,500 daily with delivery in Southeast Asia. Owners of a 28,000 dwt have been talking low US$ 6,000 daily for a trip with logs via New Zealand to Singapore-Japan. From South Africa coal charterers were seeing quite a number of Supras, tempting them to talk US$ 12,000 daily on a 55,000 dwt APS South Africa, versus the owner's rate or US$ 6,000 daily from Tuticorin for a South African round voyage. Similar tonnage has been proposed for a trip from South Africa to the Cont at US$ 11-12,000 daily. The Atlantic is still outperforming the East. From the Continent Supras are worth around US$ 13,000 daily for a trip to the Med and around US$ 15,000 for Far East destination.

May 14, 2013 06:29 AM

In the US Gulf-NCSA area, owners keep enjoying steady demand boosting their sentiment. A 28,000 dwt vessel open in the area has been bid US$ 16,500 daily for a trip to Red Sea with redelivery Port Said. The same owner proudly reported numbers seen in the same region for a trip to the Continent, which he prefers. The larger 45,000 dwt vessels are similarly well off, with rates obtainable at the US$ 18,000 daily level for a trip to the Med. The South Atlantic, though pretty active, has yet failed to lift the entire market in the Atlantic. Rates look alright, but not really good enough to attract ballasters from the Med-Gibraltar area. Sugar charterers keep sticking to US$ 36/mt for 25-28,000mt from Santos to the Black Sea.

May 13, 2013 06:35 AM

Pacific Panamaxes maintain a bearish tone with rates slowly degrading from last-done levels as open tonnage expands and charterers take the upper hand. Indonesian RVs via South China are still trading in the low US$7,000s daily and traders say that demand remains robust via Indonesia, though the area continues to be flooded with enterprising vessels, thus keeping rates under pressure. Premiums are being given for Indonesia trips via Japan, though mostly to compensate for the unfavourable redel. June grain positions from South America are coming onto the market and starting to be concluded from ECSA to Japan and South China at US$ 9,000 daily and US$ 7,500 daily, respectively, albeit mostly on APS terms. The period trades are still hovering in the US$ 7-8,000 daily range for 3-6 months. We have seen at least one modern 76,000-tonner fixed over US$ 9,000 daily via Atlantic for 4-7 months of trading.

May 10, 2013 06:06 AM

Supramax FFAs see increased interest from traders at the start of the week with May-June contracts going for US$9,000 by the end of the week. Panamax FFAs began drifting after midweek, but firming trends in the Atlantic did bring some recovery to Q3 levels. It was a typically fragmented and volatile week for Wall Street bulk carrier shares with the likes of Paragon Shipping [PRGN] and Star Bulk [SBLK] increasing nearly 20% and 30%, respectively, over the week to US$ 4.54 and US$ 7.66. But Genco [GNK] had a bad week, dropping 30% to just barely over a dollar as bankruptcy rumours grew among traders. Shares for Genco Shipping & Trading dropped by more than a third this week after financial analysts warned investors about the company's high risk of bankruptcy and the real possibility of restructuring. The trigger was Genco's recent reclassifying US$ 1.4 billion in long-term financing as short term debt. 

May 09, 2013 09:03 AM

New Trans-Atlantic demand continues to flow into the Capesize market with front hauls also resuming, albeit to a lesser extent. West Africa trips to China are reportedly getting upwards of US$ 22/mt to China, though the South Atlantic is otherwise slow going. Pacific demand is the main driver of Cape sentiment at the moment with freights levelling out again after perking up a bit earlier in the week. West Australian rounds are going for US$ 8.3-8.4/mt. Pacific Panamaxes are struggling to keep momentum going with Pacific rounds shifting into the low US$ 7,000s and the emergence of more APS deals than in days past. NoPac demand is spotty at best, so owners returning from the ECSA are flailing about for Pacific-based business, looking to Australian and Indonesia with Aussie rounds getting US$ 7,500 daily.

May 07, 2013 06:48 AM

The cost trade-off between HFO and LNG is progressively moving to favouring LNG, say industry observers, as increasing demand will dampen price instability and sufficient LNG supplies (especially compared to ever tightening global oil reserves) will keep LNG fuel prices at competitive levels. Zhan Shu Ming of COSCO Shipyard Group points to growing LNG reserves as a major incentive—in addition to its lower emissions footprint and continuing research in its development—for newbuilding vessels of all types to be equipped with LNG engines. Last month, for an example of LNG-burning ships' steady acceptance into the industry, Oslo-listed offshore service vessel owner Siem Offshore ordered one of the new generation of LNG engines for a "VS 4411 DF-class" vessel from the Hellesoy shipyard for delivery in the third quarter of 2014. The ship, collaboration with Wärtsilä Ship Design, has a dual-fuel system that can use either marine diesel oil (MDO) or LNG.

May 06, 2013 06:07 AM

Indonesian coal demand is resuming for Panamaxes, which is encouraging owners in the East with a handful of APS deals done in recent days. Indonesia-India business has been fixed at US$ 7,200 plus US$ 120,000 BB. South China rounds are going for up to US$ 8,000 with owners pursuing US$ 8,500. Voyages are on subs with US$ 8/mt from Indonesia to New Mangalore. In the Atlantic, two ECSA RVs are fixed at US$16,000 plus US$600,000 BB end-May.
Fortunes seem to be improving for Atlantic Handy bulkers with open tonnage starting to tighten from the North Continent as scrap freights to the Med are able to achieve very good rates of US$ 13,000 daily or higher on Handysizes in the 42-48,000 dwt size range. The US Gulf, on the other hand, after levelling out, has started to dwindle freight-wise with new cargo demand slowing down considerably. South America is flat with open tonnage tighter via NCSA.

May 03, 2013 06:53 AM

WC Italy: Steady supply of fresh steel orders for multiple Mediterranean destinations. Fresh scrap orders are regularly being freshly quoted open. Some spot tonnage is seen in the area. Freights are stable.
South Spain-Spanish Med: Cargo volumes remain sluggish with the occasional fresh steel shipment appearing to Algeria, East Med and North continent hardly sufficient cargo flows to cover the number of spot vessels in the area. Some spot tonnage seen in the area. Freights continue to be tested.
French Med: Grain volumes this week appear to have slightly picked up a notch but hardly the volumes that would we hope for this time of year. Some spot tonnage seen in the area. Freights are stable.

May 02, 2013 07:09 AM

Freights trend in the positive direction for long hauls from South America with Capes now getting upwards of US$ 17.5/mt to Qingdao from Tubarão and word of US$ 17.8/mt concluded for end-May on the same. The Pacific basin has been decidedly more subdued than the Atlantic as holidays dampened general fixing activity across the board—particularly Singapore's holiday on Wednesday.
The Atlantic Panamaxes were behaving sluggishly along the ECSA and the Continent as trends suggest that freights have reached a plateau and that charterers can most likely rest easy before worrying about freight hikes heading into May. Indeed, spot sentiment has gone from flat to negative, traders say. Nonetheless, following the midweek pause from May Day, an expected resumption in activity today could likely bring another upgrade. Trans-Atlantic trips are trading at or just under US$ 8,500 daily and front hauls are fixing at just over US$ 15,000 daily.

April 30, 2013 06:34 AM

Owners of Handysize tonnage trading in the Atlantic have very little reason to worry. Rates seem to be going up instead of down. Brokers report a 34,000 dwt being taken by scrap charterers from Liverpool to eastern Med at over US$ 12,000 daily. Owners of a 45,000 dwt vessel deemed it appropriate to indicate US$ 20,000 daily for a trip to India, after charterers were expressing interest along the lines of US$ 17,000 daily. A level of around US$ 6,000 seems to be the rate for a trip from the Baltic to ECSA for a 32-35,000 dwt. Supramax tonnage was proposed at US$12,500 for a trip via east Africa with redelivery passing Durban. Tonnage in the Black Sea area has also become more limited, brokers report. This is not stopping charterers from trying to discourage owners of 24,000 dwt tonnage to indicate US$ 3,500 daily for a trip to the USG. Grain charterers see US$ 16.5/mt for 30,000mt wheat from Odessa to Spanish Med.  

April 29, 2013 06:37 AM

The ship financing infrastructure of Germany is coming under greater pressure with the most recent victim, German bank and Germany's third biggest maritime financier, Nord LB, registering losses of EUR 46m last year in its transport division-compared to profits of EUR 243m in 2011. Nord LB said its loan loss provisions rose to EUR 498m from highly-leveraged ship mortgage loans. It also had to take an unexpected EUR 44m hit from shipping-related projects on other operating expenses. For this reason, Nord LB's total profits plummeted by 85% to EUR 80m last year as its shipping portfolio shrank to EUR 1.2 billion from EUR 17.1 billion. The German Shipowners' Association (VDR) has been working hard to get some financial support from the German government, but has so far been rebuffed, not least because domestic "bail-outs" ahead of federal elections are just as unpopular as they are to EU member states such as Greece. German Chancellor Angela Merkel has agreed, however, to keep the present level of aid for maritime training and employment unchanged at EUR 60m annually. 

April 26, 2013 07:01 AM

From the US Gulf, Supramax owners have been proposed US$ 20,000 daily for going east. Info from the Lakes has almost been nonexistent. The very few players controlling the market are keeping their dealings under wraps. Brokers, however, believe that volume will be less than last year. 10-15,000mt cargoes to Italy should pay in the mid US$60s, whilst the first cargoes of the season got covered beyond US$ 70/mt. For unexplainable reasons the water level has dropped, obviously affecting vessel intake. South America remains promising turf for Handysize tonnage. Some charterers have decided to cover their early cargoes by taking tonnage on short period to avoid a painful loss on a trip basis. Some view a rate of US$ 11,000 daily as an ideal figure for short period, which may turn out to be a lofty goal. Grain charterers told owners of a 48,000 dwt vessel they would be ready to take her at US$ 16,000 for a trip to east Med.

April 25, 2013 07:03 AM

Eastern Panamax markets took a mild hit today as open tonnage seems to be widening and charterers are having more success in knocking rates down—or at least refusing premiums. Coal rounds from East Australia to NoPac are still able to achieve around US$ 10,500. Trans-Atlantic rates are also down with availabilities suddenly less tight than in days past. ECSA front hauls under pressure, likely to slip back under US$ 16,000 daily before the week is through.
After several weeks of strong performance, Handy bulk rates via South America seem to be peaking out. Indeed, front hauls to Japan have already lost some US$ 1,000 since yesterday to around US$ 14,000 daily plus US$ 400,000 BB. The US Gulf, however, continues to stay strong with Handysize trips to the UKC-Med going for upwards of US$ 17,000 daily.

April 23, 2013 06:46 AM

In the Black Sea grain, especially maize, is holding up freights via Nikolayev where a cargo of 3,000mt can still achieve around US$ 19-20/mt to the Marmara. We hear that rates for the same cargo type from Odessa to Marmara are trading steady in the US$ 15-16/mt range. Maize of 3,000mt from Nikolayev is said to be achieving high US$ 20s/mt to Alexandria and almost US$ 30/mt to the Adriatic. Scrap cargoes are also making a decent showing with small size cargoes (2-3,000mt) from Poti able to fix SF 85' at rates of around US$ 24-25/mt. Steel shipments remain one of the steadier cargoes being moved in the Black Sea with billet cargoes of 5,000mt, for example, able to fix freights in the middle US$ 20s/mt from Ilyichevsk to the Egyptian Mediterranean. Fertilizers, meanwhile, are moving at a subdued pace with charterers hoping to put pressure on the market. A urea cargo of 5,500mt is quoted at US$ 15/mt Yuzhny/Marmara. 

April 22, 2013 06:58 AM

The Capesizes closed last week on a surprisingly active note with increased demand for coal trips ex-RBCT with at least three voyages fixed from South Africa to Shanghai area in the range of US$ 12.5-12.75/mt. Wide variation was seen on West Australia voyages in the range of US$ 7.1-7.3/mt. The Atlantic freights are stable and period is returning with a year period getting fixed at US$ 10,500 daily.
Pacific Panamaxes, despite some earlier worries, are trading at rather steady levels with sentiment rather buoyant thanks to the ECSA market, which shows no signs of slowing any time soon. A continuing shortfall in North Continent tonnage has prompted owners to pursue new Baltic round voyages at nearly US$ 14,000 daily, which is almost US$ 4,000 over market. Brazil/Far East is exceeding US$ 17,000 daily.  

April 19, 2013 07:32 AM

In the South Spain-Spanish Med-French Med - Adriatic-WC Italy trade basin, improved cargo flows are seen out of the French Med and WC Italy, which have helped ease the lack of activity this week with many owners holding out for better freights as spot tonnage can be seen in all sectors. With recent developments in Cyprus having played out and the dust now settling, the aftermath and consequences of the so-called bail-out in is only now being played out for many shipping firms that previously used the divided island nation as a shipping hub. Many Greek, Syrian, Egyptian, Lebanese, Russian and other owners who once sought the tax benefits of Cyprus now realize their worst fears with deposits frozen, confiscated and subject to a so-called haircut or, in some cases, a military style shaving. Some S&P brokers say buyers from the region have temporized inspections and have postponed purchases due to recent developments in Cyprus. Consequently for coaster shipping, the billions of euros to save the banks by shipping depositors (and others) will no longer be accessible for investment in shipping projects.

April 18, 2013 06:45 AM

Available Panamaxes off the Continent are tightening and owners are enjoying something of an edge in discussions, though there is still a bit of a standoff between chartering interests and those of the owners. ECSA congestion and strong cargo exports are keeping open tonnage limited from South America as well. Delays are getting so bad from some Brazil ports that they are coming near two months long.
ECSA sentiment is sideways for the Handy bulkers and indications are mixed about rate trends from NCSA or the USEC—nonetheless freights continue to trade at about US$17,000 daily for Handymax trips to the Continent from the USG. There is talk that next week may bring a slump in activity, but early indications for May are strong, traders say. 

April 16, 2013 07:34 AM

A further decline in box trade is expected for Asia to Europe-Med, to which carriers have responded with sailing cancellations. Fewer (but larger) ships are serving the main routes with an utilisation rate of 79% out of Asia in March and less than 50% on the back haul. As this development continues, there is a noticeable shift to other routes. Asia-to-Africa seems to particularly draw the keen attention of the shipping industry as indicated by the example of two Hong Kong ship owners buying container vessels from failed German KGs to be employed between Asia and Africa. Cargo volumes on this trade are growing 2-3 times faster than volumes between Africa and Europe or North America. Consumer demand in Africa for Asian products is growing apace with African commodity demand to Asia. Consequently, vessels suitable for African restricted-draft ports and well-equipped with handling gear are seeing more opportunities for employment.

April 15, 2013 06:11 AM

Atlantic Panamaxes are going strong thanks to robust grain activity from the ECSA and expectations of further such activity in the week(s) ahead. Indeed, long haul freights ex-South America to the Far East are up by about US$1,000 daily in the past week. The Continent is also keeping busy with US$ 16,000 daily recently exceeded from UKC to ECSA. Trans-Atlantic rounds are hovering in the low/mid US$9,000s daily, but 2LLs can get over US$11,000 daily. Pacific Handies ended last week on a stronger note, indicating a generally volatile atmosphere. The ECI remains rather quiet, though the rest of the market is a little busier with Indonesia mineral rounds now getting over US$ 8,000 daily to China. The UKC-Med is moving sideways, though the US Gulf is back to the races, traders report. Med front hauls are being proposed by owners at US$ 14,500 daily to the East.

April 12, 2013 06:35 AM

The rate structure in the East appears to be tilting more to charterers' favour, albeit gradually. A 43,000 dwt was proposed at US$ 6,000 daily for a quick trip from Japan to Hong Kong. Owners of a (not very economic) 57,000dwt followed an invitation to indicate her at US$ 8,500 daily for a trip via NoPac to India with a duration of 80-90 days whilst coal charterers were offering US$5,500 daily on a 56,000 dwt from north China via Indonesia to India. From EC India, a 55,000dwt ship has been rated for short period at US$ 8,000 daily. Salt charterers were doing their best to exploit owners with a spot 32,000dwt in Singapore, bidding US$ 6,000 daily for an Australian RV. It did not take too long to have owners coming back at below US$ 7,000 daily, trying to tie up the vessel. A 28,000 dwt vessel has also been linked for a similar RV at US$ 6,800 from Djakarta, which for the charterers must be considered a very favourable delivery.

April 09, 2013 07:01 AM

Pacific Panamaxes are still flat despite a continued drumbeat of expectations for new cargo demand to hit the market this week. Indeed, that was partly the case, though nothing strong enough to push freights upward. Quick grain trips have been fixed via NoPac from Lanshan to Singapore at just over US$ 9,000 daily. Pacific coal rounds are being done closer to US$ 8,500. Period demand is low, though brokers expect to see renewed period interest going forward this week. Grain rounds from the Continent to Japan via ECSA are going for about US$ 16,000 daily. After several weeks on the upswing, it seems the US Gulf is truly on the way down with freights under pressure and fronthauls to the East being discounted. The strong Handy bulk market is the South Atlantic where steady activity is keeping rate levels firm.

April 08, 2013 06:33 AM

Trans-Atlantic activity is muted at the start of the business week with only a few mineral trips—both coal and iron ore—being fixed on Friday with few expectations of fresh cargo until at least Tuesday of this week. One front haul was fixed at US$ 17.25/mt, in line with last-done rate on this run. Capesizes are only slightly busier in the Pacific where West Australia rounds are being fixed at up to US$ 7.25/mt, a minor premium on last-seen rates. Trips to China from Newcastle have been fixed at over US$ 7,000 daily, grounds for mild optimism.
Holidays in Korea and China at the end of last week keep fixing activity to a minimum on the Pacific Panamaxes. Indonesian rounds are equally subdued, but busy enough to keep freights moving sideways. Pacific rounds are facing more pressure with avails widening and short period demand is also lower. Nonetheless, a Pacific revival is expected this week.

April 05, 2013 06:07 AM

Western Capes perk up as the week ends after the deadness in the Atlantic for most of the week. There are signals of recovering demand for shipments from the Black Sea to China with US$ 26.5/mt getting fixed on the same to Qingdao from the Ukrainian Black Sea. Pacific Capes are flat with Pac RVs via East Australia steady at spot rates of about US$10.25/mt.
With Far East holidays across much of the shipping centres of Asia—China, HK and South Korea—there is no surprise to see Pacific Panamax activity waning and new cargoes nearly nonexistent. Australian demand is keeping things moving in the East for the most part and period rates are getting done at about US$ 9,000 daily. In the Atlantic, positive signs are seen from the US Gulf, where a good amount of new cargoes came onto the market, boosting sentiment and likely rates on long hauls ex-USG. Nonetheless, fronthaul freights remain under pressure with last-done rates seen sliding into the low US$ 16,000s.

April 04, 2013 06:43 AM

After a quick spurt of Atlantic activity on Wednesday, Panamax owners had a moment of optimism, but freights still sag under the weight of open tonnage with trans-Atlantic deals few and the Pacific trades flat at best. China and HK have holidays today, which may weaken demand as well. Period business is also limited with 6-8 months fixing in the US$ 11-12,000 daily range. Indonesia rounds via China are getting rates at about US$ 9,000 daily on modern tonnage. Front hauls are holding firm thus far.
The US Gulf has been calmer than it has been for some time with new Handy bulk demand from the USEC taking a breather and spot rates now trending slightly down. Demand for front hauls has ceased entirely from the USG, but in the South Atlantic steady grain demand from ECSA is keeping Atlantic freights aloft, if not rising. Tonnage is also tight via the Continent, though cargoes are restricted as well.

March 28, 2013 07:49 AM

South African brokers report a drop in rates for Handysize tonnage by about US$1,000 per day. The last done at US$ 8,000 daily on a 32,000 dwt could now only be repeated at US$ 7,000 daily, comment brokers. In the East, Supra period freights are under pressure. Brokers report of good mix of rates proposed by owners. Chinese owners seem to fully realize the latest trend and indicated US$ 9,000 daily for their 53,000 dwt for short period whilst other owners prefer to turn a blind eye to the recent change and keep holding out for US$ 10,000 and even US$ 11,000 daily. An uneconomical 37,000 dwt was put on subjects at US$ 6,200 daily for a trip from China to the eastern Med. Alumina charterers have been entering the market with 30,000mt from Kwinana to Safaga, hoping to repeat last done from Gove at US$ 31/mt. To cover this, owners of a 35,000dwt, open Taiwan, were holding out for US$ 8,000 daily.

March 26, 2013 07:28 AM

Steady demand for Handysizes in the Atlantic is bolstering owners' optimism that further rate gains should be possible.  A 33,000dwt was proposed at US$ 5,500 daily for a trip from Ghent to NCSA with an escalation to US$ 9,500 daily after 40 days.

March 25, 2013 07:52 AM

Handy bulk coastal business picked up in the past week with Supra rates from Tuticorin on Far East redelivery getting rates at upwards of US$ 10,000 daily.

March 22, 2013 07:31 AM

South America is progressing nicely. Grain charterers covered their stem from Nueva Palmira to the US Gulf at as yet undisclosed terms.  But 33,000dwt tonnage was proposed US$ 14,000 daily, brokers report. 

March 21, 2013 08:02 AM

Oncoming grain from the ECSA market is taking a lot of open tonnage out of the East and Pacific rounds are fairly busy with NoPac rounds doing US$ 10,500 daily.

March 19, 2013 07:11 AM

Sentiment stays positive for the Pacific Panamaxes, but with a comparative lack of new fixtures, cargoes will have to resume soon to keep that sentiment holding up.

March 18, 2013 07:53 AM

Some 175 ships were waiting at the River Plate last week, an unusually high number due to a combination of increased Handy bulk activity, which was worsened by a strike stoppage up north in coal trips from Colombia.

March 15, 2013 12:59 PM

The onset of South American grain export season has prompted rising delays and queues at Brazil's terminals.

March 14, 2013 09:15 AM

Handy bulk is solid across the board with the USG and South America driving the West and buoyant mineral demand (coal, iron ore and bauxite) via India and Indonesia boosting the East.

March 12, 2013 07:58 AM

Coaster owners in the Sea of Azov trades complain about the present mismatch of oncoming river tonnage and declining cargo demand. It is hard to believe the market can fall farther than current freights, which are hovering just over operating costs. 

March 11, 2013 07:58 AM

Encouraging numbers keep emerging from the US Gulf where 29,000 dwt tonnage is offered around US$10,500-11,000 daily for a trip to the Continent. With the ECSA market presently on its knees, Handysize tonnage coming open in West Africa has become sort of "directionless".

March 07, 2013 06:06 AM

General interest in the secondhand market remains strong as it has been since the start of the year with most of the dry bulkers sold so far between 10-15 years of age.

March 05, 2013 12:02 PM

The Black Sea area remains a bumpy road for the owners. A modern 34,000 dwt ship was rated at US$ 5,000 daily from Adriatic via Black and Red Sea with redely Port Said.

March 04, 2013 10:33 AM

Activity slowed for Atlantic Panamaxes after a rather busy run on open vessels for most of the past week as charterers started getting nervous about fixing their last cargoes for February.

March 04, 2013 10:30 AM

Activity slowed for Atlantic Panamaxes after a rather busy run on open vessels for most of the past week as charterers started getting nervous about fixing their last cargoes for February. Trans-Atlantic rounds are already over US$ 8,000 daily and rumoured to be negotiated at considerably higher levels. Grain from ECSA is still getting around US$ 15,500 or higher with BBs of US$ 500,000 but a prominent upside remains. Indonesia rounds are steady at US$ 9,500 daily.

March 04, 2013 06:40 AM

Activity slowed for Atlantic Panamaxes after a rather busy run on open vessels for most of the past week as charterers started getting nervous about fixing their last cargoes for February. Trans-Atlantic rounds are already over US$ 8,000 daily and rumoured to be negotiated at considerably higher levels. Grain from ECSA is still getting around US$ 15,500 or higher with BBs of US$ 500,000 but a prominent upside remains. Indonesia rounds are steady at US$ 9,500 daily. Pacific Handy bulk was trading sideways going into the weekend with the jury out on where markets are heading this week, though plenty of owners share the belief that it will be upward with March having begun. Nickel ore cargoes are set for more action via the Philippines and Indonesia. Supramaxes from South China are getting US$ 5,500 on Indo rounds. 

March 01, 2013 06:47 AM

Med coasters buoyed by French grain

West Coast Italy: Some construction aterials and scrap cargoes were seen from WC Italy in the past week, but activity remains subdued. Freights are flat.
South Spain-Spanish Med: Some shipments from the Spanish Med to Marmara were reported fixed in the range of US$ 25-26/mt, though spot ships remain plentiful and volumes low. Freights are stable.
French Med: There has been a respectable trade for French grain shipments to North Africa, keeping a slight upside on last-done rates. Freights are firming.
Summary: The general mood in the West Med is flat, but the French Med continues to experience buoyant demand for grain shipments with 3,000mt cargoes to Egypt achieving upwards of US$ 45/mt. 

February 28, 2013 08:24 AM

Owners of Panamaxes in the Atlantic are spoiled for choice—a strange feeling for some—as grain demand from ECSA is surging and open tonnage for early March looks rather tight—tight enough for owners to continue demanding higher freights. In the event, the trans-Atlantic rounds have passed US$ 8,500 and are shooting toward US$ 9,000 while front hauls can do about US$ 15,000 plus US$ 500,000.
Handy bulk freights have levelled out again in the Pacific after a mildly bullish run. Indonesia remains positive with coal, nickel ore and bauxite trips entering the market. Supra trips via EC India can now achieve rates in excess of US$ 7,000 daily DOP. Nonetheless, avails are expanding again and very likely the Pacific freight market has already peaked. 

February 26, 2013 06:46 AM

Protesting the Brazilian government's plan to privatize many of Brazil's ports, around 30,000 stevedores went on strike for six hours on Friday in the midst of grain export season, raising pressure. The dockers returned to work when the government said it would waive fines on unions that participated in the strike, but the government sounded as if it remained committed to privatizing the ports as part of ongoing reforms. The workers cancelled a planned strike for today, but said another one would happen mid-March. Waiting queues on Friday, during the strike, rose to 50 at Santos and 90 at Paranagua—double and triple their normal lengths for this time of year. At least two delayed soyabean shipments were cancelled during the strike and the Chinese buyers switched to buying US soya cargoes. 

February 25, 2013 06:02 AM

The Atlantic Panamax market firmed further going into the weekend as a combination of USEC requirements and fresh grain cargoes from ECSA kept owners busy and freights rising. Trans-Atlantic RVs are getting rates in the high US$ 8,000s daily now, though some speculate that this is already the high point. New Atlantic rounds with two LL, especially Kamsarmaxes, are getting freights at upwards of US$ 8,500 daily with talk that US$ 9,000 daily is in talks. Atlantic Handy bulkers feel firmer after a week of gradual uplift. Supras from the USG can get rates just over US$ 20,000 for front hauls and US$ 15,500-16,000 for trips to the East Med. The UKC- Med rates are climbing slowly upward as several charterers find themselves with tighter tonnage avails than expected. Period interest is also returning. 

February 22, 2013 06:11 AM

The Handy shipping market appears to be picking up a few ticks for New Zealand logs. This is driven by heavy demand but also by operators being unable to charter cheap available tonnage now for the kind of voyage lengths required to do a NZ log round. Owners are willing to take discounted voyages for 15-20 days spot but on the 50-60-day NZ rounds they are quoting $ 8,000 daily 28,000 dwt basis. No operators or charterers are willing to lock in at these numbers as they do not believe in the contango curve that head owners are assuming in hope. This does mean a bit of a tightening in NZ even though tonnage lists of spot vessels are still long. It will be interesting to see how this situation develops over the next two to three weeks. Log demand in China is still robust and prices are moving upward, but high inventory levels appear close to sending the market over a tipping point in the other direction.  

February 21, 2013 07:21 AM

Pacific Panamaxes remain very busy as owners find themselves able to gain further premiums thanks to a shortage of tonnage along both the ECSA and on major Pacific round voyages. Indonesia rounds have climbed into the middle US$ 7,000s daily range with rumours that US$8,000 is already in negotiations. The Atlantic is also gaining traction as front hauls build momentum, shooting toward US$ 15,000 daily.
The US Gulf market seems to be defying gravity as sentiment holds firm for another week and Handy bulk owners continue to be able to demand front haul trips in the US$ 22-23,000 daily range—with charterers usually relenting to mild upgrades. The UK-Continent and Med are also feeling more bullish with open tonnage tighter and especially the Handymaxes and Supramaxes suddenly in short supply. 

February 19, 2013 05:59 AM

Due to New Year festivities in China, the Shanghai Containerized Freight Index was not updated. But taking a look to Drewry's World Container Index (WCI) a further drop in freight rates has taken place this week. The overall WCI Index lost around 1.2% week-on-week. Regarding specific trade routes the Shanghai-to-Rotterdam run fell by 1.2%, Shanghai-to-Med shows even 3% less. Shanghai-to-USWC is down by around 1.2% and Shanghai-to-USEC does a bit better with just 0.5% less than the week before. While the recovery of trade volumes on the main routes is still rather weak, development on the intra-regional as well as on the secondary trade lanes is much more promising and stimulating to liners. In a recent statement by China Logistics Group, CEO Danny Chen says he expects a 100% increase in volumes on their Shanghai-to-South America route, although the total volume is still rather low with the company having started this business in 2012. 

February 18, 2013 05:58 AM

With a shortage of Handysize vessels slowly evolving, ballasting from the Med becomes more attractive for owners with tonnage open in the area. Scrap charterers have turned down a 45,000 dwt at US$ 9,000 daily from Cadiz via the Baltic to the eastern Med. They could only afford max US$ 8,500-9,000 basis Skaw, they told the owners. The USG-NCSA trading area is still in pretty decent shape. To cover destination Black Sea is still a tall order since owners continue demanding premium rates, which charterers fully dislike. Brokers report a 34,000 dwt ship being bid US$ 12,000 daily for a trip from NCSA to Black Sea, which they believe is around US$ 2,000 daily too low. Despite the present lull in the ECSA, activity can be expected to gain momentum in March-April and beyond. The grain season will boost the market and bring some relief for the entire Atlantic, brokers hope.  

February 15, 2013 06:55 AM

Panamax freights continue their slow-motion rally in the Atlantic as positive sentiment is running ahead of the actual market, though general fixing activity is also clearly rising. Open tonnage is finally starting to get drawn down along major routes and owners are feeling more positive than they have in some time—trans-Atlantic rates are already moving from the low US$ 8,000s into the mid US$ 8,000s and front hauls are moving above US$ 14,500 daily. The Pacific market is also finally getting some heat back with the Chinese returning to the market—fresh short period fixtures are seen getting up to US$ 8,500 while NoPac trips are getting US$ 6,500 plus. Pacific Handy bulk is still trying to get some traction with the lack of interest applying heavy pressure to sentiment, but there are hopes that the market will start to rebound as it has with the Panamaxes. The PG area remains the only region with tight tonnage. 

February 14, 2013 08:00 AM

Sugar charterers were studying rate proposals of US$ 31/mt for 30,000mt from Paranagua to Klaipeda. South African brokers report a shortage of spot vessels in the area, not yet affecting rates, which according to brokers are still hovering around US$ 6,500-7,000 daily level for a trip to Med-Continent for a 30,000dwt vessel. The PG-WC India area is well known for its volatility. This week freights rates are looking okay for owners. One owner is said to have overcooked it and missed out on US$ 8,500 daily for a trip from PG to China, and was left with the only alternative to fix to Bangladesh at US$ 7,600 daily. As an example of the extremely volatile market is served by the fixture of a 24,000dwt about 10 days ago, which was also paid the same rate for this trade. Singapore has returned to work, coming up with a poor US$ 4,250 done on a 28,000dwt an Australian RV. Owners of another 28,000 dwt vessel were hoping for charterers' positive response to their indication of US$ 7,100 daily for a trip from Vietnam to Southeast Asia. 

February 12, 2013 06:05 AM

Fresh business is seen from the US Gulf as well as the UKC for Panamaxes, both for coal, giving the first 24 hours of the week something to go on trend-wise amid continued rumours of fresh orders in the pipeline. The slight gains made last week seem to be holding firm, though more business will be needed to hold them there. Trans-Atlantic rounds seem to be edging upward with some reported at US$ 7,250 daily.
Little movement is seen in Far East Handy bulk, unsurprisingly, but there may be a few trips trickling in as the week proceeds. In the West, we continue to see more cargoes from the USG concluding long hauls to the East and, despite oncoming ballasters, open tonnage is still rather tight. Supramax front hauls have already surpassed the US$ 20,000 line.  

February 11, 2013 06:22 AM

The Lunar New Year week has now begun in the East, a fact not lost on traders with Panamaxes to fix in the Pacific where many have already vacated their offices leaving principals with cargoes or vessels on their hands high and dry for five long days. There have been a few Indonesia coal trips fixed in the US$ 6,750 daily area for trips to WC India and some NoPac rounds done at about US$6,250 daily, but fixing activity is flat at best. In the West, trans-Atlantic deals are slow and steady at US$6,500-7,000. The US Gulf faces an onslaught of new tonnage from all corners due to the relative advantage it is offering in terms of cargo demand. Indeed, the USEC remains one of the few stable markets in Atlantic Handy bulk. The UKC-Mediterranean trades, however, are also stabilizing and demand for front hauls from the region continues to build momentum. The eastern basin is very quiet presently with Indonesian rounds pressured into the APS US$ 7,000s daily range. 

February 08, 2013 05:57 AM

Despite all the sluggishness prevailing everywhere, good news is also emerging. Grain charterers are the driving force of rate improvements off the Continent. Two wheat cargoes of 28-30,000 mt have been fixed from Rouen to Algeria at improved levels of US$ 18.5/mt and US$ 19/mt, respectively. And more cargoes keep emerging, brokers report. Steel charterers took a 47,000 dwt at around US$9,500 daily for a trip to the East. Handysize tonnage of 30-33,000dwt is worth around US$ 7-8,000 daily for this run. Dire market conditions in the Med-Black Sea area leave owners the poor choice of either biting the bullet or remain idle with their vessel. NYK are linked with a 45,000 dwt at around US$ 7,000 daily for short period with Med delivery. A very economic 50,000dwt - 14 on 28) was booked for a trip from Marmara via Black Sea to the East at US$ 10,000. 

February 07, 2013 06:04 AM

Another week with good activity in the S&P market with many buyers inspecting possible objects and quite a few transactions taking place as current market levels continue to be attractive. Most of the vessels changing hands are of Chinese or Japanese origin and around 15 years old. The price gap be- tween Chinese and Japanese built bulkers is up to 20-25%. Asset values for five-year-old Capes dropped by another US$ 50,000 week-on-week, while the same age of ship among the Panamax and Supramax sector clings to last-done levels, probably a sign that prices, too, have bottomed out. The smaller Handies of around 30,000 dwt of this age even show a notable increase of more than 9% compared to a month ago.  

February 05, 2013 07:28 AM

Pacific enquiry for the Panamaxes was surprisingly strong at the front of the week, though the initial burst of demand started to peter out by the afternoon. Shipowners do seem to believe that today will bring stronger markets as charterers start to lock in coverage before the Lunar New Year. Period interest has waned again. Trans-Atlantic business is still slow and RVs are still getting little better than US$ 6,000.
There are still too few Indonesian coal stems and too many ships prepared to take them with freights hovering at a low level. From EC India, a Supramax is said to be now on subs for US$ 8,500 daily passing Singapore, a rather serious upgrade over last done levels on similar business. There are also fresh indications that demand is firming up via WC India. 

February 04, 2013 07:04 AM

All traders in the Azov Sea agree that grain shipments have declined and freights are down by US$ 0.5-1.0/mt week-on- week as a result—indeed Yeisk/Alex grain trips for 3,000mt have now fallen into the high US$ 30s/mt (at best). But other cargoes, including scrap, coal and agricultural products, all have seen steady throughput this week, claim some traders at Ukrainian ports. There are indications of new maize exports, however, but prices from Turkey, George, etc. were lowered as well, thus undercutting the attractiveness of Russian maize. Weak prices in the Ukraine and the new Latin American crop are adding pressure as well. Thus, says the trader, freights remain flat over the week. One charterer fixed 3,000mt barley Aktau to Iran at US$ 18/mt—a level unchanged from weeks past. Maize of 3,000mt loading mid-February has been concluded at US$ 22.5/mt for Azov/Poti. 

February 01, 2013 08:21 AM

The Atlantic is looking more active for Panamaxes with quite a bit of fixing done in the last 24 hours and much of it with tone of urgency as traders were eager to get their positions in before the weekend. A large volume of fresh cargo orders have emerged on the Atlantic market, which is keeping owners busier than they've been for a while. Front hauls are steady in the US$ 13,500 daily range plus US$ 300,000 or so. One Kamsarmax fixed a front haul at US$ 13,250 plus US$ 325,000 while a handful of trans-Atlantic RVs were fixed at rates of around US$ 6,250 daily. Pacific Handies are steady with Handymaxes getting US$ 7,000 plus US$ 80,000 for Indonesia trips full India. Supramaxes are seeing US$ 7,250 plus US$ 85,000 APS South Kalimantan for coal TCs to China. One Tess 52 is reportedly done passing Japan to EC China at US$ 7,000 daily, the same rates seen on Supras from New Mangalore to China with iron ore.  

January 29, 2013 06:03 AM

Most Black Sea grain requirements are being handled by larger bulkers over 20,000 dwt with coasters handling steels, construction products, fertilizers and some coal—indeed, we hear that charterers are frequently raising their stems to upwards of 25,000mt (from the usual 10-15,000mt) in order to gain from massive availability of Handysize tonnage. Black Sea coasters are proving, per tonne, some US$ 3-4/mt more expensive than Handysizes, chartering brokers report. Urea of 6,000mt from Yuzhnyy to WC Italy is concluding up to US$ 26/mt while grain from Nikolaev to Marmara is getting no higher than US$ 20/mt. Coal from Kerch to the Turkish Aegean is being quoted at around US$ 15-16/mt. Ice conditions are limited and ice campaigns have even been lifted at the port regions of Nikolaev and Kherson—which includes Dneprobugskiy Sea Port, Oktyabrsk Port, Nika-Tera Port, Okean, Nikolaev Sea Port and Nikolaev River Port. Class approval letters are not required at these ports. Many traders do not expect the ice campaign to be re-imposed until mid-February at the earliest. 

January 28, 2013 07:46 AM

ECSA grain orders remain the primary source of action in the Atlantic Panamax market with the rest of the western basin seemingly taking an early weekend—freights are flat and near term trends are uncertain. The East is comparatively busier with a minor revival in Indonesian mineral demand and signs of new cargoes from Australia. Open tonnage continues so far to be able to easily meet the higher demand. NoPac RVs are in the high US$ 5,000s APS. Atlantic-based Handy bulk sentiment is coasting by on positive sentiment via the USEC while tonnage remains tight across the US Gulf, keeping freights slightly aloft. The South Atlantic is firming up as well with traders voicing expectations for improving enquiry levels in February. The UK-Cont market is another story, however, with the Black Sea operating at a slower pace than expected—but talk of fresh grain demand end-February encourages owners. We have also heard of a modern 34,000 dwt fixing an APS trip from USG to the Black Sea at US$ 11,000 daily. 

January 25, 2013 06:09 AM
Greek charterers were unwilling to go beyond US$ 4,500 daily for a modern 34,000dwt (12 on 20 tonnes) to perform a trip from Marmara Sea via Black Sea to Libya. The same charterers were inviting the owners to consider a 3-6-month period at US$ 6,000 daily with redel in the Atlantic. After contemplating, owners counter-indicated US$ 6,500 daily. From WCSA, one charterer was reportedly testing the waters by indicating US$ 8,500 daily for a trip to the East on a 34,000dwt and US$ 14,500 daily on a 53,000 dwt for the same run. The US Gulf has been stable with tonnage of 30-33,000 dwt traded at around US$ 11-12,000 daily for a trip to the Continent. South America seems to be the most promising market now. Grain charterers were encouraging owners of a 34,000 dwt to look at US$ 15,000 daily for a trip from Plate to the Skaw-Passero range. There is very little news from the East. The build-up of tonnage in the area remains a visible problem.  
January 22, 2013 06:04 AM

Owners with tonnage in the East are grappling with declining demand, which is reflected in softer rates but does not appear to be the main problem for the owners—finding employment remains their main challenge. Brokers report one 27,000 dwt vessel that has been idle for three weeks already. On the background of the forthcoming Chinese new year holidays, Chinese owners are reported to endeavour covering their vessels before the holidays ready to sacrifice on money. This given, it is not surprising to see owners of a 28,000 dwt swallowing around US$ 6,500 daily for a trip from China to Bangladesh. Just recently a 28,000dwt Imabari type was fixed from the Singapore area to the USEC at US$ 4,300 daily, a number that charterers aim to undercut on the present similar requirement that they are quoting. 

January 21, 2013 06:33 AM

After a busy Pacific lifted Australian iron ore trades last week, Cape activity fell going into the weekend. Owners remain largely optimistic, gunning for Pacific voyages of US$ 8/mt when the market is averaging rates of about US$ 7.5/mt. Brazil/China voyages were also rather ascendant last week, gaining upwards of US$ 3-4/mt over the last seven days to settling at around US$ 20/mt for January dates. Atlantic Panamaxes have been consistently active enough to keep trans-Atlantic rates steady—the T/A RV is still holding to around US$ 7,000 on APS with word of some 2LL deals being done at US$ 8,000 daily. The Continent is supplementing cargo demand with DOP coal deals via the Baltic are fixing in the US$ 6-7,000 range. Pacific sentiment, following a good run last week, began to fade again with NoPac rounds slipping under US$ 6,000 + US$ 300,000. 

January 18, 2013 06:23 AM

Capesize rates are buoyant today with the BCI leaping by 10% and a raft of new fixtures coming to light in the last 24 hours thanks to strengthening demand for iron ore cargoes out of West Australia. A number of Pacific RVs are fixed in excess of US$ 7.45/mt with more in the pipeline. The Tubarão/Qingdao voyage rates, meanwhile, jump to US$ 18.75/mt. Activity among the Atlantic Panamaxes has seen a uptick with owners feeling more positive and some even able to extract higher freights over last-done levels. From the UKC-Med at least one vessel has been reported as achieving a rate just under US$ 9,000 daily DOP to the USEC and back to the UKC-Med. Trans-Atlantic RVs are still in the high US$ 7,000s and may go higher. In the East, despite an increase in fixing, plentiful avails are keeping rates flat. 

January 17, 2013 06:10 AM

Another very dismal week with limited business across the entire Med owners are having a hard time covering open positions whilst charterers in most cases are picking and choosing vessels and in no rush to fix. Freights continue to remain flat overall with a note worthy portion of the med fleet in warm lay-up or dead spot. Fixing and failing now a day on stem is not uncommon and even if you fix you are not sure if, as a broker, you'll get paid timely. To say that shipping has a liquidity problem is an understatement. In the Greece-Egypt and Turkish region, with weather conditions improving, the Egyptian Med continues to show signs of growing cargo volumes followed by Turkey and Greece. Spot tonnage is in all sizes, especially in the Aegean Sea. 

January 15, 2013 06:09 AM

The Black Sea coaster market has not seen any major shifts freight-wise with cargo flows relatively unchanged from late December. Spot cargo demand is a bit slower than usual, however freights are still trending flat. Coal and scrap shipments are seen but lower. Grain, steels and fertilizers are moving rather strongly, but not enough to prop up freights from last-done levels. Grain of 5,000mt from Odessa to Alex is still trading at about US$ 26.5/mt, plus of minus US$ 1/mt. Agri-prods are moving at US$ 29-30/mt for Azov/Marmara trips, even more voluminous than weeks past, trades report. Scrap of 3,000mt is getting US$ 29/mt for Azov/Marmara business as well. Both freights are accounting for ice dues. Still, general cargo volumes are too slow for most owners. At least one area broker says that he fully expects average freights to decline by US$ 1/mt over the coming week. Maize of 3,000mt can get the same freight for Nikolayev/Marmara it did in mid-December—US$ 20-21/mt. 

January 14, 2013 06:13 AM

The Far East Handy market is still suffering from a mismatch of tonnage to cargoes, but there were signs of tonnage tightening slightly as the week came to an end. Ships from Japan were getting APS NoPac rates at US$ 7,500 daily plus US$ 325,000 while India delivery Supramaxes to Singapore were trading at upwards of US$ 10,500 daily for rounds back to India. Indonesian coal is less active than before but fixing around US$ 7,500 daily from South China to India and back on modern Handymaxes. Backhauls from the Far East to the US Gulf are going for measly rates of US$ 3,000-4,000 daily. Bauxite and petcoke from WC India can get US$ 7,000 to China. Supras from EC India are ballasting to Singapore at up to US$ 9,500. Still, the market lacks a strong direction. 

January 11, 2013 06:42 AM

There have been plenty of ships looking for homes in early January in New Zealand, but this is more a factor of, as usual, there are just no logs cargoes at this time of year rather than there being a lot of open vessels. Going into later January and after, the flow of logs cargoes is going to pick up steeply and there is going to be very heavy demand. The fourth quarter of 2012 was a record one for logs cargoes and there is no reason the Q1 and Q2 of 2013 will not be as well. So the effect of NZ logs grabbing in all open Handies of East Coast Australia and the Pacific Islands is only going to be widened to maybe as far away as South Australia and even up into Indonesia during the first half 2013 and beyond. Log volumes from New Zealand are set to grow and grow for the next 3-4 years. Many Handy ship owners have been heavily trying to position themselves into this market and those that haven't already should consider doing so without delay as it really is a market with strong fundamentals. 

January 10, 2013 07:10 AM

Good news continues to emerge. Another day of gloom has passed. We can write off another fruitless and boring day to keep soldiering on until the market returns to recovery. It can be taken for granted that presently low rate levels on the Continent and in the Med-Black Sea range will certainly improve. Demand will pick up and once all the prompt tonnage has been cleared, there will be potential for rate increases. Off the Continent, grain charterers keep talking below US$ 15/mt for 30,000mt wheat from Rouen to Algeria, whilst word has it that a 27,000 dwt was closely traded at around US$ 9,800-10,000 daily for a trip from the Baltic to WCSA. The Med-Black Sea area remains pretty dreadful. Fertilizer charterers are feeling pretty confused / irritated by the huge number of vessels they've been proposed for 20,000mt from Black Sea to Continent, which they were confident to cover below US$ 20/mt.       

January 08, 2013 06:59 AM
Comparing the first week 2012 with the first week of 2013, the Shanghai Containerized Freight Index shows an overall increase of more than 21%. A closer look reveals that on the main Asia-to-Europe route the spot freight rates begin 2013 at US$ 1,270/ TEU, about 74% more than in 2012, when the year started with US$ 730/TEU. On the Asia-to-Med route an increase of around 54% is reflected, with the first week of 2012 showing US$ 754/TEU while the spot rates are now at US$ 1,158/TEU. The trans-Pacific routes indicate a lower increase but still some 22.5% for the Shanghai-to-USWC with US$ 2,221/FEU at the moment versus US$ 1,813/FEU during the first week of 2012. Shanghai-to-USEC stand at US$ 3,358/FEU compared to US$ 2,942/ FEU, a growth of about 14% year-on-year. On the secondary trade lanes the situation is the same with Asia-to-South America reflecting an increase of 41.5% from US$ 1,571/TEU at the start of January 2012 to US$ 2,223/TEU now.  
January 07, 2013 06:06 AM

Pacific-based Handy bulk ended the short week on another calm note with no big urgency on the part of charterers—or shipowners for that matter. Mineral demand was seen returning slowly from Indonesia, which should go some ways to lift general sentiment as Indonesia was the go-to eastern dry bulk provider last year. A 2009-built Supramax reportedly fixed US$ 6,500 daily from WC India via Indonesia with bauxite to China. In the West, from South America, open tonnage is said to be tighter for Supramaxes, but a bit less so for Handysizes. Trips from the USG to UKC are seen achieving upwards of US$ 15,000 daily for modern Handymaxes and US$12,500 daily for Handysizes to UKC from South America. The East has been much steadier than the Atlantic. Despite an easing of rate levels in the last 3 of 4 weeks, it keeps outperforming the Atlantic by a wide margin. A rate of US$ 7,000 daily has been proposed by charterers for a 35,000dwt for 2-3laden legs. 

January 04, 2013 07:45 AM

Caspian Sea freights for grains and some limited timber cargoes are largely unchanged, however the freight levels for steel products have increase marginally since mid-December. Ice is now in excess of 22cm thick in the Volga-Caspian Canal, necessitat- ing breakers in most cases. Cargoes of 3,000mt for slabs or rebar (or similar steel products) are now getting freights in the neighbourhood of US$ 17.5-18.5/mt from Astrakhan to Anzali, about US$ 1/mt up from two weeks ago. Grains from Russian ports to Iran, meanwhile, are getting mostly unchanged freights of around US$ 22-22/mt fixed from Olya, for instance, to Amirabad, brokers say. Timber rates are also being quoted at more or less the same freight levels they were in mid/early-December with about 20/mt being accepted by shipowners for 2,500cbm fixed from Astrakhan to Anzali. Timber cargoes are, however, fewer and farther between than before. 

January 03, 2013 06:16 AM

Panamax markets remain in something of a stasis mode with principals eyeing each other warily in the haze of early 2013 waiting for the other to make the first move. The BPI is languishing in the triple digits with signals of fresh cargoes still hard to see. Some front hauls from the UK-Continent via USG are being noted with freights fixed in the middle US$ teens/mt of US$ 15,000 daily, plus or minus US$ 500. NoPac rounds are still flat-lining around US$ 5,000 daily.
Western Handy bulk is down but not dead with some indications of cargoes via the Black Sea getting upwards of US$7,000 daily (plus) for Atlantic-based redelivery on modern Handymax vessels. Continental brokers, at least those who didn't bother with the holidays, are still busy fixing mid-January cargoes before the likelihood of an early year boost kicks in. 

December 24, 2012 08:07 AM

If you are a shipping professional, we'd love to hear your thoughts on the year ahead to add to our yearly compilation of market ideas, expectations and forecasts from across the shipping world — the BMTI Outlook Report. We are busy preparing this year's "BMTI Outlook 2013" to be published on January 2, 2013. If you have any thoughts or expectations to share about shipping in 2013, please email them to input AT bmti DOT de with "Outlook" in the subject line. There is no need for polished writing — just your spontaneous, gut feelings as a market participant. All entries will be edited and published anonymously with a generic title about what sector you are writing from. In exchange for your entry, you will receive a free copy of this year's "BMTI Outlook 2013" in pdf form. Once again, you can email your contribution to input AT bmti DOT de and please send it before 28 December. We look forward to hearing from you. —The BMTI Team 

December 21, 2012 06:09 AM

Slow-going on the Atlantic Panamax scene as sliding trends prevail in the absence of any substantial cargoes on the market. The charterers who were scrambling for pre-2013 positions have now mostly gotten their deals done. Pressure on prompt vessels has eased slightly with the trans-Atlantic RVs steady at around US$ 7,000 daily. Pacific-based activity is low with Indo rounds at US$ 5,000 + US$ 60,000. Indonesia cargoes are still coming on for eastern Handy bulk with mineral demand serious enough to even push rates up slightly on last-done, traders report. Supramax owners are now seeking upwards of US$ 14,000 daily for Indonesia-India on SE Asia positions, though there are fewer takers than earlier this week. Back hauls to USG are seen at US$ 4,500. 

December 20, 2012 09:10 AM

In the Greek-Egyptian Med-Turkish Med and Adriatic trade region, overall cargo activity from East Med remains good with a noticeable slowing out of Greece and somewhat out of the Adriatic with charterers reluctant to move on freight unless they absolutely must. Few spot vessels are seen quoted on the market in these sectors. Pressure to fix cargoes before the holidays is definitely on but with many owners having covered tonnage already well in advance chars are having a hard time covering some cargoes at the desired freights for pre-Christmas dates. Overall the market appears to be slowly sliding into holiday mode with fewer circulations, as the afternoon creeps on each day. Many brokers are taking the opportunity to catch up on paperwork whilst others appear to be working half days. The market, however, has some good opportunities if you have the right ship in the right place at the right time. Thus, as the saying goes, timing is everything. 

December 18, 2012 06:21 AM

Even though the Atlantic is still very calm for the Capes, the Pacific is starting to show some recovery thanks to a steady stream of iron ore cargoes headed to China. Freight levels are said to be firming on Pacific voyages, though whether they hold firm this week remains to be seen. Pressure rises on rates in the western hemisphere with new cargoes nearly nil.
Trans-Atlantic RV rates continue to decline into the mid/high US$7,000s with few western Panamax cargoes on the agenda and a general wait-and-see attitude among traders on both sides of the fence. Front hauls can do US$14,000 under ideal circumstances. The East is busier but flat with one DOP deal ex-Lumut to S.Korea via Indonesia at US$7,000.
There are indications that the US Gulf Handy run has hit a plateau, though another day of trading will be needed to confirm. Tonnage in the South Atlantic is still getting cleared out in a rush toward late December. The Continent market has cooled. NoPac rounds are sliding but SE Asia is still holding firm. 

December 17, 2012 06:11 AM
Atlantic Panamaxes closed out last week on a down note with fresh cargoes hard to find and sentiment down—nonetheless open tonnage off the Continent remains tight, which is helping to support UKC-based freight levels at the moment. Trans-Atlantic RVs are hovering around US$ 8,250 daily. Coal trips from the Baltic to UK are looking stronger with US$ 9,000 daily last seen fixed on same. The Pacific is also quiet as Indonesia rounds are being done at about US$ 6,000 plus US$ 100,000. Aluminium is fetching higher rates with a Shanghai trip to UAE getting concluded at US$ 7,500 daily via Bunbury.
The US Gulf is teasing Handy bulk owners as new cargoes returned late last week, supplementing a rise in sentiment via USEC and NCSA where tonnage avails are tighter. A good amount of petcoke and coal is still on the agenda for December, so there even remains the possibility of a moderate rate uplift on the Atlantic Handies before the year is done. With South Atlantic tonnage now tightening, there are big expectations for higher rates fixed on DOP terms. 
December 14, 2012 06:07 AM

Although there is tonnage as far as the eye can see, there remain windows of opportunity of which one can still find in the US Gulf-NCSA area. It must have been some while ago that Handysize Owners decline an offer without counter. The rate they were offered was an impressive US$ 10,000 daily for a 34,000 dwt vessel for a trip to the Med. Owners are targeting US$ 11,000 daily. Otherwise the abundance of Handysize tonnage on the Continent and also in the Med remains a nagging problem severely curbing owners' desire for better income. And this is likely to last for some while. Brokers again stress that it will be very unlikely to find cover for all the prompt vessels before Christmas, and this is likely to reach far into January, as experience shows. Supramax tonnage has been offered at US$ 4,000 daily for a trip from Canakkale to USG. Brokers involved in this business report of being inundated with tonnage. There is very little on offer for 15-18,000 dwt vessels in the South Atlantic.  

December 13, 2012 06:16 AM

As BMTI continues to report and following a new warning from the IMB about web-based criminal cases, fraud cases involving confidence plays and fake credentials appear to be on the rise, often involving hundreds of thousands of dollars in stolen freight fees. Last week, market participants working in the Black Sea and Azov markets reported on a company being tricked out of around US$ 100,000 in freight fees and/or liner-in expenses. A company calling itself "Tural Shipping & Projects Ltd." using emails with the address of, supposedly based in Istanbul and Samsun, conned charterers into transferring these funds via an account from the large Turkish bank AKBANK. The company established trust with several brokers and an owner by faking documentation from well-known charterers Deugro and LA Farge. The fraudsters also used telephone and fax numbers in their documentation that turned out to be completely fake—or listed for local hotels. In the case we heard, the conman convinced the charterers he would combine their cargo with his own vessel under a single charter party and had them remit the freight to him, which he said would be forwarded to the supposed owners.    

December 11, 2012 06:25 AM

London brokers report on a disappointing rate of around US$ 4,000 daily done for a modern 33,000dw for a trip from the UK to the USG. Brokers would have thought the rate to be closer to US$ 6,000 daily. For a trip to the USG a 33,000dwt has been traded at around US$ 6,500 daily. Also owners of a 55,000dwt vessel can consider themselves lucky, putting her on subjects at just below US$ 11,000 daily for 2-3 laden legs. The vessel is getting free in the eastern Med.
Handymax rates have generally improved in the South Atlantic. Owners of a 45,000dwt controlled bulker turned down US$ 13,000 daily for a trip from Brazil via Red Sea and redel Port Said. A 52,000dwt was rumoured as fixed from ECSA to Nigeria at US$ 11,000 daily. Steady demand from the USG is putting a couple charterers in real trouble to find a vessel at affordable money. A decent 30,000dwt is certainly worth US$ 8,500-9,000 daily for a trip across to the UKC-Med. Charterers admit that opening a dialogue with an owner is quite challenging these days. 

December 10, 2012 06:08 AM

Tonnage off the Continent continues to be as tight as ever and charterers are having a bit of a harder time disguising their nervousness about fixing their mid/late December requirements on time. As such, Baltic rounds are moving into the US$15-16,000 and trans-Atlantic RVs are moving to US$ 9,000 plus US$ 450,000. Pacific Panamaxes are comparatively more subdued as tonnage avails continue to outstrip cargo demand. Pacific rounds are trading at around US$ 7,000. Short period deals are settling at US$ 7,500. Freights look a bit softer on the Pacific Handy front as demand is sporadic. There is talk of Handymaxes of the 54-56,000 dwt open from Indonesia on subs to EC India at US$ 11,000 daily. NoPac rounds are getting up to US$ 7,000 daily plus US$ 350,000 but NoPac activity is lower than last week. 

December 06, 2012 11:55 AM
An encouragingly steady East is said to be keeping the chartering community in an upbeat mood. A 30,000dwt was put on subjects for a trip from China to Singapore at about US$ 7,500 daily, Australian charterers have been after a modern 33,000 dwt, open north Australia, at US$ 7,000 daily plus a bonus of US$ 100,000 for a trip to EC India. Other charterers are rating 24-26,000 dwt tonnage at US$6,100 for an Australian round voyage with delivery in Singapore.

Rates between US$ 8,750 and 9,500 daily have been exchanged on a 55,000dwt vessel for short period. Rates are still pretty low from WC India where a 55,000 dwt was closely negotiated at US$ 6,200 daily for a trip to China. Owners of a similar size ship were proposing US$ 8,500 daily to rice charterers open for a trip from WC India to West Africa.
December 03, 2012 06:37 AM

A 61,000dwt fixed DOP Tianjin for a nickel ore trip via Southeast Asia with redelivery south China at US$ 9,500 daily or north China at US$10,500 daily. A 57,000dwt open Kashima ballasted to give delivery APS NoPac for a trip with redelivery Singapore-Japan range, intention Taiwan, at US$9,000 daily plus US$400,000 ballast bonus and a 46,000dwt with delivery dop Higashi-Harima went for a round via NoPac with the same redelivery range at US$ 8,250 daily. A 56,000dwt gave dop Davao for two laden legs with redelivery Singapore-Japan range at US$9,600 daily. Another 56,000dwt ship fixed passing Singapore for a trip via Indonesia with redelivery north China at US$ 12,000 daily, a 55,000 dwt also passing Singapore fixed similarly but with redelivery south China at US$ 13,000 daily and another 55,000dwt vessel booked DOP Kohsichang for a timecharter trip via Indonesia with redelivery Southeast Asia at US$10,000 daily. A 34,000dwt was reported fixing passing Singapore for a trip via Australia with redel Singapore-Japan range at US$ 9,500 daily but this was believed to have been done last week. 

November 30, 2012 05:40 AM

Momentum has returned to the USG where numerous cargoes have been put on the market for various destinations. Front haul has been done at US$ 17,000 daily and for a trip to the Med US$ 14,000 daily appears likely with a couple charterers still uncovered. Handysize rates are also up to about US$ 11,000 daily for a 33,000 dwt to WCCA.
There is regular demand from Australia. Owners of a 27,000 dwt have been talking US$ 6,500 daily for an Aussie RV with delivery Singapore. A 33,000dwt committed in SW Australia was offered US$ 8,000 daily plus a bonus of US$ 100,000 for a trip to the China-Japan range. From the PG area, Iranian traders seem to be having a field day—50,000dwt ships can likely command around US$ 9,000 daily to China. In comparison, 56,000 dwt tonnage open Mumbai was proposed at US$ 8,500 daily for a trip to China. 

November 29, 2012 07:27 AM

Panamaxes and Handies are the bulkers mostly inspiring prospective buyers in the S&P market in these days even when older vessels are involved. Coming from Japan apparently is a good argument for a purchase. Secondhand values keep heading south with five-year-old Panamaxes and the same age Supras slipping another US$ 100,000 week-on-week and the Capesizes of this age dropping now well below US$ 30m. This year so far about 14% of secondhand sales were Capes, 19% Panamaxes and around 49% were Handymax and Handysizes.
The demolition market shows a mixed development this week. While on the Indian sub-Continent prices are losing around US$ 5-10/ldt week-on-week to US$ 380-385/ldt in all three markets mainly due to slowing scrap prices and the Indian rupee being traded in excess of 55 compared to the USD as well as high inventories, in China prices are increasing some US$ 10 up to US$ 360/ldt. 

November 27, 2012 06:03 AM

From West Africa, charterers failed to attract an owner of a 50,000dwt with US$ 4,500 daily for a trip from via ECSA and Red Sea to Port Said. Other charterers made similarly poor progress by indicating US$ 9,000 daily on a 55,000 dwt vessel from Portugal via the USG to the East. Whilst Handymax rates from US Gulf have been prospering as of late, there is very little incentive for Handysize tonnage. The 25,000-30,000mt cargoes from NCSA to the Med are all hovering in the low-mid US$ 20s/mt, depending on the terms. There is no shortage of tonnage. From ECSA, Austrian charterers were late in lifting subjects on their 23,000mt SBM cargo from UR to Syria at a premium rate of US$ 45/mt. The impatient owners elected to fix the vessel elsewhere. 

November 26, 2012 07:05 AM

Panamax demand is enjoying broad support in both basins with a tentative recovery continuing into the middle of this week and likely through the end, judging by prevailing trends. New stems are coming on regularly in the Pacific with Pac rounds fixing at about US$ 8,500 daily, though the NoPac remains hit-or-miss. Atlantic sentiment stays bullish with tonnage tighter along the USEC and, to a lesser extent, the NCSA. Shipowners are feeling more ambitious, some pursuing T/A RVs up to US$ 9,000. Despite the end of the week, Atlantic Panamax rates continue to ascend as sentiment stay very much on the positive side. Many owners are pursuing business for two laden legs on Atlantic redel, going for freights in the US$ 9,250-9,750 range. UKC front hauls are looking rather bullish with word of a recent fixture down from the Black Sea to the Far East at upwards of US$ 15,500 daily. Pacific Panamaxes are buoyant as well with Pacific rounds pushing toward US$ 9,000 (owners' ideas), but fixing at US$ 8,500 daily. 

November 23, 2012 06:38 AM
Despite the end of the week, Atlantic Panamax rates continue to ascend as sentiment stay very much on the positive side. Many owners are pursuing business for two laden legs on Atlantic redel, going for freights in the US$ 9,250-9,750 range. UKC front hauls are looking rather bullish with word of a recent fixture down from the Black Sea to the Far East at upwards of US$ 15,500 daily. Pacific Panamaxes are buoyant as well with Pacific rounds pushing toward US$ 9,000 (owners' ideas), but fixing at US$ 8,500.
Charterers try to resist Handy owners' higher freight offers in the Pacific with trends suggesting that further upgrades might be on the horizon, hoping that the current market uptrend will soon have run its course. Available tonnage is generally still rather plentiful in the Far East, so charterers are hoping for some re-balancing. Still, Pac rounds have seen week on week upgrades of US$ 2-3,000 to US$ 13,000.  
November 22, 2012 06:24 AM

In the Greek Med-Egyptian Med-Turkish Med-Adriatic trade region, cargo flows remain steady although also rather light with a well-balanced supply of ships to cargo appearing on the market this week. In the South Spain-Spanish Med-French Med and WC Italy trade region, cargo flows remain steady, also low with a tight balance of tonnage supply to cargo appearing.
A considerable number of older ships continue to be in warm lay-up, lay-up or scrap. This is resulting in a steady balance of ship-to-cargo. Turkish and Italian operators continue to be eager yet shy to take on period tonnage, reluctant to take a risk in a market that can explode in any direction on the dime. To sum it up: we are strongly warning owners/charterers and brokers to be extremely cautious as the poor freight market has washed up pirates, crooks and bandits. Prevailing conditions suggest everyone be on high alert and take all possible precautionary measures. 

November 20, 2012 08:24 AM

The secondary trade lanes to Africa declined over the week with Shanghai-to-East-West Africa showing US$ 1,938 /TEU, or some 3% less than last week, and Asia-to-South Africa now at US$ 1,023/TEU, about 2% down from last levels. To the contrary the Asia-to-South America route reveals an increase this week by around 6% up to US$ 2,146/TEU. Greater numbers of idled ships cannot seem to stop the rates from falling on the major routes. Currently, some 282 container ships are without work, based on the latest data from Alphaliner. Feeder vessels in Europe, in contrast, do show some improvement in freight rates now ahead of winter season as the general amount of small ice-classed ships is limited.
As per a recent survey by HANSA magazine, during last week's 16th Hansa Forum in Hamburg, most of the participants—owners, charterers and investors say expect in 2013 no improvement for the container chartering market. The majority of the participants see furthermore a growing rate difference between modern eco-tonnage and older vessels. For the sizes less than 4,000 TEU especially, the current daily freight rates in many cases aren't covering the costs and even a probable increase by around 10-15% next year isn't enough to bring them into the profit zone. 

November 19, 2012 06:40 AM

The Atlantic Capes see continued interest as several trans-Atlantic RVs have been reported as concluded, all fixing within the US$ 17,000-18,000 daily range. Front hauls trips are more quiet, but holding to last-done levels in negotiations. The front haul voyage has drifted slightly, however is still going in excess of US$ 22.25/mt, some brokers say. The Pacific Capes are seen returning slightly on ore via West Australia.
There is no letting up for the time being on Atlantic Panamaxes, traders report, with steady and rising activity with rates seen improving across the board. Trans-Atlantic RVs are bouncing with talk of US$ 8,000 daily plus on the books already. Front haul demand from the ECSA and USG is also firming. There are big expectations for this positive wave to continue going into this week, though as always its sustainability remains in question. Pacific Panamaxes were looking better at the end of last week with owners pushing for premiums. Pacific rounds are going for as high as US$ 8,750, brokers say. Short period rates are being fixed at around US$ 7,500. 

November 16, 2012 07:30 AM

Turkish steel mills, the biggest buyers of US scrap steel, have continued to import US scrap at significant volumes, despite a recent increase in average spot prices, one that was further exacerbated earlier this month as supply was diminished with the closure of USEC ports such as Newark when operations were suspended during Hurricane Sandy. Current US domestic prices from Philadelphia, Chicago and Pittsburgh are at around US$ 347-348 per long ton, a negligible US$ 1.7/mt increase from a week ago. Average H1 prices have seen consecutive increases since the end of October. Some Chicago H1 prices are approaching US$ 360 per long ton, traders say. Spot prices may have peaked, however, with new indications of softening in sentiment as prices have started to level out and even started trading at prices slightly below last-done levels. This week, a 25,000mt 80/20 HMS I/II scrap cargo was shipped from USEC to Turkey at CFR prices of US$ 410/mt (shredded), US$ 415/mt (plate) and US$ 420/mt (structural).

November 15, 2012 07:42 AM

Atlantic Capes spoke for most of the new Capesize activity in the past 24 hours with a solid revival in front haul putting ECSA voyages to the Far East up in the US$ 22.5/mt range and even rumours of US$ 23/mt being negotiated. Trans-Atlantic RVs are also back on the agenda with at least one fixture done at US$ 18,500 daily from Sines. Pacific Capes are calm.
Atlantic Panamaxes are maintaining their positive edge for the time being (admittedly any improvements can be counted as positive at this point) with TA RVs being done in the mid US$ 6,000s DOP. Fresh NCSA cargoes are starting to emerge at midweek, putting Atlantic-based freights in general in a more positive light. In the Pacific, Indonesia is the most valuable driver while the rest of the Pac is flat. 

November 13, 2012 06:37 AM

The current Shanghai Containerized Freight Index (SCFI) is indicating a further slowdown in spot freight rates on all major and most of the secondary trade lanes. The overall index has lost about 4.6% with the biggest slump of nearly 15% seen on the Shanghai-to-Persian Gulf route to US$ 793/TEU. Asia-to-Europe is heading south some 7.25% to US$ 1,383/TEU at the moment and Asia-to-Med down around 9.5% to US$ 955/TEU. On the trans-Pacific routes the Shanghai-to-USWC is down about 4% to US$ 2,310/FEU and Shanghai-to-USEC stands at US$ 3,319/FEU, just around 1.75% less WoW. On the secondary lanes to Africa the Shanghai-to-East-West Africa route remains nearly at the same level as a week ago with US$ 1,998/TEU and Shanghai-to-South Africa down some US$ 9 to US$ 1,045/TEU. The highlight of the week for the carriers is the Asia-to-South America route with a gain of more than 2.5% up to US$ 2,025/TEU. 

November 12, 2012 06:13 AM

Atlantic Panamaxes refuse to recover as new cargoes remain thin on the ground and charterers are happy to play hard-to-get as long as they can. Front hauls to the Far East from the USG are getting up to US$ 13,750 daily plus US$ 375,000, as reflected in a recent Oldendorff fixture. Pacific Panamaxes are faring much better as tonnage remains tight via Indonesia and South China. Coal rounds from China to India via Indonesia are fluctuating wildly in the US$ 7,500-8,000 daily range, depending on conditions.
Far East Handy trading is subdued after last week’s coal run via Indonesia, a sector that is still propping up sentiment in the Far East. Pacific area owners are pursuing short period at US$ 9,000 daily, although charterers are proving so far reluctant. South Atlantic is back with ECSA/FE up in the high US$10,000s. 

November 09, 2012 06:07 AM

Far Eastern owners elected to discontinue trading their 55,000dwt vessel from West Africa to China, being about US$ 500 daily apart from the charterer's rate, which has been staying close to US$ 10,500 daily. Given today's deeply unfavourable market conditions, the owner's move is hard to believe. The East remains in comparatively good shape where owners of a 30,000 dwt insist on US$ 9,000 daily for a NoPac round voyage, which also includes breaking IWL. Alas, the charterers stand firm behind their rate of about US$7,000 daily. Korean charterers are expressing interest in a 28,000dwt at US$ 5,600 daily for a trip from Vietnam to Indonesia-Singapore area. There has also been talk of Greek-controlled 41,000 dwt being fixed from Singapore to China at freight of US$ 7,000 daily. 

November 08, 2012 06:12 AM
The secondhand market for the bulkers remains very active—especially for the bigger ladies. Prices keep on falling for all sizes with the Greek buyers bustling and taking a big part this week with four South Korean newbuild Panamaxes at US$ 24m each. Compared to an estimated newbuilding price of around US$ 29m for this size it has been a good bargain. Five-year old Capes are now changing hands for around US$ 30m. The same age of Panamaxes are going over the counter for about US$ 19.5m and five-year old Supras dipped well below US$ 19m. Along with falling steel assets the decreasing prices in the demolition sector are cooling down the market at the moment at least on the Indian sub-Continent. Bangladesh is not showing any sign of revival with the yards still filled up and prices softening to around US$ 385/ldt.  
November 07, 2012 08:19 PM
There is not much going on in the US Gulf area. American charterers were resuming negotiations on a trip from the USG to Mexico on a 30,000dwt vessel, still talking below US$ 6,000 daily. From the WCSA owners of 56,000dwt were seeing US$9,500 daily plus US$ 150,000 lumpsum. The occasional Handysize business is quickly disappearing with the abundance of prompt tonnage available in the WCSA area. Rates of around US$ 7,000 daily have been reported done to the East for 30-33,000dwt vessels. No changes have been noticed from ECSA. Handysizes of 32-34,000 dwt have been proposed at US$ 10,000 daily for a trip from Plate to WCSA. Phosphate charterers have been on subjects from West Africa (Kpeme) to China for 40,000mt in the very low US$ 30/mt.
November 06, 2012 06:34 AM

The Panamax market remains soft in both basins with only the Pacific round voyage showing a slight uptick, hovering around US$ 7,300 daily while the Atlantic rounds are dipping well below US$ 4,000 per day. With owners unwilling to ballast to the Atlantic there is a chance of supply becoming tighter and lifting rates a bit. Brokers say that the majority of November dates for trips from the US Gulf have been already covered, suggesting that Atlantic rates may start to decline this week. A couple of fresh grain cargoes have been quoted in the Atlantic, whilst the market actually needs the iron ore and coal cargoes to offer hope and show some kind of silver lining for the owners. Brokers are worried by the low and aggressive rates owners have been talking for cargoes in 2013. Average freights are down by nearly 54% since the beginning of the year. 

November 05, 2012 06:22 AM

There has been activity in the Indian coal market: 58,000dwt passing Singapore fixed coal from Indonesia into full India at US$12,000, a 57,000dwt was reported as fixing a similar trip at US$9,500 but this looked 'old news' and another 58,000dwt unit free Sulawesi fixed a similar trip with redelivery east coast India only at US$10,000 daily. A 56,000dwt gave delivery DOP Balikpapan for a trip via Indonesia with redelivery India at US$12,000 daily and a 53,000dwt fixed DOP Lanshan for a timecharter trip with steels into west coast India at US$8,500 daily. Period interest was minimal as owners continued to hold out for levels—generally something starting at mid 9s—that charterers were unwilling to accept. There were some deals concluded albeit at softer rates. 

November 02, 2012 07:10 AM

It has been another week and another week of directionless trading in the New Zealand market. Numbers may be slightly improving for owners, but if they are it is only slightly. Bunkers are keeping freight rates per tonne lower. The near term prospects for freight appear to be largely dependent on what happens in other trades. New Zealand log volumes are burgeoning and still going up, but are doing nothing but soaking up slack that is apparent in other markets. If there is something else that improves, then the market will go up.
Should volumes in other trades get weaker, logs cannot prop up the overall situation more than they already have. Log markets remain stable and directionless in much the same fashion as the shipping market at large. 

November 01, 2012 07:13 AM
The market in the East has been quite alright, with charterers bidding a 34,000 dwt—open Japan—US$ 7,500 daily for a NoPac round voyage. Owners of a similar size vessel, who were told to be satisfied with US$ 5,000 daily for a trip from Vietnam to Singapore, have signalled the charterers to do the trip at a rate of US$ 7,500 daily. Brokers, however, are considering the charterers' rate more realistically, with a trip from Vietnam-China to Singapore area usually regarded backhaul business and worth a discount, with Australia being so close. A 42,000 dwt has been advertised at US$ 8,000 daily for short period with delivery in Indonesia. The vessel was built in 1995. A 58,000 dwt was put on subjects around US$ 9,000 daily for a trip from China to west coast India. Fertilizer charterers see tonnage at US$ 39/mt for 25,000mt from China to two ports in Marmara Sea.  
October 30, 2012 07:12 AM

Last year was a difficult year for ice conditions in the Russian waters—traders say they are "crossing their fingers" this year that the ice will not be so extreme again this year. Among the river traffic, shipments of 3,000mt from Semikarakorsk to TBS, Marmara or Nemrut are getting about US$ 29/mt, US$ 31/mt or US$ 34/mt, respectively. Starocherkassk to Marmara or Izmir is giving maize freights about US$ 28/mt and US$ 30/mt. In the Azov proper, from Rostov to Izmir, 2,000mt of SFS meal stw 60 can get US$ 60/mt. Rostov to TBS, Marmara or Nemrut is stable at US$ 21/mt, US$ 23/mt and US$ 26/mt. Sunflower meal of 3,000mt (55 cbfrt) can get US$ 52 for Rostov to the Spanish Med. Maize (3,000mt) from Yeisk to Naples is fixed for US$ 40/mt while the same cargo from Azov to Constantza can get around US$ 17/mt. 

October 29, 2012 07:10 AM

Grain brokers believe in a moderate rise in rate levels from the Black Sea for Handysize tonnage. A major grain trader at long last covered a 25,000mt wheat stem to Tunisia at around US$ 22/mt, exceeding their initial ideas by about US$ 2/mt. Handymaxes are plentifully around and it would not be surprising to see them proposed for Handysize stems.
From the US Gulf brokers have been seeing tonnage of 35,000dwt at US$ 7,000 daily for a trip to the Continent. London brokers reported trading 32,000 dwt tonnage from NCSA to Brazil at US$ 6,000 daily. Grain charterers are still waiting for owners ready to swallow US$ 31/mt for 24,000mt from St. Lawrence to North Africa. The cheapest seen so far is still US$ 34-35/mt. There has been no change from ECSA where charterers can pick and choose.             

October 26, 2012 06:09 AM

Owners who were able to fix their Capesizes in the US$23.8/mt range for Brazil/China biz should consider themselves fortunate as market corrections are coming fast and strong—probably putting the same under US$ 23/mt by the end of the week. The blast of Pacific iron ore demand that drove sentiment earlier this week seems now satisfied by open vessels as the Pacific RVs tumble for another day, slipping by US$ 2,000 today to slip under the US$ 20,000 daily line. The front hauls (ex-UKC), meanwhile, drift by a similar margin to land just a little above US$ 30,000 daily—most likely with more room to fall before the week is through, brokers estimate.
Respectable cargo demand in the Pacific is keeping eastern Panamaxes aloft, though there are widespread expectations that the holidays that start today in Singapore and India could blunt the effect of the recovery, such as it is. Trends are largely sideways with Pac rounds steady at about US$ 7,000. 

October 25, 2012 09:05 AM
Capesize freights volatile as ever. Perhaps inevitably, but the last few days of overly enthusiastic sentiment among the Capesizes caused a bubble—one that popped today, at least on long hauls, which retract by about US$ 1,000 day-on-day with the front hauls (from UKC) sliding to around US$ 32,500 daily and the Pacific RVs back to about US$ 21,500 daily—both of which are still respectable rates, but more indicative of true market levels.

The Atlantic is trending downward for Panamaxes with increasingly fixtures on voyage rather than TC. There are signs of new demand on USEC stems to the Pacific, but nothing near enough to lift rates, let alone stabilize them. Front hauls to the Far East are getting US$ 15,000 plus US$ 500,000. Pacific rates are holding firm, despite pressure from holidays. Medium period TCs are being done at US$ 8,000.
October 23, 2012 06:05 AM

Handysize rates from the Continent to the Med are still hovering at around US$7,500 daily basis APS delivery. Grain charterers paid a sobering US$ 24.75 for 27,000mt wheat from UK to Tunesia on a vessel in ballast from Algeria, averaging US$ 5,000 daily on round voyage basis. Rates have also dropped in the Black Sea with US$ 14.75 paid for 27,000mt wheat to Egypt Med. Grain brokers see 61,000 dwt ships indicated for 27-30,000mt grain stems to the Med. The USG looks pretty hopeless, too. A good quality 30,000 dwt is worth around US$ 7,500 daily for a trip across to the Continent. A 30,000dwt has been traded at around US$ 8,000 daily for 10-20 days of employment within the NCSA-Caribbean. Petcoke chars are linked with a 54,000dwt loading 50,000 mt from Venezuela to the Continent at a voyage equivalent of US$ 8,000 daily. From West Africa a 61,000 dwt failed at US$ 12,000 daily for a trip via the USG to the East. 

October 22, 2012 06:15 AM

A 58,000 dwt open CJK fixed a trip into the US Gulf at US$ 3,250 daily for the first 65 days and US$ 9,250 daily for the balance. India inbound had a 57,000dwt reported fixed for delivery DOP Songxia for a trip via Indonesia with redel India at US$8,250 daily and 56,000dwt open Kaohsiung also fixed via Indonesia but with redelivery limited to EC India at a good US$8,750 daily. A 53,000dwt covered passing Singapore for the same trade at US$7,800 for east coast India redelivery or US$9,000 for the west coast. A 48,000dwt free Gresik fixed a trip into India at a flat US$10,000 daily for either coast. A 55,000 dwt fixed DOP Mina Saqr for trip into WC India at US$8,175 daily, a 48,000dwt open Karachi booked a round-voyage via the PG with redelivery full India at US$5,500 daily and a 56,000dwt open east Africa fixed a trip into Singapore-Japan range at US$8,000 daily and US$200,000 ballast bonus. 

October 19, 2012 07:17 AM

After a few days of positive momentum, it seems that the rally has run its course. Pacific Panamaxes now rebalancing and freights seeing little change day-on-day. Pacific tonnage does remain relatively tight, which could still go to keep rates on the upside next week. Short period charters are being done at about US$ 7,500, which happens to be about what Pacific rounds are getting right now. The Atlantic is also flattening with front hauls slowing and trans-Atlantic RVs drifting a bit toward US$ 6,500. Still, there is no strong trend in the Atlantic in either direction—the market could go either way next week.
Atlantic Handy bulk ends a week of disappointment after previous indications of serious uprising in the USEC. Scrap is at least steady to the East Med with Supra rates holding to US$ 11,000 and Handy rates at US$ 9,000 from the Baltic, but generally the Med is in the doldrums due to a surplus of tonnage—Med/Far East front hauls are trading at around US$ 12,000, but are seen less frequently. Pressure is up in the South Atlantic where front haul rates are losing ground—word of US$11,500 fixed from S.Atlantic to Far East on a modern Supra. West Africa Handysizes are doing no better than US$ 4,500 to the Black Sea. 

October 16, 2012 06:24 AM

Panamaxes begin the week slowly as Atlantic enquiry is evident but also sporadic. Freights are holding firm, generally, with tonnage and cargoes matching enough to keep owners and charterers alike on their toes. The US Gulf remains the focus with front hauls for end-October getting concluded at about US$ 16,000 daily plus US$ 500,000 BB. The eastern Panamaxes loose a little steam from last week with rates flat—Pacific rounds are stable at US$ 7,250.
Atlantic Handy bulk owners face stronger head winds in the USEC than last week with charterers starting to apply more pressure as tonnage becomes more plentiful in the area. The Med is also seeing expanding tonnage avails, which is putting owners on the back foot in hopes to holding to last-done freights. In the East, Supramaxes via Singapore are concluded for Indo/India trips at US$ 11,000 daily. 

October 15, 2012 06:29 AM

The Azov market has been stuck in a holding pattern in the past week, much as it has the week before, with freights holding firm but charterers still maintaining the upper hand in negotiations with tonnage supply lagging behind cargo demand. Scrap freights have declined by US$ 1/mt over the past 10 days with 3,000mt from Rostov to Marmara trading at US$ 25/mt. Traders say that markets have been flat and, says one charterers' broker, "with the coming Kurban Bairam holidays the market is going to be even less optimistic until the end of October."
Rates for 3,000mt wheat basis Rostov are trading at US$17-18/mt to TBS, US$ 19/mt to Marmara, US$ 21-22/mt Izmir, US$ 24-25/mt to EC Greece, US$ 34-36/mt to Mersin, Cyprus, Lebanon, Adriatic and the Egyptian Med. From Rostov to Libya 3,000mt wheat cargoes can achieve US$ 42-44/mt. 

October 12, 2012 06:45 AM

The current mild recovery in freight levels—this week especially pronounced among Panamaxes and last week in the Capesizes—has yet to be reflected in the share prices of listed dry bulk companies. Traders remain cautious about the sector, but have started looking at it again in the event that a sustained recovery would present a very desirable speculative scenario considering that most bulk carrier stocks, if not all, would suddenly be favourably priced. Nonetheless, bearish pressures like fleet oversupply and wide indebtedness still present solvency risks.
After some rather bubbly trading at the end of last week, Wall Street's bulk carrier shares flattened out this week as traders remained unconvinced that freights were on the path to recovery—a sentiment supported by corrections in Capesize rates this week. Most shares went negative in the week through Wednesday, but did turn around Thursday to end the week neutral. Diana [DSX] rose 4% on the week. 

October 11, 2012 07:13 AM
Atlantic Panamaxes go from strength to strength at the moment as sentiment and freights are firming apace and new enquiry from the US Gulf is providing forward momentum for owners with front hauls ex-USG now going for around US$ 15,500 daily plus US$ 600,000. Front hauls from the ECSA, on the other hand, remain subdued and owners do not see any immediate resurgence there as the grain harvest has come to a close. Trans-Atlantic rounds have been ascendant for almost two weeks now, currently at US$6,500 daily and rising, finally giving owners earnings that can go to cover operating costs.
Vibrant nickel ore demand continues to prop up the Pacific Handy bulk markets as Handymaxes (and up) have been regularly getting upwards of US$ 11,000 daily in recent days via North China. General activity is up, though with open tonnage still fairly wide, there has been no noticeable uplift in spot freights.  
October 09, 2012 06:43 AM

Handysize rates in the US Gulf area have moved a little, but rates remain low. Tonnage of 30,000 dwt has been available at US$ 9,000 daily from NCSA to the East versus the charterer's number of US$ 7,000. Furthermore, owners of a 26,500 dwt had problems to digest a rate of US$ 6,500 proposed to them for this run. Petcoke charterers found it hard to believe that Supramaxes for prompt dates were difficult to get hold of—they ended up taking a 45,000 dwt vessel at US$ 10,000 daily for a trip to Med. From West Africa, bauxite charterers had no intention to pay more than US$3,000 daily or 52,000dwt to GNS. The East remains encouragingly stable with owners of 32,000 dwt still talking US$ 8,000 daily for an Aussie RV. Other owners of a 28,000dwt want US$8,000 daily for two LL with delivery Japan. 

October 08, 2012 06:54 AM

The Azov market, so heavily dependent on CIS grain crops, has seen a quieter week as the crop estimates are being revised downward almost every week, says one charterers' broker. The market remains favourable for charterers, he says, and expects the market to stay on the charterers' side for the rest of the season, given the lack of signs of improvement. Harvesting is almost complete and the end result is judged to be generally poor. Domestic wheat prices have started climbing again, rising by more than RUR 200 (US$ 6.5) per tonne over the past week, which is making exports via Azov even less competitive, owners complain. Azov Sea freights are more or less at parity to Black Sea deep ports for the same size of coaster. One broker was amazed to see a wheat cargo order on the market for Azov/Mersin with a freight idea of US$ 32/mt maximum. 

October 05, 2012 06:18 AM

Open tonnage continues to shrink on the Atlantic Panamaxes as average rates leap 10%, much of it a response to a solid revival in US Gulf front haul demand to FE destinations—front hauls from the UKC jumped US$600 to around US$ 12,000 daily. Trans-Atlantic RVs also climbed handsomely by US $700 to a still-paltry US$ 2,000-3,000, but trending optimistically. Pacific RVs stabilized to US$ 4,800-5,200. South China spot tonnage is steadily tightening.
Handy bulk markets have not felt the heat that has ignited the Capes and Panamaxes—but the Koreans are back to work after three days of holiday and avails of the smaller Handysizes are seen tightening in the Atlantic, which is making owners decidedly more bullish. Scrap demand is resuming in the Med — indeed, a Supramax just fixed a rate of US$ 12,000 daily on UKC delivery to the East Med with scrap. 

October 04, 2012 09:23 AM

The Far East holidays have, as many expected, had a dampening effect on activity, especially via Korea and China with markets non-eventful in Southeast Asia as modern Handymaxes via Singapore can get upwards of US$ 9,000 on an Indo/ECI round and up to US$ 11,000 for a full India time charter trip. NoPac freights are under pressure with achievable freights no better than US$ 8,000 plus US$ 300,000 APS. In the Atlantic, the US Gulf is showing signs of revival with front hauls being made but at flat-to-down freight rates of around US$ 18,000 daily on modern Supramaxes. The North Continent is hard to gauge but is said to be softer sentiment-wise. 

October 03, 2012 09:02 AM

The Black Sea market has been softening. Grain charterers have dropped their rates by at least US$ 1/mt on last done fixtures. For Ilyichevsk to Morocco for 30,000mt wheat, tonnage was proposed at US$ 19/mt, which is US$ 1.5/mt less than last done, which was covered previously on a 53,000 dwt ship. Ukrainian grain charterers kept rattling owners' nerves by insisting on US$ 8,000 daily with APS delivery in the Black Sea for a trip to the Egyptian Med, which the owners refused to consider.
Poor demand from the US Gulf is keeping rates down. Charterers have been rating a 33,000 dwt at US$ 6,000 daily for a trip to the Continent, versus the owner's rate of US$ 7,500 daily. Another 28,000 dwt was traded at US$ 5,500 daily for 15-20 days of employment within the NCSA-USG area.
Liner operators are reported to have ballasted back their 34,000 dwt from NCSA to the Continent to put her in for a liner sailing. Owners with tonnage in the USG-Caribbean area are looking at business from the St. Lawrence, but find it hard to swallow US$ 6,000daily with delivery in the St. Lawrence. 

October 02, 2012 06:37 AM

Panamax activity continues to be very slow in both hemispheres, further exaggerated by the holidays in the Pacific. Indonesian rounds are giving US$ 5,500 daily at best with BB of around US$ 70,000. Short period is still on the agenda with last-done on modern tonnage at US$ 6,500 daily. The Atlantic is also on the rocks with freights still levelling out and owners taking heart that a rebound is just around the corner—but the cargo impulse for such a recovery is yet to be located. Still, owners are refusing to go any lower and Atlantic charterers are already giving premiums on last-done. Front hauls from the ECSA are still low. Front hauls from the UKC are picking up with rates rising US$300 today to US$ 10,500 daily. 

October 01, 2012 06:58 AM

Fixing activity increased on Capesizes towards the end of last week as many large Pacific nationals—including China and Korea—were busy doing last-minute fixtures before the Golden Week holidays. Pacific round voyages settle to about US$ 7.6/mt for mid-October but over US$ 8/mt for early October.
Atlantic Panamaxes ended last week on a quiet note, but with optimism from owners who increasingly believe that the market has finally found a bottom. Some DOP fixtures have been done and tonnage is looking slightly tighter on some routes. The Pacific is also quiet with owners still resisting downgrades.
The US Gulf Handy bulkers are trading just as flat as they've been since mid-September. Trans-Atlantics hold steady at around US$ 11,000 daily. The Pacific Handies are also slower, especially with the Golden Week holidays, though period remains fairly popular with a Tess 52 type fixing 4-6 months at US$ 7,500 daily from South Korea. A modern Supramax has fixed US$ 5,750 daily from Japan to SE Asia. 

September 28, 2012 08:28 AM

Cape FFAs started the week "alive and kicking" in the words of FIS Managing Director, John Banaszkiewicz—last week saw 20,451 lots traded, the highest weekly total in three years. With the Cape physicals more subdued this week, FFA trading has settled, but freights are steady and trading ranges stay tight.
It was a mildly bearish week for Wall Street-listed bulk carrier companies with most company's stocks drifting by 6-8% over the week. DryShips Inc. [DRYS] was typical, falling by 7% week-on-week to settle at US$ 2.4 per share. One exception was Excel Maritime [EXM], which spiked by 30% over the week to US$ 0.72 (albeit from a small base). Excel was rated as severely undervalued by "seeking alpha" which put the company's price-to-book value at US$16 per share based on its cash-to-liabilities ratio.
Experts at the Marine Money conference held this week in Singapore said that they did not see a potential recovery in Asian shipping until H2-2013, assuming that newbuilding orders stay low. 

September 27, 2012 09:01 AM

The enthusiasm of last week's Capesizes refuses to return this week as activity is sharply reduced and most long haul freights face corrective forces. Front hauls slide from the mid to the low US$ 20,000s while Pacific round voyages are in danger of slipping below US$ 7,000 daily if the current bearish trends persist. Voyage levels are steady with Brazil/China voyages unchanged at around US$ 21/mt. Pacific Panamax markets are trading flat with some brighter sentiment in terms of SE Asia cargoes as Australian exports continue to build up steam. Short period charters are concluding at steady rates of US$ 6,500 in the Far East. Amazingly, the Atlantic spot freights are still finding room to fall even after most rates have collapsed below break-even levels. 

September 25, 2012 07:13 AM
To demonstrate their deep reluctance to consider ECSA destinations, owners of a 27,000 dwt vessel were indicating US$ 10,000 daily for such a trip with delivery Morocco. The same can be said for US Gulf destinations, a trade for which rates also differ widely with owners of a 45,000 dwt talking US$ 8,000 daily and US$ 5,000 daily from charterers, respectively. The cargo is to be loaded from Morocco. From South America grain charterers have come out with a 30,000mt sbm stem to Tilbury talking US$ 31/mt, reflecting the overall poor market in the area. Demand from the Black Sea seems to be relatively stable. Owners of 30,000 dwt tonnage keep holding out for about US$ 8,000 daily for inter-Med trading. Handysize rates in the East are outperforming the Atlantic. Unrealistic owners of a 35,000 dwt were coming up with US$ 10,000 daily for a trip from China to Australia, a figure that is way too high.  
September 24, 2012 06:56 AM

New Zealand owners continue to push higher but are meeting resistance from charterers on rate increases. As usual this has led to a standoff. However, it is a standoff with predictable consequences. Log stocks are quickly building on NZ ports and not enough ships are appearing to lift the logs. In less than two weeks the reluctant charterers will be forced back to the market all at once paying more than they'd have to now and, when they start to charter, driving rates up further. This situation will give the overall market in the Southern Pacific a further lift when it occurs. Fertiliser and PKE heavy season is also ending, which will further limit the availability of ships open in New Zealand and force charterers to look further afield for tonnage. It would not be surprising to see that going as far as ballasted ships from even into North China.
Log markets are now in decline. It is hoped that consumption in China will improve in the next couple of weeks to stabilize the situation. Log stocks in India are down, which will give a temporary release valve.

September 21, 2012 06:59 AM

A couple Supramax orders from W.Med to West Africa triggered a bit of fixing activity with 55,000 dwt tonnage taken at around US$ 11,000 daily. From the Continent, forward positions of 30-33,000 dwt ships have been discounted by charterers talking below US$ 9,000 daily for a trip from the Baltic to North Africa. Grain charterers quoting 25-30,000mt wheat from St.Lawrence to north Africa for mid-October dates see tonnage very close to their ideas, last done at US$ 27/mt for Morocco and US$ 33/mt for Algeria. Load-discharge rates vary between 2,500mt Algeria and 5,000mt Morocco. The USG market has almost disappeared. Spot ships are again proposed for cargoes from St. Lawrence.
South America remains in a lamentable state, with Handysize voyage cargoes averaging about US$ 4,000 daily to north Africa-Med destinations. The East still compares much more favourably. A 33,000 dwt was offered a rate of US$ 7,700 daily from China via Australia to the PG. The same ship was proposed US$4,000 for a trip to SE Asia, which owners ignored. 

September 20, 2012 07:27 AM

Capesize freights skyrocket today thanks to a burst of stimulus in the form of at least ten vessels booked in the last 48 hours on iron ore voyages to China. The BCI jumps 7% as, in the words of Omar Nokta at Dahlman Rose, a "jolt" sourced directly from China's recently announced US$ 155 billion stimulus package. Suddenly, the large size market is far more positive than it's been for months—but it remains to be seen, of course, how long the new activity will last.
There has been a relative increase in demand for Atlantic Panamaxes, but it still hasn't had any effect on freights. Still, owners strongly resist downgrades and, further, the possibility of freight upgrades soon is becoming a reality. Pacific enquiries have flattened.
Handy bulk is flat in the Far East markets, though recently rising freights seem to have peaked out with a new US$ 12,000 deal on an Indonesia Supramax round via Singapore having failed. Even though demand for Indonesia coal is still high, rates on such rounds have fallen back to US$ 10,000. The EC India iron ore rounds have dropped to US$ 6,000 daily.       

September 19, 2012 12:57 PM
Handysize grain rates from Rouen to Algeria are still hovering at around US$ 21/mt. There is talk of a 45,000 dwt taken at around US$ 7,000 daily for a trip from the Continent to ECSA. A still fairly decent rate was granted to owners of a 30,000 dwt for a trip to via Goa to India at around US$ 14,000 daily. After a couple of 25-30,000mt grain cargoes were covered from St.Lawrence to Morocco and Algeria—at US$ 27/mt and US$ 33/mt respectively—there is more to come for October, charterers suggest.

The USG-NCSA market remains bereft of cargoes, sending rates down and tempting aluminium charterers to indicate an appalling US$ 5,000 daily for a 25,000dwt unit for a trip to China. A 52,000 dwt ship was proposed at around US$ 12,000 daily for two laden legs with delivery NCSA. Brokers report Far Eastern charterers indicating US$ 8,000 daily to owners of a modern 39,000dwt for 10-15 months trading with delivery in the USG. The vessel is doing about 13.5 on 23 IFO and about 0.2mt diesel oil.
September 18, 2012 06:13 AM

A limited number of new stems in the Pacific keep eastern Panamax markets alive, but movement stays minimal at the front of the week. NoPac rounds are still getting low-to-mid US$ 5,000s plus US$ 250,000.
Pacific Handy bulk begins the week with principals playing hard to get and all participants holding out to see whether mineral activity will persist or fade out. There is new talk of fresh front haul business to the Far East on Handymaxes from the UKC-Med, so owners hope this transpires into something more than just talk. Late September tonnage is tight in Southeast Asia and owners expect freights to hold firm through the week. Indo/India Supras are getting US$ 12,000 via Singapore. The NoPac market has slowed down, but relatively tight tonnage there is keeping rates steady where Supramaxes can still get US$ 8,000 daily DOP Japan for round voyages. 

September 17, 2012 06:54 AM

Capesizes edge further upward, almost exclusively on the strength of a busier Pacific mineral trade with steady enquiry all last week helping take the front haul benchmark (finally) over the US$ 20,000 daily line. The trans-Atlantic RVs are also recovering but they will have a long way to go from their current US$ 3-4,000 range to get back into a profitable area.
Panamax rates continue to weaken, especially on the Atlantic front with trans-Atlantic RVs sliding by US$ 300 toward US$ 2,400 daily, a truly miserable rate reserved for masochists and owners that just want to keep their ships moving—or at least moving to a more profitable market. Front haul business from the USG is giving about US$ 13,000 plus US$ 300,000, brokers report. Pacific rates are still moving sideways with short period at about US$ 6,500.
Trans-Atlantic rates for Handymaxes from USG are hovering around US$ 11,000 and roughly the same from ECSA. Most fresh fixtures are done basis APS. 

September 14, 2012 07:33 AM

Far Eastern brokers report moderate improvement of rate levels in the East for Supramax tonnage, referring to better rates conceded to owners for trips from Indonesia to India. And the rate of US$ 9,000 daily agreed for a NoPac round voyage with delivery in north China is quite a good step forward. Undisclosed charterers are reported as rating a 45,000 dwt at US$ 7,500 daily for short period, however not good enough for the owners holding out for US$ 8,500 daily. Owners of 35,000 dwt were proposing a rate of US$ 9,250 daily for 24 months with delivery Taiwan. And owners of a 28,000 dwt were testing charterers with US$7,250 daily fro an Australian round voyage. The vessel is open Port Kelang. In the PG-AG area a 56,000 dwt found employment at US$ 6,150 daily for a 7-10 day duration in the area.

September 13, 2012 07:28 AM

Greece: Short Sea activity from Greece has slightly slowed with much of the grain appearing last week being covered, some postponed. Indicative of a recent fixture: 3,000mt of wheat N.Greece to Sicily fixed at US$ 19/mt. Some aluminium, bagged cement, grit, steels and bauxite can be seen quoted on the market. Freights remain poor to very poor with some cargoes circulated from last week as a result of ridiculously low freight ideas. Some spot tonnage seen in all sizes. Freights dictated by charterers but stable.
Adriatic market: Cargo activity this week has slightly slowed with fewer orders to report than the week before. Several break bulk shipments appear to have been covered to East Med and Greece destinations and few steel requirements are being freshly quoted on the market so far this week. Some light grain activity could be seen early on in the week but otherwise the Adriatic has lost some of its resilience. Freights continue to remain stable. Some spot tonnage can be seen in all sizes including ballasters. 

September 11, 2012 08:35 AM

In a reversal of the dominant trend, total capacity in the global Handysize segment of bulk carriers actually fell in August, declining by 500,000 dwt to 85.7m dwt, according to Clarksons Shipbrokers. This marks the first total fleet contraction for the Handysizes since early 2009 when freights first began to collapse and comes as a bit of relief to small size shipowners who have been suffering from continued declines in freight earnings due to over-availability of bulkers. Clarksons says demolitions were the main reason for the capacity reduction, hitting 800,000 dwt of scrapped Handysizes in August. ICAP Shipbrokers also saw a contraction among Handysizes in August, but only by about half of the decline that Clarksons published, coming up with 230,000 dwt in Handysizes scrapped in the month. ICAP also cites high demolition activity as the main cause and notes that around 20% of the world's current Handysize fleet is 25 years or older, thus making a fifth of the fleet ripe for scrapping.

September 10, 2012 06:31 AM

Short sea owners in the Sea of Azov say that if cargo flows continue to strengthen for another week or two, there is a possibility that freights could finally see some uplift—but no-one is holding their breath on that one, yet. There has been, however, some uplift in grain freights from the port of Azov for late September dates with Azov/Marmara 3,000 mt cargoes getting around US$ 23-24/mt—which is about US$ 1-2/mt higher than it was in late August. Late September wheat of 3,000mt is getting fixed at upwards of US$ 23/mt from Azov to the Turkish Black Sea, we are told. But we also hear that these same freights are simultaneously falling on spot rates with brokers citing US$ 22/mt for Azov/Marmara at present. They also give US$ 21/mt as the current value achievable for grain of 3,000mt for Yeisk/ Marmara—about US$ 1/mt lower over the week. Yet other brokers report 3,000mt wheat from Azov on spot getting US$ 20/mt to Turkish Black Sea and US$ 22/mt to Izmir, expecting that the rate could even be US$ 1/mt lower by next week. 

September 07, 2012 06:06 AM

Positive indications are approximately zero among the Panamax markets with a slow and steady decline becoming accepted by principals across the board. Tonnage is still very easy to come by for charterers. Owners are relenting to discounts with very little resistance. Front hauls from the US Gulf are getting about US$14,250 plus US$400,000 if they're lucky. Trans-Atlantic business is nearly non-existent but we hear of some fixed basis Continent at US$5,000.
What began in the Black Sea is starting to trickle into the Med markets as well with new activity in grains and steels (among others) giving owners a little more to work with and hopes that spot freights could start firming. But thus far new cargoes are easily finding tonnage. US Gulf front hauls are doing around US$ 19,000 daily on modern Handymaxes. In the East, Indonesia coal continues to drive the market with news of a Supramax getting US$ 11,500 daily for a coal trip between Indonesia and India via Taiwan. 

September 06, 2012 07:19 AM

The market in the Black Sea appears to be the only steady place in the Atlantic. Orders are getting churned, offering owners a good choice, whilst rates remain only marginally better. Handymax tonnage can be fixed at US$ 5,500-6,000 daily for a trip to the USG. Grain charterers failed at US$ 22,000 on a 53,000 dwt for a trip to east Africa. Iron ore charterers are indicating US$ 20,000 daily to owners of a 45,000 dwt for a trip to India. Grain rates from Novorossiysk to Egyptian Med for 30,000mt hover around US$ 15/mt. Italian charterers fixed 25,000 mt wheat ex-Ilyichevsk to Tunisia at US$ 19.5/mt with 3,000mt discharge—a rate brokers find low. The dearth of inquiry from the USG-NCSA area is accelerating the drop in rates. Only about one month ago, a 32,000dwt bulker was fixed from North Brazil to China at US$ 13,000 daily. The same charterers have now been talking a rate of US$ 8,000 daily for a similar size vessel for this trade. 

September 04, 2012 06:58 AM

There are no signs of revival for the box ships after the summer season with spot freight rates further softening on all major routes out of Asia as reflected in the latest Shanghai Containerized Freight Index (SCFI). Besides the low cargo volumes, the still uninterrupted flow of new ultra-large tonnage coming into the markets is adding constant pressure on spot and prompt freight rates. Fifteen additional ultra-large box ships will be delivered in the next five months. The smaller sizes are being displaced more and more as the general trend towards bigger vessels has led, as per Alphaliner, to an increase of 24% in the average ship size since 2008 on all trade lanes. In a recent report BIMCO states that there are still 3.6m TEU left in the orderbooks for delivery, many of the newbuildings being ultra-large vessels too. From the current fleet of 138 ULCS delivered since 2008, 124 are sailing on the Asia to Europe route, Alphaliner reports.

September 03, 2012 06:30 AM

Brokers report on improving demand for Handymax tonnage from ECSA, where charterers reluctantly were getting closer to owners rates, who then however decided to wait until this week, hoping for demand to keep picking up. On the other hand, sugar charterers have confirmed a 52,000 dwt at US$ 11,000 daily for a trip from Brazil to West Africa.
In the East owners and charterers are at odds about the right rate for an 18,500 dwt for a trip from China to the Continent, which owners staunchly insist is close to US$ 6,500, whilst charterers are unwilling to pay above US$ 4,000 daily. To find a vessel able to carry dirty cargo involves paying a premium rate; hence a 22,000 dwt vessel was rated at US$ 6,750 daily for three laden legs with delivery in China. 

August 31, 2012 07:36 AM

On the Continent a couple of grain charterers keep looking for tonnage to cover the 25-30,000mt wheat stems from Rouen to Algeria. Timber charterers are linked with a smaller modern 18,000 dwt bulker at US$ 8,500 daily from the Continent via Scandinavia to Egypt Med. The rate for a 33,000 dwt vessel to do a 20-day hire on the Continent is hovering around US$ 6,500, interpreting the exchanges between owners and charterers correctly. Lower rates have been done from the Black Sea to PG-India range. Steel charterers managed to fix a 21-year-old 41,000 dwt from Canakkale via the Black Sea at US$ 10,000 daily. They also took a 30,000 dwt tweendecker that was coming open in the Black Sea at US$ 10,500 daily. 

August 30, 2012 06:25 AM

High interest continues to dominate the secondhand bulker market as if there has not been any summer season this year. Resales remain the main bargains at the moment with especially Greek buyers keen to invest like seen in the sale of a 176,000dwt Capesize for US$ 37m from a Chinese yard. Still unfavourable freights are preventing asset prices to move upward. Therefore the prices for five-year old ladies are slipping further for around US$ 150,000 for each size. A total of 318 secondhand bulkers of different sizes have changed hands so far this year with Greek buyers taken the biggest share with 60 vessels alone.
The demolition market is gathering speed again principally Indian and Bangladeshi yards have taken fresh amount of vessels this week. Prices are going upward slightly hovering around US$ 400-410/ldt and above if interesting vessels are included on the Indian sub-Continent. Prices on the other side are rather weak with Chinese yards giving about US$ 310/ldt.       

August 29, 2012 10:46 AM
Demand form the US Gulf remains negligible. An overaged 38,000 dwt has been taken for a trip to WCSA at US$ 10,000 and another overaged vessel of similar size has been proposed for a trip to the East at US$ 10,000 daily as well. Owners of a 29,000 dwt are telling brokers that the best they were seeing was a cargo to South Africa averaging US$ 6,500 daily.

From South America, grain charterers have been quoting a cargo suitable for a Handysize up to the Panamax size. Amazingly enough, some Handysize owners are competing with Panamax rates. Some 27-30,000mt grain cargoes from Brazil to Morocco have been traded at around US$ 21/mt. Sugar charterers, meanwhile, are indicating US$ 10,000 daily for a 55,000 dwt vessel for a trip from ECSA to West Africa, whilst more generous Brazilian charterers have been suggesting a decent rate of US$ 8,000 for a 54,000 dwt from North to south Brazil.
August 28, 2012 06:24 AM

The world Panamax fleet has grown—most strongly among the post-Panamax segment of 80-110,000 dwt—by a relatively minor gradient of 3.6% to 167.5m dwt over the second quarter of 2012, says Drewry Maritime Research. Post-Panamaxes account for about a tenth of the current Panamax fleet. Even with the slower growth, the volume of oncoming tonnage remains comparatively high—especially compared to current market demand for Panamax bulker tonnage. This year, estimates Drewry, some 36m dwt of new capacity will be added to the world Panamax fleet—around 50% more than last year. Extrapolating forward, this means that the biggest segment of new bulker tonnage contributing to overtonnage from 2012 will be Panamaxes by 2013. The market for Panamaxes, however, is still driven upward by rising coal demand—especially in the current market as fears about Indonesia imposing a tax on coal exports prompted Chinese importers to increase coal shipments on the spot market. 

August 27, 2012 06:14 AM

The week starts with some rising activity for the Capes. The T/C average increases by around 4.5% to US$ 2,927 daily but freight rates still remain at loss-making levels. The round voyages in both basins gained some US$ 150 per day each.
The Panamaxes start the week with further decrease in freight rates losing around US$ 150 daily on both round voyages in the Pacific as well as in the Atlantic. Activity is scarce in the East with short periods seen around US$ 7,500 per day. The Atlantic shows some more moves with fronthaul rates hovering around US$ 15,500-16,000 daily.
For the Handysizes it is still a quiet time. With the exception of some Indonesian coal stems in the Pacific only few fresh cargoes arise. The Supras are quoted on Pacific rounds at about US$ 7,000 daily. The Atlantic does not show much better sentiment with just little activity around and freight rates being sideways at best.  

August 24, 2012 06:36 AM
Capes continue on their way up gaining slightly although freight rates are still in painful depths. Voyages from Brazil to China hover around US$ 17.05-17.25/mt, from Australia to China about US$ 6.70-6.80/mt is seen. Very little activity with the Panamaxes is seen in both basins and a dip in freight rates nearly wiped out the gains of the week for the Pacific r/v. The majority of trips are still concluded on aps basis. Ballasters are heading towards the USG impeding a rise on the trans-Atlantic r/v. Fronthauls are scarce hovering around US$ 16,000 daily. Handysizes are piling up in SE Asia. The NoPac is quiet at the moment with rounds about US$ 6,000 daily concluded. On the Atlantic side not much movement is reported with rates dropping further with little change expected until the end of the month.   
August 23, 2012 06:57 AM
Freight rates for the Capes seem to have bottomed out with rising activity noted in both basins and spot levels gaining between US$ 100 and US$ 200 per day on the Pacific and trans-Atlantic rounds respectively. With bunker prices soaring about 19% since this year’s low on 22 June an upturn is urgently needed by the owners.
The Panamaxes continue their positive trend with activity increasing slightly as well as freight rates but the large amount of available vessels in the Pacific is slowing the recovery there. On the Atlantic side sentiment is improving also with some hesitation of tonnage to take trips to the East.
The summer lull apparently is coming to the end also for the Handysizes although the freight rates still haven’t found sufficient support for a turn-around and keep sliding. But increasing Indonesian coal business is inspiring hope especially for the Supras in the East. Handysizes find stems out of the Black Sea currently for grain and fertilizers mainly. Early-to-mid September dates in the South Atlantic are also a glimpse of hope.  
August 22, 2012 06:41 AM
Some hopes arise for the Capesizes that the slide of freight rates is finally coming to an end. Current levels hover around last done rates only the Pacific r/v is still less firm. The T/C average is at a painful level for owners with around US$ 2,650 daily. Activity is still subdued.
The Pacific is gathering some speed regarding the Panamaxes with quite an amount of owners looking to cover tonnage and freight rates indicating a small positive trend. Short periods are quoted around US$ 7,500 daily. In the Atlantic there is still less activity seen and tonnage is tightening somewhat which may help rates to recover slightly.
Not many movements for the Handysizes are seen in both basins with freight rates still heading south and the sentiment rather negative for the next days. The fronthauls for the Supras are showing at about US$ 18,800 daily from ARA to Far East. The Med seems the only place at the moment with some fair activity going on.  
August 21, 2012 06:45 AM
An overall weak sentiment for the Capesizes is the main situation in both basins with the round voyages losing another US$ 100 daily. Freight rates keep on heading south being under tremendous pressure due to China’s low buying interest for iron ore, one-third of Capes business. The soon expected restocking of iron ore there may offer a relive so urgently needed. The BCI has lost about 90% so far this year.
The Pacific is going on a very slow pace for the Panamaxes in part due to Singapore’s holiday. Some fresh Indonesian stems are seen but the major part of fixtures is still concluded on aps basis. The round voyage in this basin is seen on last done levels. The Atlantic also show a slightly positive trend with a round voyage being quoted at a firm US$ 8,500 + US$ 275,000 BB. Fronthaul activities are low hovering around US$ 16,000 daily.
Little activity is seen for the Handysizes with freight rates sliding for another day. Pacific rounds are being quoted about US$ 6,000 per day. On the Atlantic side the South American area sees a lot of vessels looking for a job putting further pressure on already low rates. An ECSA-Passero trip is clinging to US$ 9,000-9,500 per day. Yet announced lower crop yields in the USA are no good sign for the USG business.  
August 20, 2012 06:26 AM

Apparently there is still no bottom line in sight for the freight rates of the Capesizes and owners start to put a brake while idling their ladies. Timecharter average is seen currently at US$ 2,779. Pacific r/v are clinging merely to US$ 3,600 per day while the Atlantic rounds hold on to last done levels. With the more than meagre iron ore demand at the moment it’s hard to see light in the tunnel.
Hardly any activity with the Panamaxes is seen in the Pacific as well as in the Atlantic but sentiment in both basins is pointing northward. Trans-Atlantic rounds show a slight uptick and the Pacific r/v seem also to get stable freight rates finally. A careful managing of supply may support the positive direction although there are still quite some new ladies to enter the game this year. As per recent BIMCO report, 15.5% of the fleet will be younger than one year at year’s end.
For the Handysizes the way continues to go downward and fresh stems hardly arise in the Pacific as Indonesia and India are rather inactive. Front hauls for the Supras show around US$ 19,000 daily for Europe/FEast and some US$ 18,000 per day for Med/FEast. There are hopes for the US Gulf to have nearly bottomed out with rates to stabilize for September businesses. 

August 17, 2012 06:16 AM
Average earnings for the Capesizes have approached the four-year low which was seen between 27 November and 2 December 2008 when the Lehman Brothers’ collapse sent also the Cape earnings below US$ 3,000 per day. Atlantic rounds show now merely US$ 2,400 daily, Pacific rounds hover around US$ 3,800 per day. On many routes just operational costs are obtained.  
August 16, 2012 06:42 AM

Capes are further losing ground with relatively thin trading due to ongoing holidays and the all-known overtonnage although with the growing congestion in many ports less Capes compete for the low number of spot cargoes in the market. The Cont/FEast route decreased nearly US$ 2,000 in one day to a bit more than US$ 18,000 daily, Trans-Atlantic r/v dipping below US$ 2,500 per day.
A quiet market day in both basins with rates clinging to last done levels characterizes the Panamax situation. Only few charterers are offering short periods in the Pacific at about US$ 7,500 daily. Atlantic fronthauls are seen around US$ 15,300 at best per day plus
US$ 500,000 BB.
After a real slow start the Handysizes are not doing better in the middle of the week. Few cargoes are seen in the Pacific. The round voyage in the eastern basin is hovering around US$ 6,400 per day. On the Atlantic side just little activity with few fresh stems arise with rates softening further.  

August 15, 2012 06:39 AM

Very little change is seen in the northern regions of Europe in the Baltic and the North Sea as the holiday season is still in full swing and ‘school’s out’ in many places. In marked contrast to the lively activities on the shores the fixing activity in the shipping market is more than subdued at the moment. Although some fresh harvest stems appeared recently owners prefer to opt further for a wait-and-see-position until the very last moment as freight rates are hard to accept for them regarding the current bunker prices and the weakness in the foreign exchange markets.
The number of available vessels in the region exceeds the transportation demand by far so charterers take their chance to haggle the prices down – it’s time for nerves of steel. Timber remains seen quite constantly like in the week before so a 4,000cbm from St. Petersburg heading to the east coast UK is getting steady rates from EUR 19-20/cbm. A 3,000mt of bagged cement from Denmark to St. Petersburg is quoted at EUR 14/mt. 

August 14, 2012 06:31 AM
The Capesizes are confronted with a rather subdued market with freight rates heading southward across the board. The Pacific round voyage shows rates hardly above US$ 4,200 per day, while the trans-Atlantic rounds have dipped well below US$ 3,000 daily. Voyages on their way from South Africa to China are quoted at around US$ 13/mt.
Some fresh cargoes are seen for the Panamaxes in the Pacific but still an overtonnage is preventing the spot rates from going up. Periods keep on hovering around US$ 8,000 per day. The Atlantic is quiet with hardly some cargo around. Fronthauls leaving Skaw to Far East are clinging to US$ 15,000. The trans-Atlantic r/v is quoted around US$ 5,700 per day.
Nearly all is calm for the Handysizes as the freight rates keep sliding for another day. The TCA for the Supras is around US$ 6,400, the one for the Handies somewhat better with about US$ 7,500 daily. Some grain stems in the Atlantic but softening steel market is pointing towards some more lull days ahead.  
August 13, 2012 06:06 AM

Brazilian charterers have taken a modern 25,000 dwt for 1-2 laden legs along the coast at around US$ 5,500 daily. From the US Gulf petcoke charterers are linked with a 53,000 dwt at US$ 12,000 for a trip to UK-Continent. Owners of a Tess 52 were holding out for US$ 19,000 daily for a trip to the East. Brokers report tonnage proposed for 25,010mt wheat from St. Lawrence to Tilbury at US$ 24/mt, which, according to brokers, is the daily average of about US$ 5,500 daily. Steady demand from the Continent is inspiring owners to raise their rate levels, which charterers are unwilling to face and hard to justify.
In the Black Sea grain charterers keep facing tough resistance from owners to consider their rate levels. Rumours have it that 27,000mt wheat from Novo to Egypt Med have been fixed at US$ 17/mt. Monaco-based charterers have been struggling for several days already to find tonnage at US$ 16/mt for this run. Undisclosed grain charterers took a 46,000 dwt at around US$ 10,500-11,500 daily for short period, which involves Mombasa trading.

August 10, 2012 06:55 AM

After moving down for the last couple of weeks, the log shipping market in New Zealand appears to be relatively flat with a modest weakening bias. Although activity levels do appear to be subdued, tonnage is not piling up and there are not many vessels ending up spot. There have certainly been no vessels caught short without cargo in New Zealand. Log cargo levels remain good, albeit at a reduced rate compared to other times of the year due to continued winter weather. Production, given reliable weather, should start to improve again from September and owners should expect to see a strong nine or so months from then with increasing cargo volumes at even better levels than past years. 

August 09, 2012 06:14 AM

At the very best, Med coaster freights have managed to stay unchanged in the past two weeks, though owners are starting to lose patience with a market that is offering very limited business opportunities—even if it is in a period of peak European holidays and the middle of Ramadan. Some freights are down since mid-July—Owners counter that even this time last year wasn't as slow. The mainstay of steel cargoes is also lacking with steel cargoes that are seen coming in smaller batches than usual. A 3,000mt cargo can still get at or a bit under US$ 30/mt from Marmara to Algeria. One brighter spot seems to be on inter-Med transport of construction cargoes—a 3,000mt cement cargo can secure US$ 19/mt for a trip from Marmara to Alexandria. One difficulty for principals is the steady widening gap between charterers' and owners' proposed freight ideas. One broker has told BMTI of a 3,000mt steels for Odessa/Sochi fixed at US$ 18.75 /mt in early July—which is now being offered by charterers at US$ 16/mt—charterers won't even accept US$17/mt now. 

August 07, 2012 07:16 AM

From the Black Sea, grain charterers decided to increase the wheat stem from 30,000mt to 50,000mt for a cargo to Egypt Med after seeing rates in the area of US$ 17-18/mt, which they found way too high. A 27,000 dwt is said to have been fixed at US$ 7,000 daily for a trip to the US Gulf. The disastrous US grain harvest is set to require the US to import soyabeans. And grain houses may be forced to cancel contracts from the Lakes due to lack of cargo. Rates from the USG keep slipping. Tonnage is plentiful. A 29,000 dwt has been fixed for a grain cargo from US Gulf to Mexico at the equivalent of US$ 7,500 daily. And owners of a 27,000 dwt have not yet been able to find a taker at US$ 8,000 daily for a trip to the Continent. South African charterers are closely trading 30,000mt wheat to Tema in the low US$ 30s/mt, but had to postpone the stem dates to the end of August. Coal charterers are bidding a 57,000 dwt US$ 13,500 daily for a trip to the Continent. 

August 06, 2012 06:45 AM

Capes continue to underperform. Many freights are hovering just above operating costs. Rio Tinto has been active via West Australia, taking several Pacific round voyages, helping the Pacific RV climb by US$ 0.40 over the week to US$ 6.75/mt. Charterers are pushing Brazil/China voyages under US$ 18/mt. Panamax rates keep drifting. Brokers were wondering whether charterers would still bid US$ 6,500 daily for a T/A round voyage. With demand still in decline and the number of available ships increasing, prospects remain dire. Just recently someone took an LME for a Red Sea round voyage with delivery and redelivery Port Said at US$ 10,000 daily, a figure which would be almost impossible to repeat now. Softening continues on Pacific Handy markets with Tess 52s getting US$ 7,500 daily plus US$ 325,000 BB on S'pore redel. Indonesia coal is also slowing. Nickel ore is giving Supras rates as low as US$ 7,000 DOP from Indonesia to China while the same route can net other owners as much as US$ 9,000 daily. 

August 03, 2012 11:34 AM
Average Capesize rates stabilize as a few big-hitters (i.e. Cargill) re-enter the market to take out a pair of newbuilding Capes for 12 months of trading at US$ 9,000 daily—notably almost US$ 1,000 less than a similar period fixed by Classic Maritime for a 2009-built ship. Pacific voyages are steady at US$ 6.35/mt.
The week passes the midpoint with little new life on the Panamaxes in either East or West as the Atlantic cargo markets fail to make much of a dent in a slowly rising pile of open tonnage. Even APS fixtures are few and far between. The North Continent remains the sole Atlantic area of hope with freights at upwards of US$ 7,750 still possible. The Pacific is weaker as charterers hold back. The NoPac RVs drop under US$ 6,500 daily—but owners are still pushing for upwards of US$ 7,000 for Indonesian RVs.
Handy bulk is sluggish with only the UKC-Med rates firm while the rest of the market drifts slowly down. Pacific rates are fluctuating around a flat trend line, though there are reports of fewer positions for cargoes from ECSA and South Africa for Far East redelivery. But the NoPac cargoes are up, marginally.  
August 02, 2012 07:55 AM

Fertilizer charterers are said having found tonnage for 25,000mt from the Baltic to ECCA at US$ 37-38/mt. A 37,000 dwt has gone at US$ 7,500 daily for a trip to Brazil. There is no problem either to find tonnage for 30,000mt fertilizer from Murmansk to Turkish Med for mid-August dates in the low US$ 30/mt. From the Black Sea, grain charterers are getting tonnage in at US$ 16/mt for 27-30,000mt wheat to Egypt Med with 3,000mt out. Charterers should be able to fix this trade at around US$ 15/mt, brokers opine. Rates to east Africa for 45,000mt lots are good enough to ballast back from Mombasa and repeat the earlier fixture at US$ 42.5/mt, still averaging US$ 9-10,000 for the entire RV, a figure hardly obtainable for any other trade for this size of ship open in that area. The decline in rates from the USG is just appalling. Handysize rates fell almost US$ 6-8,000 for trips to the Med-Continent. A 30,000 dwt has been traded at US$ 11,000 to the Continent.  

August 01, 2012 01:33 PM
There are new indications that the North European rapeseed crop will exceed expectations, which could very well drive a rebound in the Baltic and North Sea trades, but this remains in the realm of speculation. Spot cargoes, at present, are still generally lacking and owners are struggling to get any business at all, let along pursue an upgrades. Thus, it is almost surprising to see freights (mostly) staying unchanged over the past week with demand for minerals, steels and especially scrap having picked up in recent days. Turkish buyers resumed scrap buying last week—though freights stayed flat—with larger 6-12,000mt cargoes of sf 60' scrap steel doing freights of US$ 35/mt, US$ 38/mt and US$ 40/mt, respectively, for ARA-to-Diliskelesi, Liepaja-to-Marmara and SPB-to-Iskenderun. Steel cargoes (3,000mt) are being fixed from SPB and Kaliningrad to ECUK at steady freights of EUR 19/mt and EUR 20/mt, respectively.
July 31, 2012 06:36 AM
There are murmurs of new Capesize cargo requirements coming on in the Pacific, though so far there has been little physical evidence to support these claims. Short period business is said to be in negotiations too with talk of 5-7 months being concluded at or just under freight of US$ 10,000 daily. Panamaxes are starting to form a bit of a patter situation with the week starting on a calm note and charterers persisting in talking the market lower. There is a large amount of prompt tonnage still open, giving owners very little wiggle room in talks. After undergoing such a dampened run last week, Handy bulkers unsurprisingly kick off this week with continued caution and lower demand via the North Continent, South Atlantic and USEC. The Black Sea had seen a spurt of activity last week, but new stems seem to have been already covered thus far. In the East, ships are building up via North China making it very challenging to fix southward.  
July 30, 2012 05:30 AM

Capes remain downcast with little upward energy available in the form of cargo demand with the front haul sliding by around US$ 200 on last-done to just over the US$22,000 daily line, depending on terms. Also in descent is the Pacific RV, down by US$ 200 today as well to close at a below operating cost rate of US$ 4,500. Brazil/China is flat at US$ 18/mt.
Pacific Handy bulkers remain a problematic prospect with the India-Indonesia markets being prompted up almost single-handedly by coal from Indonesia, but even that is something that could be better, all considered. Traders say that iron ore from India has almost ceased entirely. Atlantic Handy bulk is equally uncertain with the North Continent starting to slide as there are fewer signs of demand there.  

July 27, 2012 12:35 PM

New Zealand Handies allow some optimism
The week began with a weak bias. The indices were starting to look over-marked compared to the way business appeared to be going. However, as the week has continued the direction has not been as negative as expected. There appears to be some underlying strength in the Pacific and, whilst tonnage lists are longer than normal, the ships are getting fixed. Of course Thursday is the big fixing day for the week and if there are owners who head into the weekend without things done, next week could go south in a more definite kind of way. Until this occurs there is some room for owner optimism. We are almost half of the way through the traditional northern summer slowdown and freight of US$ 7,000 per day is better than many would have expected at this juncture. Log markets are still declining, but the next move up appears more firmly in place for September as China log stocks are not increasing as fast as forecast.

July 26, 2012 12:44 PM
Being in the middle of the summer holidays in Europe the bulker S&P market has slowed down considerably with only few sales reported. The ongoing European bank problems continue to influence the shipping market, especially in west Europe—though there is still enough money to invest with some owners, as total investment in secondhand vessels in Q2-2012 rose 24% to US$ 6.1 billion, reports Golden Destiny. Secondhand assets continue sliding this week with five-year-old Capes losing US$ 350,000 to dip well below US$ 32.5m. The same age Panamaxes is at US$ 22.3m and smaller Supras at about US$ 21.3m.

A market slowdown is seen in the demolition sector with the Ramadan holidays, the Indian rupee rather weak and steel prices losing ground. Prices are heading south with Bangladesh still offering US$ 380 /ldt, India and Pakistan hovering around US$ 370-375/ldt, China some US$ 10 less than last week and Turkey showing between US$ 300-310/ldt.
July 24, 2012 07:07 AM
Panamax trans-Atlantic RVs have been drifting and are now trading in the upper US$ 9,000s range. Front hauls are hovering around US$ 17,000 daily, depending on tonnage conditions. The Pacific Panamaxes continue moving to the side with round voyage rates between US$ 8-9,000 daily. Atlantic Handy bulk is softer with a weakening trend expected to persist this week as the energy in the USEC seems to be depleted for the time being. Front hauls for Handysizes from the Black Sea to Far East are doing around US$ 18,000 daily and just US$ 4,000 daily to the US Gulf. NoPac sentiment is under pressure with rounds at about US$ 8,500.  
July 23, 2012 06:52 AM

Handy tonnage is building slowly in the East. So a 50,000 dwt open Dangjin covered a trip into the US Gulf at the uninspired rate of US$1,500 daily. India inbound coal has been active. A 58,000dwt open Shanghai fixed via Indonesia into India at US$ 8,600 daily, a 57,000 dwt open Dumai covered similar business at US$ 10,500 daily while another 57,000 dwt open Kohsichang fixed a like trip at US$ 8,500 daily. A 56,000 dwt free Zhoushan also fixed via Indonesia into India, but at US$ 9,000 daily and a 57,000 dwt ship is rumoured to have fixed delivery Singapore for a similar trade at US$ 11,250 daily. India outbound business sees a 57,000 dwt open Kandla book a trip to China at US$ 10,250 daily. Period interest has been slow—a 58,000dwt delivery Japan takes 4-6 months at US$ 10,500 daily and a 35,000 dwt open CJK fixed 3-5 months at US$ 8,000 but it was unclear when the fixture was done. The coming week does not look too exciting. 

July 20, 2012 06:15 AM

The first six months of this year showed a massive 9.3% jump in Turkish steel output from last year at 18 Mt—beating out growth in the US, which rose 8.4% in the period to 46 Mt. Since so much of Turkey's steel is produced using scrap steel it imports, the strength of Turkey's steel sector is an encouraging sign for those who ship scrap to the Turkish Black Sea and Mediterranean. Indeed, the first quarter of this year was one of the strongest ever for Turkish scrap importing—its imports rose by a whopping 11.8% in the first three months of 2012 to 5.4 Mt. Scrap prices rose in parallel and for a few weeks at the end of the quarter scrap imports to Turkey were starting to look like a frenzy. Trans-Atlantic Supramax shipments were booming and traditional top supplier, the US, exported 5.4 Mt globally in Q1. This volume was beaten by the EU, however, which exported 6.2 Mt in the quarter, including 3.4 Mt (more than half) going to Turkey. In the first five months of the year Turkey imported 9.36 Mt in scrap metal—a giant 17.5% increase from a year earlier. 

July 19, 2012 07:07 AM
Whatever energy was left in the Atlantic Panamaxes seems to have petered out by midweek with brokers saying that even requirements for prompt tonnage have thinned out. Open tonnage via North Continent and the UKC at large is still relatively tight, but owners are feeling less comfortable than two weeks ago, proving more eager to take last-done levels, let alone discounts. Short period rates are hovering at around US$ 10,000 daily for six months of trading.
The minor signals of higher Far East Handy bulk demand on Monday translate into an upward push in activity even as general sentiment weakens—Southeast Asia mineral demand is sustaining a good portion of the Asian Handy market with coal trips via Indonesia from EC India getting upwards of US$ 11,000 daily passing Singapore. NoPac activity is looking slower than days past—owners are pushing for US$ 10,500 daily while charterers are insisting on US$ 9,000 as the gap in freight ideas starts to widen.  
July 17, 2012 07:05 AM

Panamax traders are casting about for a narrative for this week, though it remains largely unclear which direction the market will go in either hemisphere. The US Gulf is the prime driver of Atlantic sentiment and owners say they can get upwards of US$ 18,000 daily plus US$ 800,000 to go east, though pressure is rising with the rising tide of ballasters coming open in the USEC. Pacific sentiment remains positive with EC Australia/ECI doing US$ 9,500 daily.
Indian Ocean freights hold steady for Handy bulkers despite tepid cargo demand as ballasters stopped arriving, keeping tonnage under control. Supramaxes are still getting concluded for China/India business with a modern 57,000 dwt getting US$ 9,000 daily for S.China/ECI via Indonesia—the same rate that Pacific rounds are getting on modern Supras. The Atlantic is calm with Med scrap cooling. 

July 16, 2012 07:00 AM

Last week closed on a quiet note for the Atlantic Panamaxes and kicked off this week with continued calmness as new cargoes are slow in coming—but the overall tone stays vaguely bullish with expectations high for the week ahead. North Continent tonnage is still relatively tight, and with the trans-Atlantic RVs buoyant, there may be T/As done at upwards of US$ 11,500-12,000 daily by midweek. Pacific Handy bulk activity is fragmented in the East as owners have become more conservative in the Indian Ocean with new opportunities looking less plentiful. Far East freights remain stable, in any case. South Atlantic and USEC are still solid. Scrap trips are resuming on import to the East Med. Supras from South Atlantic are going east at US$ 24,000 daily. 

July 13, 2012 06:39 AM
The Panamaxes were very busy in the Pacific on Wednesday, less so after Thursday, though the constant flow of new cargoes—particularly from the USG—makes it hard for charterers to call the bluff of owners, whose tonnage is getting few and far between. Short period offers are plentiful but steady in the mid-high US$ 8,000s range, but we saw one in excess of US$ 9,000 daily. Atlantic Panamaxes face continued orders, but ECSA is starting to peter out.
Starting to get a little predictable, but the US Gulf cargo rush shows no signs of slowing, helping take Handy bulk front hauls on a TCT from China to just under US$ 30,000 daily. Spot tonnage is proving surprisingly tight across the Atlantic with a Tess 52 taking urea from Port Said to the Black Sea at a TC equivalent of US$ 7,000 daily. In the East, NoPac inquiries are slow but rates are mostly pressure-free.  
July 12, 2012 07:00 AM
Perhaps it was inevitable (it was), but the Capesizes find themselves in the midst of a swift correction with overheated front hauls of days past slipping back after two days of very limited activity. The BCI drops 4% and the longest hauls—the front haul and the trans-Atlantic—slide by about US$ 850 and US$ 250, respectively, today with the T/A settling at U$ 7,000 and the front haul retreating to US$ 26,000. Pacific Panamaxes continue their firming trend for another day after an early week kick-up in general sentiment and a minor surge of new coal cargoes coming on stream ex-Australia, bolstering the already strong Indonesian coal trade. In the Atlantic, tonnage remains tight in the UKC-Med markets (the North Continent at large) as well as the USEC as fixtures with two laden legs type inter-Atlantic deals also in high demand, many paying better than last-done. ECSA cargoes continue arriving on the market.  
July 11, 2012 12:13 PM
The Black Sea trade area remains a bumpy road for charterers to cover cargoes to the USG-ECSA area. Brokers report a modern 33,000 dwt vessel fixed at US$ 9,000 daily for a trip to the USG. Fertilizer charterers were getting tonnage in the low US$ 50s/mt for 25-27,000mt to two ports WCCA. A couple charterers have decided to take tonnage on for short period to avoid losses on the first voyage and hope for the best thereafter. In contrast, from WC Italy steel charterers had no problems to fix two 28,000 dwt bulkers just below US$ 7,000 daily for a trip to ECCA. Owners of a 57,000 dwt bulker have raised their rate to US$ 30,000 daily for a trip to India.

The US Gulf market has peaked, which does not stop owners of a 43,000 dwt from indicating a rate of US$ 22,000 daily for a trip to the Continent-Med range. TKB are linked with a 23,000 dwt at about US$ 14,750 daily for a trip to Skaw-Passero.
July 10, 2012 07:13 AM

Brokers report an extremely quiet market. It has been a slow motion start to the week. The fact that charterers believe in a softening market and just monitor instead of acting, adds to the felt paralysis. And the low number of fixtures reported by the Baltic Exchange speaks volumes. Understandably owners carry on where they stopped Friday, holding out strong rates and to see what happens. Brokers report a few spot Handymax vessels, of which one was chased by charterers to cover a cargo from West Africa to China, talking US$ 18,500 daily. Another one is still unfixed and spot now, to which owners last week turned down US$ 16,000 from scrap charterers for a trip to the east Med. Brokers also report some fresh Handysizes emerged on the Continent. The US Gulf, though still pretty steady, is also believed to soften. A 55,000 dwt has been proposed at US$ 25,500 daily for a trip from Houston to the East. With more tonnage being released from Venezuelan ports the NCSA market will most certainly come down and will affect the USG. 

July 09, 2012 06:48 AM

A 58,000 dwt open Guangzhou fixed at US$7,750 daily for a trip via Indonesia back into south China, a 56,000dwt open Huangpu covered a nickel ore stem via SE Asia back into Huangpu at US$ 12,000 and a 52,000 dwt also went at US$12,000 basis delivery Gresik for a quick trip via Indonesia into Thailand. NoPac has been a mixed bag. There were two fixtures ex north China: one a 57,000dwt at US$ 8,000 daily and the other a 56,000 dwt at US$ 8,250 daily, both with redelivery Singapore-Japan. A 51,000 dwt with the admittedly better delivery point of Hachinoe fixed a firmer US$ 10,500 daily for a similar RV. 

July 06, 2012 06:23 AM

The owner of a 32,000 dwt is indicating US$ 12,000 daily from the Baltic via Gulf of Aden and India to South Africa, to which charterers counter-indicated US$ 10,000 daily, after which owners completely withdrew their interest. They all of a sudden did not even like the idea to end up in South Africa anymore. The same charterers made another attempt indicating US$ 14,000 daily for a similar size vessel from Casablanca via the Baltic to India, and failed to inspire owners. Charterers are voluntarily offering US$ 10,500-11,000 daily for short period for 30-34,000 dwt ships with delivery Med-Continent range and redel Atlantic. Scrap charterers were grappling with Handymax owners talking US$ 23,500 daily for a 53,000 dwt for a trip to East Med. 

July 05, 2012 07:09 AM

Prompt Panamax tonnage remains tight across the Atlantic, the North Continent market in particular, with charterers finding it increasingly difficult to convince owners to take trans-Atlantic business at stable rates. In the event, the T/A RV rises US$ 300-400, having made steady progress over the last few days, now at US$ 9,000 and likely to hit US$ 10,000 daily before the weekend. Trips with two laden legs are already over US$ 10,500 and heading for US$ 11,000 daily.  Pacific Handy bulk takes a breather after yesterday's lively market, but freights are still gaining on last-done with NoPac RVs getting upgrades, however trading has slowed down since Monday, particularly via Southeast Asia. Trips between the Indian Ocean and the ECSA remain very firm with South Africa spot freights rising in parallel, brokers report. 

July 04, 2012 01:02 PM
The US Gulf keeps churning out orders for both Handymax and Handysize tonnage, which will most likely keep the market busy and lift rates. A 27,000 dwt was indicated at US$ 17,200 daily for a trip to the Continent. A 42,000 dwt failed at US$ 19,000 daily for a trip to the Med. Brokers report petcoke charterers talking US$ 17,000 daily for a 32,000 dwt for a trip to Black Sea. South America remains unexciting for Handysize tonnage. Brazil charterers are exchanging rates with an owner of 43,000 dwt at US$ 13,000 daily versus the owner's figure of US$ 16,000 daily for a trip to NCSA. A 32,000 dwt vessel has allegedly been fixed for a grain cargo from UR to Israel and Greece at the daily equivalent of US$ 16,000 daily with delivery Rio Grande. Handysize owners remain disappointed at the lack of opportunities in the East. Whilst rates seem to be steady, demand is slowing. Fertilizer charterers have been proposed a number of workable vessels for 27,000mt from China to Chile, for which trade the rate is hovering around US$ 38/mt.
July 03, 2012 08:25 AM
 Cautious positivity is the name of the game for Pana- maxes as Atlantic sentiment improves slightly while the Pacific scene stays flat. The trans-Atlantic RVs are over US$ 8,500 and rumoured as hitting US$ 9,000 daily already on a moderate shortage of tonnage along some of the key routes. Even with the sideways Pacific, rates for the inter-Pacific rounds are seen gaining about US$ 100-200 higher on last done with prevailing Pacific RVs on modern tonnage obtaining rates up to US$ 7,000.
Most Pacific Handy bulkers are unchanged at the start of the week with Supramaxes getting Australian RVs at just over US$ 8,000 daily, about where they were last week. Long haul markets are another story as demand for UKC to Far East trips, especially from Black Sea-Med, continues to grow. Black Sea to Far East Supras are about to break through US$ 25,000 daily as the benchmark picks up US$ 200 today.  
June 29, 2012 11:47 AM
Flatness again for the Capesizes as charterers and owners once again dig in, seeing no incentive to capitulate on offers in either direction, up or down. The front haul from UKC to Far East, however, does rise every so slightly by US$ 100-200 to well over US$ 19,000 daily with word that front haul trips of US$ 20,000 and higher are already in the pipeline.

More activity is seen among the Atlantic Panamaxes as freights stay flat but with the heightened fixing, likely to see a small bump-up before the week is through. South America now, rather than the USEC, is dominating the southwest Atlantic market with a seemingly insatiable demand for spot ships pulling in vessels from all over. Med-UKC tonnage is starting to pile up, charterers say. In the Pacific, owners with prompt vessels are trying to get cover as soon as possible. But cargoes demand is not playing along.

Pacific Handy bulkers are enjoying another revival in activity with owners now fielding bids of US$ 11,000 for short period charters—rates unheard of only two weeks ago. Nickel ore is back on the scene and giving Handymaxes upwards of US$ 9,000 daily for trips from N.China to Indian Ocean and back. Atlantic Handies are solid thanks to a frisky USG.
June 28, 2012 02:26 PM
In the US Gulf, owners clearly dominate the market, continuously testing charterers with higher numbers. For their 55,000 dwt Far Eastern owners want US$ 30,000 daily back to the East. Scrap charterers likely have to increase their rate of US$ 21,500 daily; they proposed to a 55,000 dwt for a trip to the Med and should be recommended to emulate alumina charterers who offered US$ 24,000 daily for a 45,000 dwt for a trip from NCSA to Black Sea.

The strong spot market has prompted a couple of charterers to approach tonnage on short period basis to avoid steep losses on the first intended leg, and pray for a bearable outcome thereafter. Steel charterers feeling the pinch of unexpected tough rates were indicating US$ 16,000 daily for short period for a 53,000 dwt open on the Continent—and were not favoured with an owner's reply.
June 27, 2012 11:17 AM
Panamax brokers report extremely poor T/A demand. Desperate owners falling over themselves to get hold of forward coal cargoes! As with the Capes, the market has turned uninspiring with both sides waiting for the other to make the first move. Atlantic markets continue to see a trickle of new business, but nothing compared to the stream of new cargoes seen earlier this month. T/A round voyages are settling into the lower US$ 8,000s—if they're done at all. Atlantic owners are sticking it out in the West, avoiding going east unless necessary.

We keep hearing signals of firming Handy freights in the East, at least among the Handymaxes where owners are sounding extremely confident, asking for rates sometimes US$ 2,000 daily higher than the same fixed last week. Even with NoPac markets fairly slow, freights are still hovering at US$ 9,000 DOP.
June 26, 2012 06:14 AM

Cape freights go sideways at the start of the week with little obvious drive on the demand side and owners content to watch-and-wait. Pacific ore voyages dominate the activity that is seen with Pacific RVs flat at US$ 6.6/mt and Brazil/China at US$ 17.4/mt. Brazil/UKC is fixed at US$ 8/mt even as the index is rated at US$ 7.2/mt—suggesting upward movement on the trans-Atlantic mineral trade.
The pressure on Panamax owners continues to be unabatedly strong in the Atlantic. On Friday, a Kamsarmax was fixed from Gibraltar for an ECSA round voyage at US$ 8,750 daily, which brokers believe will look like a good rate by the end of this week, considering the poor trans-Atlantic demand. Pacific markets start slowly but owners stay optimistic—however with a wide gap between owners' and charterers' offers with Pacific RV bids being posted at US$ 8,500 and 6,500 daily, respectively. 

June 25, 2012 06:30 AM

A holiday in China certainly doesn't help the eastern Panamaxes with the already quiet weekend turning into something even worse—i.e. the potential for a correction in spot rates if the market doesn't make a proper return at the start of this week. Pacific RVs are still holding in the US$ low US$ 7,000s (and even seen in the high end), though pressure is building as the Atlantic comes under correction as well. The cargo rush of last week has taken a momentary break. Front hauls stay in the high US$ 16,000s daily.
Unlike the sleepy Panamaxes, Pacific Handy bulkers are finding themselves in an improved position, at least regarding Supramax tonnage, which is in especially short supply via SE Asia. Activity has fallen at the same time, however, so a consequential rise in freights is not expected. A positive indicator for the near term is the slight upward push in short period values, moving over US$ 10,000 on 58,000 dwts.  

June 22, 2012 07:24 AM

Whilst the Handymax market in the East keeps sending discouraging signals to owners, Handysize tonnage is embedded in a much cosier environment, stimulating owners' desire for more money. Brokers, whilst they undeniably agree that there seems to be a fertile soil for rate increases, they are not sure whether this will stretch into July. They tend to believe in a rather short-lived rush for June loaders, when for July demand is likely to slow down with owners forced to adjust to the new reality. Owners of 30,000 dwt are holding out for US$ 9,000 daily for an Aussie round voyage with delivery in Indonesia and want almost the same for short period. Korean charterers are seen bidding a 36,000 dwt US$ 8,000 for 3-6 months with delivery in China. 

June 21, 2012 07:29 AM
Pacific Panamaxes are in the midst of a rate rally as open vessels flee to the West in search of prime ECSA cargoes, ironically flooding the Atlantic with open vessels (depressing the South Atlantic market) and improving prospects for the market they just left. Pacific-based owners are feeling very bullish moving from Pacific RV bids of US$ 8,000 yesterday to as high as US$ 9,000 daily today—but most charterers refuse going higher than US$ 7,750 daily.
Handy bulkers open North China can achieve rates higher than US$ 7,000 daily—and sometimes US$ 8,000 daily—for NoPac RVs or for trips from North China to Indonesia and back. Pacific trends are firm and slightly advantageous to owners with so much open tonnage having cleared out lately. North Continent markets are firming on new scrap demand.  
June 20, 2012 11:39 AM
Don't look now but it would appear that the Capes are stabilizing after a shaky ten or so days. Trans-Atlantic RVs remain miserably low at around US$ 4,000 daily, but the fact that they took on around US$ 200 today comes as comfort to owners who were about to idle their ships in July. Pacific RVs are trading at about the same level of the T/A (US$ 4k).

Pacific Panamaxes get a shot in the arm at midweek with activity higher than when the week began and open tonnage clearly declining—all of which is adding up to a more favourable situation for owners. Indonesian mineral exports are actually fuelling quite a bit of the new demand. Owners are heard pushing for Pacific RVs at rates as high as US$ 8,000 daily. ECSA cargoes continue to dominate the West.
June 19, 2012 06:53 AM

Capesize long hauls continue drifting, taking average rates down another 1% peg today, but the voyage freights are holding firm and could even show some upgrades in the days ahead with the Brazil/China voyages rumoured as fixing up to US$ 17.25/mt.
South American cargoes remain the backbone of cargo demand for Atlantic and T/A Panamaxes with ECSA enquiry holding up and set to continue as such through the end of the month, analysts say. Short period charters are edging up toward US$ 14,750 after hovering at around US$ 14,250 daily last week. The Pacific could be busier, owners complain.
The start of the week proves especially hard to gauge for Handy bulk with business slow but fundamentals (theoretically) strong in the West, if not the East. Available Pacific tonnage is reportedly being drawn down, however. Tonnage is getting tighter in the North Continent, South Continent and the US Gulf. 

June 18, 2012 06:27 AM

Apart from a fair number of Pacific-based mineral voyages, there isn't much momentum going to keep the Cape rates from taking further losses this week. Brazil/China ore voyages are trading flat at around US$ 17.2/mt. Most of the pressure is on the trans-Atlantic (down by US$ 100 to US$ 3,800 daily) and especially the front haul, which tumbles by nearly US$ 300 today to land at around US$ 18,500 daily. Pacific RVs, at US$ 4,000, are solidly below opex.
Panamaxes keep rising with average rates 2-3% higher day-on-day today and seemingly enough momentum to carry rates higher for at least a few more days. Front hauls and Pacific RVs both rose by a minor US$ 100-200 today to US$ 18,000 and US$ 6,000, respectively. The trans-Atlantic round, however, rose nearly twice as high as the other rates, picking up nearly US$ 300 to settle just under US$ 10,000 daily. The Pacific is essentially flat with new inquiries very limited, suggesting that if the market doesn't quickly resume, discounts could already be in order. Fixing activity is much more high-pitched in the Atlantic. Short period is going for US$ 8,500. 

June 15, 2012 06:18 AM

In the South Spain-French Med-WC Italy-Adriatic trade area—with the exception of the Adriatic and WC Italy, which have shown signs of steady cargo activity—the French Med South Spain and Spanish Med, on the other hand, are showing a general slowdown in cargo activity. With holidays in the UK and Greece this week and the start of the biannual Posidonia shipping exhibition, activity stays very subdued. The general state of affairs in the Med can best be described as uncertain as the crisis in Spain reaches what would seem its summit with the Spanish government on the doorstep of the ECB, EU and IMF in another attempt to save yet another failed European bank. When speaking to many Spanish brokers one gets the impression that beyond the doom and gloom cargo activity and business has, for the most part, begun to slow down with most having a pessimistic outlook for the near term. 

June 14, 2012 12:18 PM
In the US Gulf (as well), charterers are struggling to find tonnage at reasonable levels. Owners of a 55,000 dwt turned down US$ 27,000 daily, which owners did not deem worth replying to. Handysize tonnage of 30,000 dwt has been offered US$ 15,000 daily from Christobal via ECSA to Black Sea. In lack of early modern tonnage petcoke charterers had to resort to an elderly ship to cover 35,000mt to from the NCSA to North Africa. To exploit the prosperous market owners of modern 61,000 dwt are talking US$ 20,000 for short period delivery Christobal.

South America still looks alright. Grain charterers were proposed US$ 36/mt for 30,000mt from 1 port south Brazil plus Plate to South Africa, but elected to reduce their rate to US$ 32/mt once they saw tonnage at US$ 35/mt. From West Africa owners of a 37,000 dwt were told they were moving too fast by talking US$ 14,000 daily for a trip to the Black Sea.
June 13, 2012 01:35 PM
Turkey—the world's biggest scrap importer—is paying about 12% less for US ferrous scrap than a week ago as Turkish mills have suspended large scale purchasing as their outlook for steel product sales look less certain than weeks past. Turkish steel mills are charging about US$ 630-650/mt for HRC, an unchanged price from last week, though spot market prices are coming under pressure and Turkish steel could see some declines toward the end of June. Average scrap import prices to Turkey fell by about US$ 20-25/mt over the week with European-origin scrap now selling for as low as US$ 390/mt CFR. Last week, a 30,000mt mixed scrap cargo was fixed at US$ 403/mt CFR from USEC to Izmir—representing a US$ 50/mt fall over the past four weeks for heavy melting scrap I/II (80/20). The Turkish scrap market could still rebound if European steel demand starts to recover, though for the time being analysts expect purchasing activity to be sluggish.
June 12, 2012 08:04 AM

Pacific Cape voyages are flat at freights of US$ 7/mt while trans-Atlantic RVs stabilize a bit around the US$ 4,000 daily line—albeit nothing to write home about. Front hauls are facing continued pressure with US$ 20,000 daily rates a thing of the past.
Panamax sentiment is positive in the Atlantic, even with the slow start of the week, as avails remain tight across the western basin and owners feel more optimistic about pursuing rate premiums on last-done. Trans-Atlantic rounds are already going for freights over US$ 8,500 daily with owners seeking upwards of US$ 9,000 daily.
The Far East Handy markets are steady thanks to fewer ships arriving in ballast and enquiries starting to line up with open tonnage, though market players remain cautious on both sides of the fence, waiting to see which way the market will move. 

June 11, 2012 06:31 AM

The sudden and—by almost everybody unexpected—improvement in the Panamax sector is nothing but a blip and does not have any substance whatsoever, brokers have been quick to comment. The slow early week with holidays and Posidonia distractions seems to have short-lived pause in Atlantic markets with new minerals coming on strong from UKC and US Gulf—other brokers report—helping push the front haul and the trans-Atlantic freights about US$ 500 higher day-on-day to upwards of US$ 16,500 and US$ 8,000 daily, respectively. It remains to be seen if the positive trend emerging in the Pacific will persist into the week ahead, but Continent area tonnage is said to be tighter than usual, suggesting further room for uplift in the front haul freights this week. We are, in fact, already hearing of T/A rates getting fixed at up to US$ 10,000 daily from the Continent. 

June 08, 2012 06:56 AM

The Handysize market on the Continent has lost its lustre, although rates are still ok, they do not seem be as good as last week and before. Grain charterers now talk low US$ 20/mt for North France to Algeria. Undisclosed charterers fixed a 25-30,000mt parcel from the Baltic to EC Mexico, a vessel in ballast from Algeria. Other charterers entering the market with a similar cargo also loading from the Baltic and discharging east coast Mexico were seeing tonnage in the low US$ 30/mt. From the US Gulf, Handysize rates appear to be stagnating at about US$ 15,000 daily for 28-30,000 dwt tonnage to the UKC-Med. From Venezuela, owners of a 28,000 dwt suddenly budged from their once US$ 14,000 daily for a trip NCSA to Black Sea to now US$ 13,000 daily—and still without attracting the charterers. 

June 07, 2012 07:37 AM

The Panamax market in the East is down to its knees and the Atlantic is heading the same way. South America in particular is under pressure. Rates keep dropping—a bit disconcerting for owners who say Pacific activity is actually up from days past—but overall sentiment is what rules and sentiment is bearish. ECSA trips to the Far East are drifting with basis APS ECSA getting no better than US$ 12,500 daily plus US$ 450,000 BB. Pacific RVs continue to trade in the rather uninspiring middle US$ 4,000s. Atlantic Handy markets are stable for the most part in spite of rather mild activity—a sharp illustration of the effect of open tonnage avails. Cargoes are expected to arrive steadily from the USEC, which is giving area owners reason enough to stay bullish short term. 

June 06, 2012 01:34 PM
The month of June, for European short sea markets, has the potential to be a busier-than-usual month, however current trends don't suggest any major uptrend in cargo demand for the next week or so. Mid-June could still have surprises in the form of coal and/or mineral demand, not to mention a potential grain rush, but given the nonplussed attitude of the European short sea market thus far in 2012, traders are likely to keep their requirements under wraps. Bunker fuel prices continue to fall, which is giving owners a bit more leeway in negotiations—albeit also giving charterers more liberty to push down on freight ideas. Grain rates are steady with 3,000mt barley cargoes quoted from ECUK to ARAG area in the EUR 10-11/mt area and wheat of 3,000mt from Klaipeda to ARAG at flat freight rates of EUR 16/mt.
June 05, 2012 06:47 AM

Ever since people began to travel by water with the help of logs tied together or inflated animal skins, they have taken goods with them. The variety and size of vessels developed to cross the water is huge. Much time passed before trading vessels like those currently on the water come into use. Since animal skins and logs are perishable materials, one cannot tell exactly when people first dared to use river and sea to travel and trade. We predominantly know about the earliest shipping due to archaeological remnants, oral history, written sources and coins. Recent discoveries confirm it probably was more than 120,000 years ago when people started to cross the sea. Archaeological remnants found in island of Crete, like stone tools—quartz hand axes, hatchets and similar artefacts—have this age. Crete is an island about five million years old and it's improbable that humans emerged there independently—so the only way to reach the island was by some kind of vessel. 

June 04, 2012 07:03 AM

Whilst Handymax rates in the USG have been pretty bullish, the market for Handysize tonnage in the area is now following suit. From NCSA a modern 33,000 dwt has been rumoured done at an impressive US$ 15,000 daily for a trip to the Black Sea. Another 30,000 dwt vessel has gone at similar rate to North Africa. Demand in general is improving, facilitating owners to raise their ideas. Grain charterers utter surprise at being offered 26,000 dwt bulkers at US$ 12,000 daily to Central Med. Strong rates have also been reported from the ECSA where 30,000 dwt tonnage is bid US$ 17-18,000 daily for a trip to the Med and which number owners still find too low. There is no ray of hope for Handymax tonnage in the East. Slow demand is making life pretty miserable for owners. As such, coal charterers keep sticking to US$ 10,000 daily plus a bonus of US$ 200,000 for a trip from South Africa to India-Japan range. 

June 01, 2012 07:20 AM

Trends are less than rosy for the Panamaxes with across-the-board discounts seen and the Pacific RVs, especially, losing US$ 300-400 today to hit US$ 5,250. Activity, as it is, slows to a trickle as owners continue to face the prospect of overly abundant tonnage and reduced rates. Short period chartering is still done with last-done seen at US$ 8,000.
The floor has been reached for Pacific Handy bulk, observers say, with some routes already turning the corner and starting to climb back into positive growth territory. The NoPac trips via North China are getting no better US$ 4,500 daily, less than enough to support opex. Fresh ECSA demand is partly driving the increase. Ballasters from the East are incoming to the ECSA as well as US Gulf coast. 

May 31, 2012 07:45 AM

Whilst the downward rally in the Capesize and Panamax segments seems unstoppable, the smaller tonnage is not yet suffering from a similar general deplorable lack of demand. Caper period rates are just about hovering at US$ 10,000 in the Atlantic. Rates are still diving with the front haul losing another US$ 1k today to slide toward US$ 22,000.
Panamax rates in the Atlantic have dropped to US$ 8,000 daily for T/As and Oldendorff are linked with cheap forward front haul fixture at US$ 14,500 daily plus a bonus of US$ 450,000 lumpsum. ECSA trips east are doing about US$ 14,500 plus US$ 450,000 while Pacific RVs have fallen to US$ 5,000 daily.
US Gulf Handy markets hold their levels despite talks of discounts (likely coming from the chartering side). South Atlantic activity suggests a better market going into next week with new stems for June expected to start being traded. Med area cargoes are also being discussed for early June. 

May 30, 2012 02:59 PM
Handymax rates are still holding to a fairly steady level in the Atlantic. US$ 18,000 daily is bid for a 55,000 dwt to go east from West Africa. The strong Atlantic market has led a couple of charterers to resort to tonnage from India at around US$ 10,000 daily for an ECSA round voyage with redelivery in the East. Spot tonnage is still in demand. Brokers keep talking of an encouraging Handysize market in the Atlantic, despite the odd loopholes. Tonnage is still tight on the Continent, thus scrap charterers postponed lay days for their 30,000mt stem from the Baltic to Turkey from 1-5 June onwards. From the US Gulf, fertilizer charterers say they are seeing quite a lot of interest in their 30,000mt cargo to Morocco at levels in the low US$ 30s/mt—which is pretty close to their ideas of about US$ 29/mt.
May 29, 2012 06:56 AM

With the holiday on Monday across Europe and the United States the market for the Capes see little movement at all. Freight rates remain on their downward path as cargoes are scarce in both Basins and little direction is seen for the next days. Trans-Atlantic round voyages are quoted at around deplorable US$ 4,500 per day, the Pacific rounds do cling to last done levels.
Very few new enquiries show up in the Pacific for the Panamaxes. As some owners start to ballast towards ECSA and USG there may be a chance for the remaining tonnage to pick up some jobs. In the Atlantic the market is rather quiet with everybody waiting for new stems to arise. Freight rates cannot hold to last week’s numbers. The Atlantic rounds are seen hardly above US$ 9,000 daily, Pacific round voyages are in the low US$ 6,000s daily.
For the Handysizes it’s not very different as for their bigger sisters with thin trading activity at the moment and only the sentiment of tightening tonnage in the US Gulf lifting the mood. The Pacific freight rates are heading south with owners reluctant to accept these low levels. Pacific rounds are seen in the low US$ 7,000s per day for the Supras. Some tonnage departing from South Africa via ECSA to the Far East may see around US$ 18,500-19,500 per day. 

May 28, 2012 07:46 AM
The Capes start the week with little improvement but at least the downward trend is slowing although freight rates still losing more than US$ 500 per day for the Trans-Atlantic RV and around US$ 250 daily for the Pacific rounds. Rising bunker prices are doing no good at all. Activity is low due to the holiday of Whit Monday. A slow beginning characterizes the Panamaxes’ situation at the moment with deplorable rates for the owners heading down further at nearly the same pace as seen during the last week. The trans-Atlantic RV is seen in the low US$ 9,000s per day, the Pacific RV hovering around US$ 6,500 daily. 
May 25, 2012 07:36 AM

The third largest drop in 2012 is registered for the Capes currently with the t/c average down to US$ 6,847 daily and owners offering rates below Baltic Index as demand for commodity cargoes is weak and too many vessels around. The Brazil to China route dropped to US$ 19.30/mt and West Australia/Qingdao stands at about US$ 7.60/mt. No positive sign at the moment for the Panamaxes in both Basins with freight rates falling across the board. Transatlantic r/v began to drop below US$ 10,000 per day and Pacific rounds are in the mid US$ 6,000s daily. The t/c average stands at US$ 9,010 daily. For the Handysizes the markets are on a flat run with little fresh enquiries seen in the East and the West and a little chance apparently in the USG where some tightening of tonnage can be observed. The t/c average for the Handies with US$ 9,696 clings to its highest level since November 2011. 

May 24, 2012 08:48 AM

The Capes are hit hard by Chinese buyers’ decision to defer shipments of agreed iron ore contracts. Freight rates are sliding briskly with owners trying to secure cargoes at nearly any condition. Fronthaul routes Continent/Far East drop by more than US$ 1,000 in one day standing now at about US$ 26,000 daily. The Transatlantic r/v slipped to merely above US$ 7,000 daily.
The freight rates for the Panamaxes continue to go down further as owners do not have the option any more to ballast to South America and cargoes are scarce. The Transatlantic r/v has dropped to below US$ 10,000 daily, and US$ 17,000 have been bid for a trip from Passero/Gib for a fronthaul run. Handysizes may also come to feel the threat in the near future if Panamaxes start to compete with their stems. A couple of charterers have taken Handymax tonnage on subs for short period in the Atlantic and are dithering whether or not to lift the subjects, with the midterm outlook suddenly in doubt. In the Eastern Basin tonnage is piling up around Indonesia. Backhauls to USG are said to be below US$ 4,000 per day at the moment. 

May 23, 2012 09:56 AM

Not many fresh fixtures are seen with the Capes and freight rates are sliding notably with the Transatlantic r/v as well as the Continent/Far East routes losing about US$ 500 each in one day. The Pacific r/v is heading towards US$ 7,000 daily. The freight rates for the Panamaxes head fiercely down with only the Continent/Far East route clinging to last done levels. With the high number of available tonnage in both basins, a lack of fresh inquiries due to the South American grain season coming to the end and China rather reluctant to import coal, a further drop is not impossible. The Handysizes show the better performance currently with some firmer freight rates and mixed outlook in both basins. Continent/Far East is heading towards US$ 19,000 daily for the Supras. 

May 22, 2012 08:20 AM

Capes are losing ground at the beginning of the week with low real activity seen and the freight rates on most routes not achieving last week’s levels. The exception seems to be the Pacific round voyage with rather firm numbers since the middle of last week. Transatlantic RV is hovering about US$ 8,500 daily. Front hauls slip well below US$ 28,000 per day. Nearly 38Mdwt of the total Capes fleet is currently queued up in ports congestion. Perhaps a small hope to support freight rates in the next days.
The Handysizes are not very busy currently but the freight rates indicate some optimism. The US Gulf to Skaw-Passero trip even shows some improvement with an increase of about US$ 500 since the end of last week. The increasing congestion in some major ports during the last weeks spur hope to tighten tonnage supply and support freight rates on other routes as well. 

May 21, 2012 08:23 AM

The only place to be for the Capesizes at the moment is the Atlantic basin, one broker told BMTI, as some tonnage tightness is seen there for coal export from the US. In the East Chinese iron ore demand remains low. Freight rates are tending sideways with owners not really amused because operating costs are still not covered. The only spark of joy is the current fall of bunker fuel prices.
Very calm water in the Pacific for the Panamaxes is registered with owners looking for jobs but charterers in no mood to act. Round voyages are concluded about US$8,000 daily, short periods do only US$1,000 above this number. Freight rates in the Atlantic are hovering around last done levels as limited activity is prevailing there also. European 'short holiday' last week hampered some moves. 

May 18, 2012 09:28 AM

For the Capesizes there is no great amount of activity seen in both basins with freight rates hovering around last done levels. Voyages for South Africa/China are traded around US$ 14/mt, West Australia/China show about US$ 7.75/mt.
Sentiment for the Panamaxes is weak currently with sliding freight rates. Pacific rounds achieve about US$ 8,000 daily, short period rates some US$ 9,500 per day. The holiday in some parts of Europe yesterday result in low movement in the western basin with only limited new business underway.
Towards the end of the week most Handysizes in the US Gulf seem to be covered so activity is expected to become low now. In Europe as many market participants will take a 'bridge day' the waters are rather quiet. The Pacific does also show no waves as an Indonesian holiday slowed coal exports and the coming monsoon make owners hesitant to reposition in the affected area.

May 17, 2012 09:13 AM

For the Panamaxes the way for the freight rates continues to head southward in both basins. Little activity and oversupply of tonnage define the current picture. Both round voyages hardly achieve yesterday's numbers. The front haul stand at about US$ 17,500 daily. The ECSA market is rather quiet with only few ballasters seen to go in this direction.
The freight rates for the Handysizes are flat or losing slightly with the exception of the US Gulf to Skaw-Passero route showing an increase of about US$ 600 up to US$ 21,100 per day for the Supras and around US$ 300 up to US$ 13,600 daily for the smaller ladies. A certain lack of tonnage will help rates in this region during the next days. The Pacific basin is cheerless at the moment with charterers in a wait and see position and ballasters looking for a job. 

May 16, 2012 09:25 AM

Very little fresh activity is seen on the Capesizes—apart from the usual groundless rumours of activity—with trends amazingly still sideways and even more amazingly slightly higher on the Pacific-based freights, which gain nominally if only slightly so. Pacific RVs are firm at about US$ 7,000 daily, plus or minus US$ 500. The front hauls, however, are facing a bit more pressure with sentiment slipping under US$ 27,750 daily and toward US$ 27,250 or lower.
Even with Panamax trends mildly down, activity in one respect has started looking up, especially in the Pacific basin where talks are reaching a fever pitch in certain corners. However, most of this new "action" is among shipowners seeking fresh cargoes while charterers can still resist, thinking that the market is on their side. They may be right as the heat is rising on owners in the Pacific where round voyages are falling to US$ 8,500 and lower. T/A business is also troubled with US$ 12,500 daily the best available. 

May 15, 2012 06:54 AM

Flatness prevails for the Capesizes with a profound lack of new cargoes seen in either basin, but tightness still relatively constant for Atlantic area tonnage availabilities. Trends are sideways, though there is a growing downside. Trans-Atlantic RVs are trading just under US$ 8,000 daily and could be down to US$ 7,500 by the time the market re-engages.
Pressure grows on the Panamax spot market with the sluggishness of last week continuing into this one as the Atlantic has yet to resume in earnest—however, there are growing rumours of new stems arriving on the market again from S.America.
Far East sentiment is starting to soften for the Handy bulkers, brokers say, as the Indonesian mineral export ban bites harder on overall cargo demand. Coal freights are also in limbo via India with the monsoon around the corner. Iron ore freights are likely to come under more pressure with expectations of lower cargo flows from both ECI and WCI. In the West the US Gulf is steady and there is word of tighter avails. T/A Supras are flat at US$ 20,000.   

May 14, 2012 07:05 AM

The week kicks off on a quiet note with Panamax activity subdued in both the East and West with charterers, sniffing a market correction, withholding cargoes until more favourable conditions arrive. Atlantic freights are trending flat with the initial cargo rush from ECSA starting to taper off. Trans-Atlantic RVs are hovering in the US$ 12-13,000 daily range. Front hauls are few but rates are flat at US$ 18,000. In the East, NoPac rounds slip into US$ 8,000s daily. Short period interest remains moderate with last-done at US$ 11,000 daily.
Trans-Atlantic Handy demand has been a little re-energized with Turkish Med scrap imports resuming and USEC ex-shipments seen increasing in recent days. It remains to be seen, however, if Turkish mills will continue importing this week. South Atlantic rates are steady with sentiment slightly softer than days past. Pacific Handy markets are very calm. Indonesia export ban on nick ore has strongly affected regional mineral demand.  

May 11, 2012 06:52 AM
Pacific Handy freights are under even greater pressure than days past with open tonnage expanding quicker than new cargo demand. NoPac business is generally sluggish with modern Supramaxes at best able to secure US$ 10,000 daily for RVs. Handymax coal trips from Japan to Indonesia and back are fixing rates right around US$ 8,500 daily. Atlantic Handy freights are flat with South Atlantic tonnage tight. 
May 10, 2012 07:06 AM

Capes re-stabilize after some early week corrections with fresh demand seen in the Atlantic, including a number of new trans-Atlantic RVs being fixed at upwards of US$ 8,000 and sometimes even US$ 8,500 daily. The rest of the market is flat with healthy demand for Pacific ore shipments keeping the West Australia/Qingdao freights steady at US$ 7.5/mt.
Panamax owners were growing concerned about slacking demand for long hauls from the ECSA, but a new run on June positions arrives, helping keep the trans-Atlantic from collapsing, sticking to the US$ 13-14,000 daily range. Pacific Panamaxes are drifting with NoPac rounds sliding to low US$ 9,000s, despite new Indonesia stems. Short period is still relatively popular with freights at US$ 10-11,000.
The Black Sea Handy bulk market, despite earlier signs of a rally, is mostly flat with the volume of new cargoes lower than expected for the time being. The South Atlantic market is starting to shift back toward chartering interests as owners seem to have lost their ability to push through new premiums. Pacific Handies are looking more precarious with nickel ore off the agenda and the core ore trips slowing as well. 

May 08, 2012 07:13 AM
DNB ASA of Norway, now the world's top arranger of maritime loans, predicts a funding shortfall of US$ 100 billion by 2015 due the new reforms and banks' reluctance to put money into shipping. DNB's Dag Thomas Michalsen says the amount of money now exiting the sector (shipping and offshore) is "mind-blowing" and suggests that shipping companies "look elsewhere" for new ship financing, such as in the bond markets or Asian banks. European banks still account for 90% of the world's ship lending with China accounting for 9% and Japan the remaining 1%. German banks Commerzbank and HSH Nord- bank, among the world's biggest shipping lenders, are dialling back ship loans, though Scandinavian upstarts like DNB and Nordea Bank AB remain committed to shipping, albeit with a cautious tone.  
May 07, 2012 06:45 AM

In the East, Handysize charterers are reportedly trading a 32,000 dwt at around US$ 10,500 daily for 2-3 laden legs. Charterers are paying a premium for the vessel's features, which they need for the intended cargo. From WC India steel charterers have been having problems finding a 28,000 dwt vessel for a 15 days trip to the AG, for which they would be ready to pay above US$ 8,000 daily. Korean Handymax operators of 54,000 dwt vessel have been looking for takers at US$ 10,500 daily for 70 days with delivery in China. The fairly regular windmill shipments into the US are said be slowing down and might come to a complete standstill should the Republicans recapture the White House in November, who prefer to bet on oil drilling in Alaska and the Arctic. There are the odd fertilizer cargoes from Egypt Red Sea to Indonesia, of which one lot of about 25,000mt has been put on the market paying around US$ 35/mt. Tonnage is said to be available close to this level. 

May 04, 2012 07:02 AM
Capesizes bounce back with long hauls getting day-on-day upgrades of over US$ 1,000 daily thanks to a handful of new fixtures on trips from the UKC to the Far East—such as one rumoured as concluded at US$ 26,500 daily. Trans-Atlantic RVs look equally buoyant with freights moving toward US$ 5,000 and potentially over US$ 6,000 daily, if trends continue, suggesting a return to breakeven at the least.
A few disappointing Panamax fixtures in the Atlantic are revealed, prompting charterers to retreat to the sidelines just to monitor the market. A lower US$ 19,000 daily is reported as done for front haul with delivery in Italy. And even worse, there is suddenly more tonnage around than thought before.  
May 03, 2012 07:15 AM
New Pacific stems are coming on from Australia, which may prop up Pacific freights again, but this remains to be seen. In the West, most ECSA stems are reported as covered for May with charterers shifting their focus to June. Trans-Atlantic freights slide just under US$ 17,000.
Pacific Handy markets are calm and open tonnage is widening, putting charterers in a greater position of negotiating power. The Indian market is waning, traders say, with more owners opting to ballast away to the Japan-Singapore area. The Continent market looks re-energized post-holiday with firm North Continent freights likely to rise slightly before the weekend. Supramax T/As push toward US$ 20,000.  
May 02, 2012 09:43 AM

The Panamax bull run seems to have finally ended as Pacific activity falls off sharply, especially in the once bustling NoPac area. And while Atlantic activity is comparatively better than the East, widespread May Day holidays in Europe are dragging on sentiment as well. Atlantic RVs are hovering around US$ 17,000 while front hauls from UKC to Far East are doing about US$ 25,000 daily, give or take US$ 750. With the East in retraction, Pacific rates are softer with NoPac RVs slipping to around US$ 11,500 daily.

With both China and Singapore on holiday, the Far East Handy markets are nearly impossible to gauge and float sideways in wait of a new post-holiday catalyst. The Atlantic is quiet, but the Black Sea has turned into something of a fresh hope with multiple and increasing grain stems on delivery this week. The North Continent and US Gulf markets are firm.

May 01, 2012 09:57 AM

Moving into a thick holiday period, the Atlantic Panamaxes see limited enquiry compared to last week while owners are seen suddenly consenting to slight discounts in the interest of still doing business. US Gulf and ECSA sentiment remain vaguely positive, but the idea that market momentum has peaked out seems to have been confirmed today. As such, the trans-Atlantic RV moves sideways at US$ 17,000 daily while the front haul floats at around US$ 23-24,000. The Pacific is slow and rates are flat.
Handy rates are maintained despite the usual sluggishness of the early week, a sign that underlying sentiment is positive despite an inactive Far East market. With China off Wednesday and European holidays Tuesday, there are not many expectations for high energy markets this week. Indonesia coal freights are down slightly with US$ 8,000 daily settled for a Handymax from N.China to Indonesia. 

April 30, 2012 07:12 AM

There was a flurry of activity with the Far East Handies that pushed numbers higher at the start of the week as charterers' covered their nickel commitments prior to the Indonesian ban on exports commencing at the beginning of May. This event is expected to depress rates and, although the list of open tonnage has started to lengthen at the end of the week, freights have by no means collapsed. However; the prognosis isn't all brilliant—the few Indonesian coal stems that continue to support the market are drying up as is the limited iron ore exports from India as the Monsoon becomes imminent. There is a bright spot with NoPac looking a bit tighter and period rates haven't started to reflect the spot market uncertainty as yet. 

April 27, 2012 06:37 AM

With activity slim-to-none on the Capesize markets, freight rates trend as flat-to-down, but owners breathe a cautious sigh of relief that the market has all-out collapsed, despite little to hold it up. Pacific RVs slid into the US$ 5,600-5,800 daily range. A number of short period fixtures have been fixed on modern tonnage in the US$ 10-11,000 daily range.
Panamaxes continue along their bullish tear, though there are some signs of waning going into the weekend. Period chartering is at the fore with a two-year fixture done on the 81,500 dwt new- building "Dragon" at US$ 12,250. Other short period deals are being made at upwards of US$ 16-17,000 on ships with special fuel usage. Trans-Atlantic RVs have now exceeded US$ 17,000 daily and may likely hit US$ 18,000 given current market enthusiasm.          

April 26, 2012 07:21 AM
There is no stopping the Panamaxes with freights as ascendant as ever in the Atlantic and the peak not yet in sight with momentum building apace on cargoes from ECSA on long hauls to the Far East. In the event, UKC/Far East front hauls pick up some US$ 600-800 from yesterday to settling in the US$ 22-23,000 daily range. Trans-Atlantic rates are moving swiftly upward with rumours of US$ 18,000 daily already on the books. Freights are up in the East as well with support from the Atlantic keeping tonnage tight. Round voyages from Indonesia to China and back are getting owners hires over US$ 14,000 daily.  
April 26, 2012 07:18 AM
There is no stopping the Panamaxes with freights as ascendant as ever in the Atlantic and the peak not yet in sight with momentum building apace on cargoes from ECSA on long hauls to the Far East. In the event, UKC/Far East front hauls pick up some US$ 600-800 from yesterday to settling in the US$ 22-23,000 daily range. Trans-Atlantic rates are moving swiftly upward with rumours of US$ 18,000 daily already on the books. Freights are up in the East as well with support from the Atlantic keeping tonnage tight. Round voyages from Indonesia to China and back are getting owners hires over US$ 14,000 daily.  
April 24, 2012 06:37 AM
With no action hitting the Capesize market in either hemisphere at the start of the week, indicators have little place to go but down, taking average rates 1% lower day-on-day, such as the front haul benchmark (UKC-to-Far East), which slips under US$ 25,000 daily today. The Pacific round voyages are hovering at around US$ 6,000 daily, but are in danger of sliding under that level if charterers continue to withhold cargoes.
Panamax freights are seeing upgrades—especially in the Atlantic routes where the T/A RV shoots to within range of US$ 15,000, having climbed nearly US$ 1,000 day-on-day. But charterers, who admit to scrambling for tonnage for early May, caution against over-enthusiasm with this run of new Atlantic cargoes potentially exhausted before the end of the week.  
April 23, 2012 07:00 AM

Pacific Handies struggle to continue rally as was seen when a 57,000 dwt open CJK fixed a nickel ore round via Indonesia with redelivery China at US$ 15,000 daily whereas another 57,000 dwt ship fixed basis Xingang for similar business at a softer US$ 12,500. A 55,000 dwt free Cebu fixed this trade via Indonesia into China at US$ 15,000 daily as did a 53,000 dwt basis DOP Hong Kong at US$ 12,500 daily, another 53,000 dwt free Huangpu went at US$ 11,000 daily and a 50,000 dwt open Rizhao at US$ 12,500 daily.
India inbound sees a 57,000 dwt fix delivery Singapore for a time charter trip via Indonesia with redel EC India at US$ 18,500 daily or WC India at US$ 19,500 daily. A 55,000 dwt vessel open Nagoya also fixed via Indonesia into India at US$ 11,500 daily as did a 50,000 dwt free Zhanjiang at US$14,000 daily. India outbound was slow: a 53,000dwt open Kandla was looking for US$ 13,000 daily into China a 56,000 dwt open Revdanda was looking for a similar rate and direction—so far without attracting interest. 

April 20, 2012 06:38 AM
Panamax brokers report a standoff between charterers and owners in the Atlantic. Both insist on disagreeing with each other! While owners are inspired to raise their numbers, charterers refuse to follow suit. Owners have been trying to push US$ 22,000 daily for front haul vs. charterers' rate of US$ 20,000 daily. Unsurprisingly, the owners want US$ 15,000 daily for a T/A, immediately silencing the charterers. Even with some quick fluctuations in sentiment, the Pacific Panamaxes stay largely on the positive side. Australian rounds are moving toward US$ 11,500.  
April 19, 2012 07:02 AM
The Indian Ocean has turned into a very challenging area for charterers. Rice charterers in parti- cular are feeling the pain of the limited interest in their cargoes to West Africa and have already changed into TC mode instead of voyage. The few ships of 27-28,000 dwt are rated at around US$ 8,500-9,000 daily by owners. Salt charterers decided to go after a modern 32,000 dwt for US$ 10,000 from Indonesia for an Australian RV, hoping to persuade owners to come down from their US$ 12,000 daily. From USWC grain charterers are said to be pursuing a ship open in the area at US$ 16,000 for a trip to China.  
April 18, 2012 01:58 PM
Rising freight levels for Panamax tonnage has been the focus of attention. The Atlantic is being driven by strong demand from South America, pushing up front haul rates to US$ 21-22,000 daily with delivery Gibraltar-Continent. This given, owners' desire to see US$ 13,000 daily for a T/A is understandable. Brokers report on a "very active" Pacific basin with general sentiment markedly positive. Owners feel more optimistic with an influx of new stems and Pacific RVs edging toward US$ 9,500 daily, likely to exceed US$ 9,750 daily before the weekend. Short period rates move ever closer to US$ 12,000 daily.

Atlantic Handy bulkers are trading steady with front hauls from the USG still securing US$ 21-22,000 daily. Cargo activity is accelerating in the Pacific, to owners' delight, with the Indonesia coal markets getting back into full swing and trips from Japan to India and back netting upwards of US$ 11,500-12,000. Late April positions are still being covered.
April 17, 2012 06:33 AM

Capesizes are missing in action at the start of the week with the usual Monday blues giving charterers an excuse to put the brakes on and reassess the market. South America remains active for front hauls to the Far East with Cargill booking a 150,000mt coal voyage from Bolivar to Dangjin at a strong freight of US$ 29/mt. Ore voyages from Goa to Qingdao are achieving almost double the Pac RV at US$ 12/mt.
Panamaxes seem completely oblivious to the normally groggy start to the week with freights bursting out of the gate at slightly higher levels than last-done with front hauls taking on upwards of US$ 300 daily on last to settle at about US$ 18,750-19,250 daily—even rumours of US$ 20,000 daily abound. Tonnage is tight-to-tighter in the Atlantic, helping move the trans-Atlantic ever closer to US$ 10,000 daily. ECSA trips to the Far East are already getting US$ 11,000 daily to South China, brokers report. The Pacific is firm as well, if not quite as jubilant as the Atlantic. Pac rounds are now exceeding US$ 9,000. 

April 16, 2012 06:55 AM

South African brokers are talking of a quiet week for the Handies, which after the Easter Holidays they did not find unusual, although rates have been softening a bit. Charterers managed to change the goalposts by changing from DOP India to APS South Africa delivery. But owners seem to be not yet ready to face US$ 12,000 plus a US$ 400,000 BB for the trade.
Handysize rates to the Continent for a 30,000 dwt vessel have been exchanged in the region of US$ 9,000 daily. Owners of an overaged 38,000dwt vessel dismissed US$ 30/mt for 35,000mt from South Africa to Iran—a trade they thought is worth a premium and indicated US$ 40/mt. From the PG sulphur charterers had to face their "Waterloo" in as much that after they turned down US$ 51/mt for a 25-30,000mt stem to the US Gulf, they had to bite the bullet and turn around to book a vessel at a voyage rate of US$ 55/mt, which brokers say is the equivalent of something around US$ 7,000 daily. 

April 13, 2012 06:38 AM

It's been a week of readjusted expectations in the New Zealand log market as a number of ships have come open. With all the holidays there've just not been enough charterers in the market to soak them up. There are a number of owners who feel the stress and some lower numbers are being done. The Handy indices in the Pacific are definitely over-marked at present. This week has not been a good one for owners. This commentator's view is that with the current situation it may take next week to deal with this issue with the market to recover the week following. There are a couple of other interesting points: log stocks in NZ ports are quite high, so even though charterers are logically holding back due to the weakening market, there is a reasonable amount of pent-up demand. Secondly, there is quite major port congestion brewing in Lanshan, which seems to set to suck in up to 15 vessels in the queue. Log markets are still staging a recovery, but it is a weak one with no great prospects of any major price increases.

April 12, 2012 07:24 AM

The US Gulf seems unchanged from yesterday with many ships still around despite owners optimistic and bullish talk. From the NoPac, owners of a 36,000 dwt are contemplating whether to consider a bid for a trip to Chile at US$ 11,000 daily or to do a trip to the East, for which rates also look quite attractive. Brokers report a fairly balanced South American market, where owners of 32-33,000 dwt are holding out for around US$ 16-17,000 for a trip to Med-Continent, whilst their smaller 28,000 dwt brethren should be worth around US$ 14-15,000 daily for this trade. Australian charterers failed on dates for a 20,000mt SBM cargo to two ports in the East Med—with 3,000mt out—at US$ 53.25/mt.  

April 11, 2012 02:13 PM
Front haul demand continues to drive sentiment upward for Capesizes with trips from the UKC-Med to Far East now commanding freights some US$ 300-400 higher than last done at over US$ 24,250 daily, including rumours of US$25,000 daily already concluded. Nonetheless, the post-Easter markets are quiet in both basins. Pac RVs are flat at US$ 7.9/mt.

Not entirely surprising, but the Easter drag persists on western Panamaxes with trans-Atlantic trends flat at about US$ 7,800-8,000 daily, but are said to be facing increased pressure from a clear lack of cargo demand. Front hauls are looking better with prevailing freight rates at about US$ 17,500 daily and higher.

The Pacific Handy market is still hard to gauge after the Chinese holidays (and Easter in the West) with new enquiries limited, brokers report, and charterers pushing harder on the Handymax rounds from S.China to Indonesia and back, which are still trading at around US$ 10,000 daily.
April 10, 2012 07:00 AM
Much like the Black Sea, Mediterranean freight levels held essentially flat in the first quarter after a volatile 2011. Southbound freights across the Med hovered in the US$ 38-42/mt range from January to March with owners jockeying for prime position, but cargo markets failing to provide consistent demand in any one sector. The remainders of the Arab Spring and a series of port strikes in Tunisia (and elsewhere), kept traders on their toes. Small lots of marble and steels cargoes via WC Italy kept Aegean Sea markets somewhat occupied with freights mostly holding stable. Markets in the Spanish Med, as in the Med at large, were reasonably active, though an abundance of open tonnage persistently prevented freights from rising much higher than the levels concluded at the end of 2011. Grain shipments via the French Med were a continual feature, helping buoy the market for coaster owners already positioned in the area.  
April 09, 2012 09:03 AM

The Supramax bulk carrier class had the notable distinction of being the only bulker size (not even quite the Handysizes) that ended the quarter with rates that were higher than when they began the quarter, if only slightly. The USG market was driving demand to an extent as the quarter began, though dropped off some by February. In mid-January, USEC trips to the Far East were able to achieve rates of around US$ 20,000 daily—the same rate as the trans-Atlantic, though this was even lower than the US$ 23-24,000 daily range rates achievable in early January. Scrap demand was also fuelling the market with a modern Supra able to get US$ 20-21,000 for trips from the USG to the East Med. All quarter, coal demand from Indonesia was a major factor with mineral demand via WC India assisting to a degree. NoPac demand slowed down in February with rates slipping to US$ 7,000 via Japan and WCI/China trips hitting upwards of US$ 9,500. Black Sea trips to the Far East recovered to US$ 14,000 in March.  

April 05, 2012 08:26 AM
In the Greece-Turkish Med-Egypt area, cargo volumes out of the Turkish Med stay sluggish and, though a considerable amount of cargo is being offered out of Greece, activity remains subdued overall. Egypt still offers no real cargo opportunities with the exception of low value commodities that are mostly taken to cover some repositioning cost. The market this week can best be described as boring and many owners and brokers are of the opinion that 2012 will be another lost year with no real expectations for drastic improvement in freights. The best anyone can hope for is to try and keep ships operating at or slightly above operating cost something that is a challenge in itself. Charterers on the other hand are also reporting reduced cargo volumes over all and periods of no or little cargo activity.  
April 04, 2012 06:48 AM

Pre-Easter fever has gotten a hold on Capesize charterers as sentiment rises for another day on the long haul routes, particularly those in/to the Far East. Heightened inquiry for Atlantic origin cargoes to the Far East (front hauls) has pushed prevailing rates some US$ 200-300 higher today to about US$ 23,000 daily—and this after already taking on US$ 2,000 last week. Pacific RVs trade steady at US$ 7.8/mt. Atlantic Panamax action is hit-or-miss, brokers say, but generally Atlantic owners have been a bit more sought after than days past, though freight levels haven't budged up or down. The T/A RVs are trading dead flat at US$ 7,800-8,200 daily. The Pacific is also trading flat with new business from Indonesia on the rise and steady demand from ESCA on trips eastward, which are netting upwards of US$ 18,000 daily for modern tonnage. Inter-Pacific coal trips are going for about US$ 8,000 daily via South China.

April 03, 2012 06:23 AM

On the Continent iron ore charterers managed to find a 55,000 dwt at around US$ 6,500 daily for a quick Baltic RV. Brokers wonder what could be the reason for owners to consider such a low rate, other than the ship might have been spot and there was nothing else around? Handysize tonnage is plentiful on the Continent which very likely will generate rates of around US$ 4-5,000 daily for a trip to the USG for 26-28,000 dwt tonnage. From the Med iron ore charterers are linked with a 20,000mt parcel from Iskenderun to Pusan in Korea at around US$ 43/mt, which looks like a good rate for the charterers. Grain charterers report more interesting rates that they are seeing for 20,000mt from St. Lawrence to Libya. One owner has lowered the rate down to US$ 38/mt from US$ 40/mt and thus is getting closer to charterers' proposed figure of US$ 36/mt.  

April 02, 2012 08:46 AM

The Atlantic Panamaxes are looking stronger thanks to steady volumes from S.America and the prospects of available tonnage via ECSA looking slimmer for charterers—in the event, the front haul trips have reached excess of US$ 17,500 daily on modern tonnage. The trans-Atlantic RVs are firming as well, pushing up very close to US$ 8,000, a level likely to be achieved today if current trends hold. The Pacific is more fragile with activity waning and NoPac trips to the PG levelling in the US$ 9-10,000 daily range.
Pacific Handy bulk slows into the weekend with freights sticking to last-done, but seeing more pressure from charterers as avails widen. NoPac traffic is hit-or-miss. Supramaxes are able to get rates of US$ 11,500 for NoPac RVs. 

March 30, 2012 06:13 AM

After high US$ 38-39,000 was done recently for UR to Morocco, brokers now expect the rate to drop to around US$ 36-37,000. The same goes for UR to Algeria where rates peaked at US$ 49/mt and will not be repeatable any longer, brokers opine.
A more moderate level of US$ 15,000 daily has been mentioned for a modern 29,000 dwt vessel for a trip to the Continent. Finding tonnage for WCSA destinations has been more challenging with charterers paying around US$ 20,000 daily from UR for a 38,000 dwt vessel. A 34,000 dwt has been offered at US$ 10,000 daily for a quick coastal trip whilst charterers are still sticking to US$ 8,000 daily. From W.Africa, alumina charterers take a 39,000 dwt ship at around US$ 9,000 daily for a trip to Black Sea, say Greek sources. 

March 29, 2012 07:08 AM

Capesizes get bounce on the broad picture, thanks almost entirely to a rebound in front haul activity that takes UKC-to-Far East rates about US$ 300-500 higher than last done to US$ 21-22,000 daily. The rest of the market, however, remains flat with only the trans-Atlantic round voyages stabilizing slightly around the still very low US$ 2,700-2,900 range.
Atlantic activity for Panamaxes is moderate as South America keeps charterers busy with new cargoes from ECSA, supported by a simultaneous boost in activity via the northern Continent. Trans-Atlantic rates are firming toward US$ 7,500 daily on modern tonnage. Pacific activity slows as charterers sense a market slump and an opportunity to apply pressure. Brokers report rounds from NoPac to ECSA and back fixing in the range of US$ 14,500-15,500 daily.      

March 28, 2012 02:42 PM
Atlantic markets remain stable for Panamaxes as ECSA cargoes hold steady, nudging the trans-Atlantic RV up into the middle range of US$ 7,000-7,500 daily. Not only grain, but also minerals in early April are also looking to contribute to overall demand. Front hauls are flat at US$ 17,000. Pacific Pana- maxes are also steady with principals refusing to budge in either direction and Pacific RVs sticking to the high US$ 7,000s daily. Brokers say that with little wiggle room left for owners or charterers, more negotiations are leading to short period fixtures, which are now being concluded at about US$ 9,800.

Atlantic Handy bulkers are looking strong thanks to tight avails in the NCSA and firm activity via the US Gulf. South Atlantic movements are bullish with early-to-mid April positions being covered. Pacific Handies are a bit more troubled with cargo volumes having slowed since late last week. Supra owners are shooting for US$ 12,000 for iron ore WCI/China.
March 27, 2012 07:03 AM
Panamax trends slip into something of a holding pattern with the Pacific basin still rather active at the start of the week and maintaining a slight upside in sentiment despite freight levels staying unchanged from last-done. Brokers say they see more cargoes entering the market out of Australia and Indonesia as Pacific RVs hold steady at (or just over) US$ 8,000 daily. The Atlantic is comparatively quieter, though the general feeling remains positive among owners.
Momentum that built up for Handy bulk last week in the Pacific seems to calm this week, but brokers continue reporting increased calls for spot tonnage across the Far East. Supras are getting freights over US$ 11,000 for Singapore-Indonesia round trips and talk of US$ 11,500 already for the same.  
March 26, 2012 07:34 AM

The Pacific remains firm, but it's beginning to look as though it's topped. Freights are not yet in decline but the cargoes are thinner, with charterers talking the market down and tonnage is just beginning to bunch up. The coming week will give a better picture; this slowing may be a blip or, more worryingly, the start of a longer term trend—it's hard to say at this stage.
A 57,000 dwt open north China fixed a trip via SE Asia with nickel ore and redel China at US$ 14,000 daily and a 53,000 dwt gave delivery dop CJK for a similar trip at US$ 15,500 daily. A 58,000 dwt is believed to have fixed on voyage terms a coal cargo between Indonesia and China at a time charter daily equivalent between US$ 17,000 and US$ 18,000.
A 53,000 dwt has fixed and failed on a NoPac round voyage at about the US$ 11,500 daily mark and a 45,000 dwt is reported as DOP CJK for a NoPac round with redelivery Thailand at US$ 9,500 daily. 

March 23, 2012 07:45 AM

Rate improvements on the Continent for Handymax tonnage are reflected by charterers bidding US$ 13,000 daily for a trip to the eastern Mediterranean. Steel charterers have been trading a 45,000 dwt bulker at US$ 9-10,000 daily for a trip from North Spain via GNS to the Adriatic. Italian grain charterers have been proposed tonnage at US$ 25.5/mt for 25,000mt wheat from Hamburg to Libya, which brokers say is the daily average of US$ 9-10,000 daily. Rates for Rouen to Algeria have gone up to US$ 22/mt, which is a rate that would be difficult to repeat by charterers, brokers opine.
Despite the present market improvement Danish Handysize owners remain very sceptical that the present momentum will last. Also cement charterers have been facing higher rates to cover a trip from South Spain to Nigeria. 

March 22, 2012 08:17 AM
Panamax tonnage for next week looks much tighter in the Pacific, brokers report, as a rally in short term fixing this week took a wide swath of open tonnage off the market. Pacific rounds are already over US$ 8,000 daily and likely to be surpassing US$ 8,500 daily by the end of the week. South America continues to be a major driver of Panamax sentiment with front hauls doing in excess of US$ 11,000. Trans-Atlantic RVs are stable at around US$ 7,000.
Positivity prevails on Atlantic Handy bulkers with upgrades seen nearly across the board in the western basin. West Africa trips on Handymaxes to UKC-Med via ECSA are concluding in excess of US$ 9,000 daily. US Gulf demand is looking especially strong. Pacific markets are steady from mineral demand with WCI/China Supra trips at US$ 11,000.  
March 21, 2012 02:34 PM
Pacific rounds take a hit on the Capesize markets with vastly more tonnage available than cargoes on offer, sending the Pac RV down by US$ 500 today to just above US$ 5,000 daily—this compared to rates being achieved at upwards of US$ 6,000 just last week. Trans-Atlantic RVs, in a market sector that has been virtually non-existent for weeks now, decline by US$ 200-300 to settle once again at a freight rate that is several thousand dollars below break-even.

Front haul demand from South America continues to drive positive sentiment higher in the Atlantic Panamaxes, though T/A business has been quieter this week than last. In the event, T/A RV rates edge up slightly by US$ 200 or so to settle at about US$ 6,750 daily. Long period chartering is looking very popular with US$ 10,000 daily rates being fixed for longer two-year deals and about US$ 11,000 daily for short 5-7 month periods.
March 20, 2012 08:14 AM
The smoke is still clearing from the Black Sea Handy rebound seen late last week on front haul demand to the Pacific, prompting area charterers to put as much cargoes out now as they can to lock in decent freight levels. Tonnage is tight via USG, traders say. Owners are still pursuing DOP rates in the South Atlantic with mixed success. Pacific markets are looking less stable with owners still demanding premium rates.
Pacific Panamax trends are also slow with Pacific rounds still giving rates of about US$ 7,500 daily and US$ 8,000 via NoPac.  
March 19, 2012 08:19 AM

The Panamax markets slowed down going into the weekend, with principals pulling back, but spot rates still edged upward from the momentum building in recent days, taking the trans-Atlantic RV over US$ 6,500 daily and sometimes up to US$ 7,000 daily with an urgent-enough requirement on UKC-Med discharge. The recent ECSA cargo push seems to have steadied, though several brokers say they expect demand to stay dependably high over the week ahead. Pacific area markets have slowed as well with Pacific RVs levelling out at US$ 7,750 daily.
General market sentiment remains firm in the Far East for the Handy bulkers, despite a momentary slowdown in activity, as most freight levels trend sideways with the market returning to something of a balance. Going forward, it will be interesting to see if charterers decide to return to the market or wait it out again in hopes of discounts. 

March 16, 2012 03:03 PM
Panamax brokers in the Atlantic keep twiddling their thumbs. There is very little happening at present except fronthaul from South America remains a source of income for the owners with rates slightly up. T/A is practically dead and to achieve US$ 6,000 daily for a T/A RV is nothing but a pipedream, according to London brokers. Charterers keep talking US$ 8,000 daily for two laden legs in the Atlantic.

Sentiment continues to pick up in the US Gulf for well-positioned Handy bulkers with trans-Atlantic freights rising apace. Open tonnage looks significantly tighter by the end of the month, suggesting that the current rally could potentially continue for another week. Grains are seen more via the Med, helping support the UKC-Med. Pacific markets are recovering a bit with a return in nickel ore demand.
March 15, 2012 02:51 PM
Pacific Handy bulk rates are recovering thanks to tonnage fleeing to the South Atlantic and stronger cargo demand with Supra rounds from South China to Indonesia and back concluding in excess of US$ 15,000 daily while NoPac/Indo rounds are at upwards of US$ 12,500. The India market stays calm with WCI-to-China at US$10,000 for Handymaxes while tonnage is somewhat tighter via EC India. Handymax rates have steadied at around US$ 10-11,000 for a 57,000 dwt on an Indonesian RV with delivery in Kakinada. Korean charterers are bidding a similar size ship US$ 9,250 for a China/India trip.
March 14, 2012 10:41 AM
Inaction is taking a toll on Capesize sentiment with no bright spots to see and a few new trouble spots appearing. Most notably, the once steady Pacific RVs are starting to slide with the unmovable US$ 7.9/mt level now downgraded to US$ 7.75/mt by Morgan Stanley on a Dampier/Qingdao voyage with a 2010-built, 160,000 dwt vessel. The BCI drops by 1% and the UKC-to-Far East front hauls now look in danger of sliding under US$ 20,000 daily by week's end.

Front hauls see continued buoyancy on the Panamax spot market, assisting a continual undercurrent for inter-Atlantic and trans-Atlantic freights with the latter (T/A) gaining enough to come within range of US$ 6,000 daily, which it will likely achieve by today. With break-even on T/As in sight, owners are hoping ECSA momentum has enough steam to carry to April. Front hauls go for about US$ 16,000. Pacific rates are stable, despite overcapacity, with Pac rounds trading in the US$ 7,500-7,800 daily range.
March 13, 2012 07:51 AM
Atlantic-based Handy bulk is mixed with activity via from the USEC on the rise, including word of a modern Supra concluding a front haul from USG to Far East at US$ 22,750 daily, slightly above benchmark and suggestive of potential overheating. South Atlantic markets continue to improve with trans-Atlantics going for upwards of US$ 11,500 daily with modern Handymaxes.
Pacific Handies are firm if unchanged. NoPac round voyages are seen approaching US$ 12,000 daily.   
March 12, 2012 07:47 AM
ECSA grain cargo demand continues to support positive sentiment for Atlantic Panamaxes with tonnage tighter but spot rates only upgraded at the end of the week with rumours of trans-Atlantic RVs getting fixed at rates easily exceeding US$ 5,000 daily—this after more than two weeks of T/A RVs at US$ 4,000 daily. But owners that would otherwise grab such a rate are withholding their ships now in hopes of better freights ahead. Ballasters to the ECSA are coming in from the UKC-Med and SE Asia, potentially over-supplying the region.  
March 09, 2012 07:00 AM
Cape freights trend sideways with cargo demand that is seen coming in a trickle in the Pacific with Pacific RVs pressured downward to US$ 7.8/mt on the benchmark as activity takes a breather in the inner-Pacific mineral trades. Trans-Atlantic RVS hold in the US$ 20-21,000 daily range, though they appear exposed to downgrading. Front haul trips are steady on the US$ 20,000 line amid low activity.
Atlantic Panamax sentiment is seeing continued improvement with open tonnage getting tighter and owners feeling a bit more confident, at least regarding the ECSA where we hear of several charterers putting their early April stems on the market.  
March 08, 2012 07:19 AM

The ongoing poor level of inquiry from the Continent is not boding well for owners who are working with their back to the wall to fend off charterers' aggressive approaches pushing rates further down. Grain charterers have been talking US$ 13/mt for 25,000mt wheat from Rouen to Morocco after they heard that a rate below US$ 14/mt was recently done for this trade. The lack of cargoes in the Med-Black Sea area keeps exacerbating owners' woes. Ballasting or staying idle very often remains the only choice. Modern 30,000 dwt tonnage is proposed at US$ 10,500-11,000 daily from Nemrut Bay via Black Sea to AG-PG area. Even 45,000 dwt tonnage has been proposed at such levels, whilst owners of 56,000 dwt tonnage only want about US$ 11,500-12,000 daily for this trade. This in mind, it comes as no surprise to see 53,000 dwt tonnage indicated at US$ 5,000 for a trip from S.Spain to West Africa. 

March 07, 2012 01:41 PM
We continue to hear about new cargo demand lining up from ECSA and more owner enthusiasm from the South Atlantic areas for the western Panamaxes, although fresh negotiations for USEC-to-Far East grain cargoes are mostly on the agenda for end-March. Voyage rates, nonetheless, remain under pressure with charterers taking the upper hand. Far East sentiment remains stable for the time being. Six-month periods are fixing up to US$ 11,750/day.

There are finally reliable indications of solidifying rates in the US Gulf as owners are fielding multiple offers and even sometimes able to demand modest gains on last-done. Via Continent, Mediterranean Sea scrap demand is fuelling some improved sentiment in the East Med, taking on more Handysizes, though brokers doubt the sustainability of the current burst. East markets are firming with upwards of US$ 16,000 fixed on Indonesia/India Supra trips.
March 06, 2012 11:31 AM

Sentiment remains stagnant for Atlantic Panamaxes and not very much better for their Pacific-based counterparts, though the East certainly has better prospects than the West at the moment. Trans-Atlantic RVs continue treading water just over US$ 4,000 daily with general demand sluggish at best and non-existent at worst. Australia is contributing more cargoes in the Pacific, which is keeping RVs slightly aloft and pushing toward US$ 9,000 daily for the best described vessels, though mostly closer to US$ 8,500 daily for normal modern vessels. NoPac stems are also said to be coming on this week.
Handy NoPac RVs are seen firming at steadier levels with a general halo effect from Indonesia bullish affecting Pacific sentiment at large, though fundamentals also shift slightly in owners' favour on a number of eastern routes. In the West, scrap trips are returning on East Med redel.   

March 05, 2012 07:13 AM

Far East handies rise as current situation shows with a 55,000 dwt ship gave delivery Japan for a USWC RV with redelivery China at a higher US$ 10,000 daily and an improvement over the 53,000 dwt ship with delivery Onahama that went for a NoPac round with redelivery Singapore-Japan range at US$ 7,500 daily covered earlier in the week. A 55,000 dwt with the poorer delivery point of Dalian also booked a NoPac round with redelivery Singapore-Japan range at US$7,000 daily. A 53,000 dwt ship open Cigading takes 2-3 laden legs with redelivery Singapore-Japan at US$ 7,500 daily and a 47,000 dwt open CJK is booked for a Australia round voyage at US$ 7,500 daily, again with delivery Singapore-Japan range. 

March 02, 2012 06:59 AM

There is talk of a moderately upward movement for Handysize vessels in South America. A modern 30,000 dwt is taken by undisclosed grain charterers at US$ 13,000 for a trip from Brazil to Morocco. The East is outperforming the Atlantic. Rates keep slowly moving upwards. A 38,000 dwt vessel has been traded at a rate of around US$ 7,000 daily for an Australia round voyage with delivery CJK. The generally improving sentiment made charterers realize that their initial US$ 5,500 daily was untenable to tie up that vessel, and thus raised the level by US$ 1,500 daily. Stimulated by steady demand owners of a 35,000 dwt perplexed some charterers at US$ 9,750 daily for short period, with delivery in Indonesia. But this sort of freight level is likely too steep of a number to attract charterers.  

March 01, 2012 07:25 AM

Capesize front hauls (UKC to Far East) edge up slightly, sentiment-wise, to consolidate levels over US$ 21,000 daily, but generally activity, especially in the West, has been sorely lacking. Period charters are sought after but fixing/failing is more common.
We continue to hear about new stems coming onto the Atlantic Panamax market, which are followed by actual confirmations, though it is difficult to see their impact on the market thus far with freights largely unmoved, such is the expansiveness of open tonnage across the West. T/A RVs are still trading at pitiful freights of US$ 4,000, but with more and more vessels ballasting eastward, open tonnage may get neutralized quicker than expected. ECSA activity is decent, but shipments will have to maintain their relatively high levels to support spot rates. The Pacific is active with Pac RVs gaining in the US$ 8-9,000 daily range. Period interest is also rather high with year-long charters floating up to US$ 11,500 daily.   

February 29, 2012 09:53 AM
Indonesia decided to ban nickel ore exports from May 2012 onwards instead of May 2014. Otherwise, the Handymax market in the East will be driven by coal exports from Indonesia to China and India. Rates have reached US$ 15,000 daily for a straight trip to China. A 48,000 dwt open in south China has been closely worked at about US$ 9,000 for a nickel ore round voyage from Indonesia.

Even some 45,000 dwt tonnage (1985-built) is being chased by charterers for a trip from Indonesia to Chittagong at US$ 7,500 daily, a rate which the owners rejected demanding US$ 9,500 instead. Owners of 58,000 dwt vessels keep talking US$ 11,500 daily for short period. A very economical 33,000 dwt was booked at around US$ 10,000 daily for a trip to the US Gulf and the owners of a 37,000 dwt, open Thailand, were seeing rates being offered in the region of US$ 8,500 daily for 4-6 months.
February 28, 2012 08:26 AM
The Far Eastern momentum seen on Panamaxes late last week fizzled out somewhat over the weekend with new front hauls trending sideways in the mid US$ teens of US$ 14-15,000 daily—but sentiment does remain positive. Pacific RVs are still trading at upwards of US$ 8,500 daily amid talk of NoPac RVs even closing in on US$ 10,000, the same rate now attainable on short period charter, which—if period is truly leading spot—is a signal of a better near term. Atlantic routes remain quiet but steady.
As with the larger bulkers, the week kicks off with Handy bulk on a characteristically quiet note, but with Pacific-based cargo markets looking to give pre- miums on last-done freights in a number of regions with Tess 52s now concluding US$ 10,500 daily for NoPac rounds via Singapore and other owners holding out for US$ 12,000 on the same. The Atlantic is flat-lining, but we hear more about recovery along the Continent and East Med with scrap shipments.  
February 27, 2012 06:33 AM

Charterers come out of the woodwork as the Capes re-energize and the long hauls pick up US$ 1-1,500 over the last week—in the event front hauls from UKC to Far East exceed US$ 21,500, we hear, while Pacific round voyages climb over opex of US$ 6,500. Short period fixtures are favoured with last-done seen edging up to US$ 13,000 daily for 3-5 months.
Panamaxes tell the tale of two basins with the Atlantic still sliding (and trans-Atlantic RVs tumbling under US$ 4,500) while the Pacific is having its moment in the sun with a robust return in grain import demand soaking up excess open tonnage and propping up Pacific RVs over US$ 8,000—and over US$ 9,000 for urgent NoPac redels. But Pac charterers say the week ahead could well flatten out again.  

February 24, 2012 07:16 AM
Cape sentiment has been edging slowly upward in recent days in the Far East (and to the Far East) as the Pacific RVs rose by the biggest single-day jump in a month, gaining some US$ 500 today to hit the mid US$ 5,000s, brokers say. Pacific Bulk fixes a 2011-built 180,000 dwt at US$ 5,500, about US$ 1,500 higher than what a similar ship would get last week. Front hauls are bouncing back as US$ 20,000 is seen at last done for UKC-to-FE trips. The Atlantic is another story, however, with cargoes moving slowly and owners struggling to keep their freight offers from facing discounts.  
February 23, 2012 08:16 AM

Brokers report a long list of vessels in the eastern Med-Black Sea range. Grain charterers confirmed US$ 16.5/mt for 35,000mt wheat to Portugal on a 53,000dwt bulker, which is roughly the equivalent of US$ 6,000 daily. Also the ECSA area has been pretty dull. A modern and economical 32,000 dwt bulker—in ballast from South Africa—is offered a rate of US$ 11,000 daily from UR to the Continent. Inquiry is low and so is fixing activity.
Handymax rates from the US Gulf are holding to around US$ 19-20,000 daily for a decent economic 55,000 dwt vessel for a trip to the East. The same ship wouldn't even be worth US$ 10,000 for em- ployment to the Continent, brokers comment. From WCCA a 46,000 dwt is proposed at US$ 9,500 for a trip to Chile, without attracting charterers to reply.   

February 22, 2012 01:12 PM
Pressure remains on Pacific rates, though charterers are meeting with less success in getting discounts as cargo inquiries are surprisingly strong, pushing some of the Pacific RVs even over the US$ 8,000 daily line (rumoured) but with charterers still willing to give rates no better than US$ 7,500, and usually somewhat lower. Panamax brokers report a lack of demand coupled with a glut of available tonnage—a sure killer for even modest rate gains. Short period rates are being settled at US$ 9,000 daily for 5-7 months of trading. The Atlantic is a bit more active, though it will need sustained activity to clear out the excess tonnage with T/As falling to low US$ 5,000s. Prospects for March point to a further deterioration in rate levels. T/A business is being done on voyage basis and front haul rates now being talked about by charterers from South America are at levels as low as US$ 11,000 daily plus US$ 300,000 BB lumpsum.
February 21, 2012 08:21 AM

Steady over the week, freight trends are mostly locked sideways, very much like the ships that are locked in by ice as the Black Sea remains widely non-navigable and charterers are starting to pull out their offers in hopes of easier waters in the near term. Owners, meanwhile, are increasingly putting their vessels on the sidelines waiting for the situation to improve. Coal, grain and steel shipments are still being made at a nominal rate via some Bulgarian, Romanian, Turkish, Ukrainian and Russian ports, but cargo demand has largely fallen off compared to late January. Steel cargo quotes are being made from Odessa to Sfax at firm freights of US$ 36/mt for 3,000mt, but immediate shipment is doubtful. Owners do hope freights will continue to stick.   

February 20, 2012 07:00 AM

Rate levels in the East prove to be remarkably stable. A 28,000 dwt is traded at around US$ 6,100 daily for two laden legs with delivery in Indonesia—a figure not to be sniffed at. But the US$ 9,500 daily for 3-5 months trading as indicated by owners of a 34,000 dwt newbuilding is still too lofty a goal. From Australia has been interest in a 33,000 dwt vessel open in Geraldton at US$ 11,000 daily for a trip to China. Ore charterers are reportedly trading a 55,000 dwt at US$ 6,500 daily for a trip from EC India to China, whilst another smaller 50,000 dwt was bid at US$ 7,000 daily plus a ballast bonus of US$ 150,000 lumpsum for an Indonesia/China run.
The Far East firmed up rate-wise over the past week with the market having bottomed out the week before and charterers finally consenting to wade back into the market in earnest, soaking up a lot of the excess tonnage in the NoPac and elsewhere. 

February 17, 2012 11:35 AM
With a glut of [Handy bulk] tonnage in the US Gulf, charterers are getting a bit confused about making the right choice.

South African grain charterers say they see a long list of vessels competing for 30,000mt of wheat to Nigeria. Tonnage is in at US$35/mt whilst brokers consider a rate closer to US$ 30/mt as more realistic. NOM UK has also quickly managed to fix a 28-30,000 dwt vessel on time charter basis to Nigeria, but is unwilling to reveal more details. Petcoke charterers preferred to hold off fixing 45,000mt petcoke from the US Gulf to Brazil, for which the owners' rate has dropped from US$ 18.5/mt a few days ago to US$ 16.0/mt now. The waiting paid off!
February 16, 2012 09:21 AM
Dismal numbers for Handysize tonnage are reported from the US Gulf. A 45,000 dwt has been booked at below US$ 8,000 daily for a trip to the Continent. Another 30,000 dwt vessel gets fixed at US$ 7,750 daily for a similar run, with the only snag that the vessel has to wait 11 days to make the laydays. From South Africa, coal charterers are offering freight of US$ 22/mt for a 35,000mt cargo to Turkey, which is said to be the equivalent of US$ 4,500 daily.

In the East Singapore charterers told owners of a 45,000 dwt they'd be ready to take her at US$ 5,000 daily for a trip to the PG, which the miffed owners turned down. A 27,000 dwt was rumoured as fixed on subjects at around US$ 5,500 daily for an Australian round with delivery Southeast Asia. Owners of an economic 28,000 dwt seemed very pleased to have found a charterer able to pay them US$ 3,100 daily for a trip from Singapore to the US Gulf.

February 15, 2012 01:40 PM
After an early uptick in Pacific Handy bulk interest on Monday and Tuesday, midweek shows increased reluctance on the part of charterers to get carried away with the uptrend. Indeed, freights are starting to flatten out again, even among fiery Indonesia coal.

Owners are seeking the same sorts of period rates achievable by Panamaxes, in the US$ 9,500 daily area, though charterers are also pushing for discounts as the market appears to be cooling down again. The South Atlantic basin remains relatively busy cargo-wise, though the urgency via ECSA has calmed down somewhat since the weekend.
February 14, 2012 10:09 AM
Atlantic Panamax markets are fuelled by positive sentiment on cargoes from ECSA, where cargo demand is as hot as ever at the moment and front hauls in particular at the fore with front hauls to the Far East seen exceeding US$ 18,000 and rumours of US$20,000 daily in discussion. Louis Dreyfus books the 2009-built "Jiu Hua Hai" on APS ECSA with NoPac redel at US$ 19,000 daily plus a US$ 0.45m ballast bonus. Trans-Atlantic rounds are pushing toward US$ 8,000 daily, though few exceed that level. The Pacific Panamaxes remain sluggish, but westbound tonnage is clearing out, supporting spot rates.   
February 13, 2012 07:24 AM

Only very little movement is seen currently with the Capesizes with freight rates hovering around the same levels as seen at the end of last week. The round voyages seem to stabilize somewhat in both basins meanwhile fronthauls are gaining a bit. But the current T/C average of about US$ 5,250 isn't what really makes owners smile.
The Panamaxes are confirming their image as workhorses as they are the ones pulling the cart in these days. Sentiment is growing firmer as the stems out of ECSA continue at a healthy level. Some inspiring hopes of increasing businesses in the near future are pushing freight rates in front hauls towards US$ 17,000 and both round voyages take a forward step of US$ 500 from the day before. The T/C average shows at about US$ 7,750.  

February 10, 2012 06:33 AM

Capesizes maintain last-done levels, though activity is still only barely bubbling from below with owners hoping that the recently revitalized Panamaxes will start kicking upward on Atlantic-based cargoes. Sentiment does appear to be taking a turn for the positive on the trans-Atlantic rates, which are edging up back toward US$ 5,000 daily—although we still hear of charterers pushing for US$ 4,000 and lower. Front hauls are steady in the US$ 19-20,000 daily as per quotations, though there is still extremely limited movement along that route, traders say.
Panamax brokers report busy activity in the Atlantic where volume continues to grow. Front haul has been busy again with spot rates moving towards US$ 16,000 daily upwards from ECSA. 

February 09, 2012 07:17 AM

Panamax brokers report on busy chartering activity with focus on South America from where inquiry has been enormous. Charterers keep taking tonnage from India-Singapore range at around US$ 11,000 daily. Unsurprisingly sentiment is up and owners are trying a little standoff to demonstrate resistance to bow to "inappropriately" low rates they are still seeing from charterers.

In contrast the North Atlantic is still a dreadful place to be with US$ 3,000 daily for a T/A. But also here inquiry is said to start building up after the end of February for early March dates.

February 08, 2012 10:58 AM

There does not appear to be too much on offer from the USG. Petcoke charterers are throwing US$ 7,500 daily at owners of a modern 32,000 dwt for a trip to the Continent, not quite in line with the owner's rate of US$ 9,000 daily. Although prospects in South America are very likely to improve with the start of the grain season around March, the spot market remains pretty dull and disenchanting now. There have been rumours of 30,000mt sbm parcel booked to two ports in the East Med at around US$ 45/mt. Grain charterers are trying to develop a trade with owners of a modern 31,000 dwt from West Africa via ECSA to the Continent at US$ 5,000 daily.

The PG looks much cheerier for owners. There are not too many ships around, always a reason for steady rates. Brokers report on 40,000 dwt tonnage commanding around US$ 9-10,000 daily for a trip to Bay of Bengal-Japan range whilst a 26,000 dwt ship trades at around US$ 7,000 for a similar trade.

February 07, 2012 06:13 AM
Flatlining continues for the Capesizes with freights largely unmoved, however general activity remains very low with only the usual flow of Pacific voyages (at about US$ 7.5/mt) showing any activity at all. Owners and charterers are staring each other down as any requirements are easily met with eager ships. Short period is still a preferred option by principals on both sides as 5-7 months is fixed at US$ 12,500.
Pacific Panamaxes enjoy a tangible rise in cargo and sentiment at the start of the week with open tonnage said to be clearing out faster than anticipated in many Asian markets. Front hauls edge upward by some US$ 200 on last-done to about US$ 14,500 daily, plus or minus US$ 300 daily. Fresh coal from Indonesia is lending support to eastern rates as well. Pacific chars are even moving to DOP ratings, suggesting some urgency.    
February 06, 2012 07:33 AM
Having hovered around operating cost levels for several days, the Panamax markets finally seem to have bottomed out with owners simply balking at hires (except for the back haul) that don't cover their costs, though it remains to be seen whether freights will bounce back or (more likely) continue to hover at their current low levels until charterers see an impetus to pay more. Trans-Atlantic RVs are trading steady in the low US$ 4-5,000 daily range—slightly lower than the range for Pac RVs, which are mostly holding to just over US$ 5,000. A two-year period is concluded at US$ 6,000 daily while short period is going for US$ 10,500 daily plus US$ 300,000 BB.  
February 03, 2012 06:59 AM

No reprieve for the Capesizes as only the trans-Atlantic RVs get a microscopic increase of US$ 50 on the benchmark, albeit to US$ 4,782—no one's idea of a good rate. Pacific round voyages are hovering at similar levels in the US$ 4-5,000 daily range. Pacific voyages remain the only truly active sector of the market and even that is flat at best with Brazil/China fixed at US$ 19.5/mt by Oldendorff, slightly better than last-done. Front hauls are steady at US$ 19-20,000, but trading in the lower range. There are no immediate saviours coming for the Panamaxes either with a continued holding patter of back-and-forth between dominant charterers and submissive owners keeping all rates (excepting the front haul) below break-even, sometimes drastically so as with the backhauls, which remain well into negative territory of around -US$ 2,000 daily. Coal is moving from Richards Bay to the Adriatic Sea on 65,000mt cargoes at voyage rates of US$ 8/mt. 

February 02, 2012 06:52 AM

A 33,000 dwt, which was indicated at US$ 12,500 daily for a trip to the Continent, may just be worth US$ 10,000. Another 38,000 dwt, proposed at US$ 11,500 daily for a similar run, was not even favoured with a reply. South America has also been pretty disenchanting as US$ 12,000 daily is done for a 28,000 dwt for a trip to the Continent-Med. Sugar charterers see tonnage of 42,000 dwt—ballasting from West Africa—at US$ 11,250 for a trip from Santos to Lagos. There is no silver lining either for owners with tonnage in the East. Owners of 55,000 dwt were proposed US$ 5,000 daily for a trip from Taiwan via Indonesia to India or to China, respectively. A 28,000 dwt newbuilding with 13.5 on 24mt IFO was advertised at US$ 10,000 daily for 24 months of trading. There was very little response, brokers report. For a 55,000 dwt vessel undisclosed charterers are indicating a hire of US$ 1 daily for a trip to the Continent. 

February 01, 2012 01:32 PM
We continue to hear about increased Pacific activity for Panamaxes, followed by assertions that declines are about to level out—and this does indeed seem to be the case with the Pacific round voyages, which are holding to US$ 5,000 daily. Talk of emerging mineral stems from Indonesia is still just that: talk. ECSA shows some new demand, explaining the onslaught of ballasters to the area. US Gulf trends are sideways with the T/A RVs sliding under US$ 5,000 daily at last-done while front hauls are lucky to get anything above US$ 15,000—pressure on Atlantic freights remains considerable. Rates from the Black Sea to Korea have fallen to US$ 40/mt, brokers report. Period chartering remains an attractive option with short periods at US$ 9,500. Rates of US$ 12,000 are being offered by charterers for long periods—but so far few owners are willing to accept such levels.
January 31, 2012 07:42 AM

As the New Year holidays caused a slowdown in factories and economic movement, also shipping in the area remains in the doldrums. The main trade routes out of Asia came to a standstill with owners hoping for rates to have bottomed out. But the difficult situation for carriers persists with the ConTex sliding at the same slow rate as it has since June and as indicated by other indices like the Harpex and the Howe Robinson Container Index. Though this is low season as expected, there is reasonable enquiry for all vessel sizes. Owners try to resist demands for longer periods at current rates, preferring short periods. Lay-ups are rising, now at 676,000 TEU with 268 vessels—about 30% more than December 2011. Single-ship companies in particular are likely to endure heavy weather this year with the financing situation tightening up even more and restructuring possible only under much poorer conditions.  

January 30, 2012 08:34 AM

It's been a sobering period for bulk carrier owners with Capesize trans-Atlantic RVs now trading well below break-even levels at around US$ 4,000-5,000 daily—let alone the pressure from rising bunker costs. But the past Lunar New Year week of holidays did treat Capes slightly better than Panamaxes with averages freights losing only about 6% over the week (compared to a 20% week-on-week loss for the Panamaxes). Freights moved more or less sideways in the last five sessions, but pressure remains as heavy as ever. Voyages rates fall slightly with Brazil/China concluding just over US$ 19/mt.
Atlantic Panamaxes see a minor uptick in cargoes for voyages at the close of the week, though at T/A levels no better than US$ 6,000 daily (and usually worse), owners are not overly enthusiastic about accepting last-done either. There is word prompt USG tonnage is clearing out before February, which may go to help freights by tightening tonnage. 

January 27, 2012 08:32 AM

Charterers, having employment ex-WC US-Canada, insist on incredible rates APS and now have returned to accepting DOP again, when we have already seen a 61,000 dwt vessel fixing DOP at US$ 4,000 some days ago—rates are hovering at around US$ 5,000 now (Japan dely for 55,000 dwt) which, as far as I've been told, will be considered by charterers. A 58,000 dwt vessel fixed DOP Fangcheng at US$ 8,000 for an Indonesia-S.China job and somewhat smaller tonnage got US$ 10,000 dop Thailand for Indonesia-India business. Moreover, we see an increased number of interested charterers willing to take tonnage on short/medium period. This could mean that the expectation for the near future is indeed an increasing market. Many of these charterers are leaning against the lousy fixture of the "Bulk Saturn" but no owner is biting and the owners, playing with the idea of going into short period, are shifting one gear down and awaiting further developments. 

January 25, 2012 12:45 PM
All over the downward trend is tempting the charterers to challenge owners, coming up with really low numbers. In the USG, US charterers are indicating US$ 9,000 daily for a trip to the Continent for a modern 31,000 dwt. The owner was not amused! Freights for a 54,000 dwt Handymax have safely dropped below US$ 20,000 daily, although owners keep trying low US$ 20,000s numbers.

The vessel "Aristea P"—that yesterday grounded in the Plate—has not been freed yet. Barges have been taken alongside to lighten her. Eighty inbound ships are said to be waiting and 20 vessels going outbound remain blocked, Brazilian sources report. Freight rates remain low with low US$ 30s being talked for 25,000mt from Uruguay to Morocco. From West Africa bauxite charterers have taken a 45,000 dwt vessel at US$ 10,000 daily basis Guinea, but the ballast leg involved pushes the rate down to around US$ 5,500 daily for the owners, brokers inform.
January 24, 2012 01:15 PM
Owners are a bit relieved to see Capesize freights moving sideways for the first time in quite a while with markets in something of a holding pattern as the Chinese take the week off and owners reassess their strategies for February. Only Pacific mineral rounds are seen fixed at last-done freights of US$ 7.6/mt while the long haul market remains nearly silent. Trans-Atlantic freights hold to the unmovable US$ 5,000 line as owners refuse to let charterers talk them below this already sub-breakeven barrier.

The Panamaxes remain in predictable decline with average rates down by 4% and much of Asia deep in holiday mode. Pacific RVs are holding to (or just over) US$ 6,000 daily, with trends flat for the time being, but operating costs barely covered and owner hoping that post-holiday will see much needed recovery. Unfortunately, there is no guarantee that this will be the case, depending on how much cargo charterers have in store.
January 23, 2012 09:04 AM
Short period chartering continues to be a preferred compromise for embattled Panamax owners with Atlantic-based 3-5 month periods being offered by owners at US$ 10,000 daily but charterers still preferring four digits of US$ 9,500 daily or even lower. Pacific activity is unsurprisingly low ahead of the Chinese New Year and the stems that were on the market have mostly been already fixed, charterers tell BMTI. Pacific round voyages are steady at around US$ 6,500 daily or US$ 6,000 with ballast bonus. Atlantic activity is slow with expectations of a weak market ahead. T/A RVs are hitting US$ 7,500 daily.

The US Gulf continues to fade for Handy bulkers as Tess 52s are able to get maximum US$ 20,500 daily for front hauls to the Far East. Trans-Atlantic rates are hovering around US$ 15,000 daily, but pressure is rising. S.Atlantic markets are also weaker, though we hear of new interest in short period via S.Africa.
January 23, 2012 07:17 AM

Short period chartering continues to be a preferred compromise for embattled Panamax owners with Atlantic-based 3-5 month periods being offered by owners at US$ 10,000 daily but charterers still preferring four digits of US$ 9,500 daily or even lower. Pacific activity is unsurprisingly low ahead of the Chinese New Year and the stems that were on the market have mostly been already fixed, charterers tell BMTI. Pacific round voyages are steady at around US$ 6,500 daily or US$ 6,000 with ballast bonus. Atlantic activity is slow with expectations of a weak market ahead. T/A RVs are hitting US$ 7,500 daily.
The US Gulf continues to fade for Handy bulkers as Tess 52s are able to get maximum US$ 20,500 daily for front hauls to the Far East. Trans-Atlantic rates are hovering around US$ 15,000 daily, but pressure is rising. S.Atlantic markets are also weaker, though we hear of new interest in short period via S.Africa. 

January 20, 2012 09:36 AM
A 25,000mt lot is apparently fixed at US$ 19.50/mt from Nikolayev to Algeria with 8,000mt discharge, though. The daily average is hovering around US$ 6-7,000 daily depending on the vessel's size. Liner operators are coming up with a poor rate of US$ 5,700 daily for a 43,000 dwt tonner for a trip to West Africa. Obviously, Handysize freight rates in the USG keep softening. Owners of a 25,000 dwt Cuba trader had to sacrifice and swallow the low rate of US$ 8,000 daily for a trip from Jamaica to Med-Black Sea.
After a temporary respite rates are coming off again in South America. For elderly vessels the rate would hardly go beyond US$ 3,500-4,000 daily basis West Africa delivery, whilst brokers believe modern 30,000 dwt tonnage could still command around US$ 15,000 daily for a trip to Med-Continent. The PG-AG area seems to be a bright spot in comparison, with 28,000 dwt tonnage available at US$ 8,000 for trips to India.   
January 19, 2012 10:02 AM
Panamaxes are finding it hard to get any support from any market, apart from some positive indications that cargoes are strengthening from EC South America for rounds to the Pacific and back—which has sent owners scrambling to ballast their vessels to South America. Trans-Atlantic RVs are sliding unstoppably under US$ 9,000 daily while the front haul slips under US$ 20,000 toward US$ 19,000 daily. Pacific rates are starting to level out with period interest returning and short period charters able to fix somewhere in the US$ 9-10,000 daily range.

Pac Handy bulk remains troubled with mineral cargoes limited to coal exports from Indonesia, which are respectable but obviously nothing near enough to buoy the entire basin. Modern Supras are able to fix at around US$ 8,500 daily from WCI to Far East—though once in the Far East owners are having a hard time getting employment. Handymaxes from Japan are having some difficulty getting better than US$ 4,000 DOP for coal from India back to NoPac.
January 18, 2012 10:06 AM
Twenty declining sessions in a row so far take the BDI under 1,000 for the first time in three years, a dubious milestone and one not lost on Capesize owners who have seen their respectable earnings from Q4-2011 crumble away. The UKC to Far East front haul benchmark slips to US$ 22,000 daily and there is little reason to expect it to stop there. Voyages remain just a little more stable with Brazil/ China just under US$ 20/mt, although near term trends do not bode well before the Lunar New Year.
January 17, 2012 11:59 AM
Handymax rates keep falling in the USG where a 57,000 dwt bulker failed at US$ 26,000 daily for a trip East, and are now ready to do less just to get her fixed. An owner of a 35,000 dwt vessel was luckier, managing to find a charterer at around US$ 18,000 daily for a trip to the Med. From South America sugar charterers had no problems fixing 25,000mt from S.Brazil to the Black Sea at US$ 34/mt. Grain charterers keep talking US$ 45/mt for 25,010mt wheat from UR to Algeria with 2,500mt out.

The East remains pretty much unchanged. Owners of a 35,000 dwt want US$ 7,350 daily plus a ballast bonus of US$ 50,000 lumpsum for a trip from Australia to Taiwan, a proposal charterers countered with US$ 6,000 daily without a bonus. Period rates still look decent, with around US$ 10,500 negotiated for a modern 37,000 dwt for 7 months trading.
January 17, 2012 07:04 AM

Handymax rates keep falling in the USG where a 57,000 dwt bulker failed at US$ 26,000 daily for a trip East, and are now ready to do less just to get her fixed. An owner of a 35,000 dwt vessel was luckier, managing to find a charterer at around US$ 18,000 daily for a trip to the Med. From South America sugar charterers had no problems fixing 25,000mt from S.Brazil to the Black Sea at US$ 34/mt. Grain charterers keep talking US$ 45/mt for 25,010mt wheat from UR to Algeria with 2,500mt out.
The East remains pretty much unchanged. Owners of a 35,000 dwt want US$ 7,350 daily plus a ballast bonus of US$ 50,000 lumpsum for a trip from Australia to Taiwan, a proposal charterers countered with US$ 6,000 daily without a bonus. Period rates still look decent, with around US$ 10,500 negotiated for a modern 37,000 dwt for 7 months trading.  

January 16, 2012 01:46 PM
The Pacific Panamaxes quiet down again going into the weekend following a day of slightly improved activity. Pacific owners pursue RVs at US$ 8,500 as charterers offer no higher than US$ 7,500 daily. Expansive available tonnage remains the problem facing rates and even with spurts of new cargo demand, the supply side seems to absorb the requirements immediately. Atlantic Panamaxes are over-tonnaged too with T/As around US$ 10,500.

Supramax freights fell 13% last week, which for the smaller size sector is a more sizable chunk than usual and cause for alarm among some owners. USG and UKC rates slide with even the once firm South Atlantic weaker on last-done. Black Sea trips to the PG get no better than US$ 19,000, showing just how the more lucrative trades have fallen. Pacific markets are troubled by over-avails, though owners do report signs of better offers on cargoes from South Africa.
January 16, 2012 07:32 AM

The Pacific Panamaxes quiet down again going into the weekend following a day of slightly improved activity. Pacific owners pursue RVs at US$ 8,500 as charterers offer no higher than US$ 7,500 daily. Expansive available tonnage remains the problem facing rates and even with spurts of new cargo demand, the supply side seems to absorb the requirements immediately. Atlantic Panamaxes are over-tonnaged too with T/As around US$ 10,500.
Supramax freights fell 13% last week, which for the smaller size sector is a more sizable chunk than usual and cause for alarm among some owners. USG and UKC rates slide with even the once firm South Atlantic weaker on last-done. Black Sea trips to the PG get no better than US$ 19,000, showing just how the more lucrative trades have fallen. Pacific markets are troubled by over-avails, though owners do report signs of better offers on cargoes from South Africa.   

January 13, 2012 08:57 AM

Handy owners in the Pacific they are about to have one of those years which up until now the Panamax and Cape owners have been having and Handy owners have avoided. For the last six months at least there has been a type of contango in Handy shipping where the spot rate has been below the period rate. This has squeezed operators. Owners predicted a recovery that has not come. What we will see in the next few months is that period rates will need to drop to have any connection with the spot situation. The uptick is just not around the corner. Log markets are steady at the moment, but from March onwards there seem to be many clouds on the horizon.   

January 12, 2012 11:32 AM
Poor demand for tonnage is keeping rates down from the Med-Black Sea area. There is no problem to fix a modern 30,000dwt vessel at around US$ 5,750 for a trip from Black Sea to the USG with delivery Canakkale. Grain charterers see overaged tonnage for 25,000mt wheat to Oman at US$ 41/mt. Supramax tonnage has been traded at rates of US$ 21,000 daily from eastern Med via Black Sea to India.

Brokers following the USG market talk of panicking owners. A modern 38,000 dwt has been taken for 20 days of local employment below US$ 10,000 daily. Handymax rates have dropped to below rates of US$ 30,000 daily to the East and, given the number of committed ships in the area and vessels ballasting to the USG, the market is set to deteriorate. From West Africa, a modern 30,000 dwt is traded at US$ 6,500 daily for a trip to the Black Sea.
January 12, 2012 08:15 AM

Poor demand for tonnage is keeping rates down from the Med-Black Sea area. There is no problem to fix a modern 30,000dwt vessel at around US$ 5,750 for a trip from Black Sea to the USG with delivery Canakkale. Grain charterers see overaged tonnage for 25,000mt wheat to Oman at US$ 41/mt. Supramax tonnage has been traded at rates of US$ 21,000 daily from eastern Med via Black Sea to India.
Brokers following the USG market talk of panicking owners. A modern 38,000 dwt has been taken for 20 days of local employment below US$ 10,000 daily. Handymax rates have dropped to below rates of US$ 30,000 daily to the East and, given the number of committed ships in the area and vessels ballasting to the USG, the market is set to deteriorate. From West Africa, a modern 30,000 dwt is traded at US$ 6,500 daily for a trip to the Black Sea.           

January 11, 2012 12:39 PM
There are few bright lights among the Panamaxes either with Pacific owners facing further declines on last-done and the Pacific RV, while steadier, still dropping by US$ 500-600 day-on-day to US$ 7,500-8,000 or lower. Short period is doing comparatively better with rates being concluded at about US$ 10,500 for modern units. Atlantic owners see more inquiry from the trans-Atlantic trade, though rates remain troubled at around US$ 13,000 daily.

Pacific Handy bulkers are eerily slow as charterers are pulling back out and owners are getting more willing to take sharper discounts. Supras are getting not much better than US$ 6,500 for coal from ECI to S.China. Atlantic Handies look a little firmer via ECSA if only because avails are tighter there. Otherwise, western trends are fading via US Gulf, East Med, UKC-Med and the Continent market at large.
January 10, 2012 08:46 AM
It's hard to call a -3% drop on the BCI a positive sign for Capesizes, but it does represent a slower fall than days past, suggesting a floor is in sight for freights to bottom out. So far, voyages are staying above US$ 23/mt for the Brazil/China run. The disconnect between tonnage and general demand remains wide. Trans-Atlantics drop just US$ 1,000 to US$ 13,500.

No immediate let-up for Panamaxes as Pacific rates in particular come under pressure at the start of the week and Pacific rounds now fixing well into the four digits with last-done rates seen as low as US$ 8,000 daily. Eastern owners are simply facing a surfeit of open ships, making it nearly impossible to fix at last-done (let alone premiums).

Eastern Handy bulkers are still in the doldrums, even with signs of new inquiry coming on via WCI. NoPac voyages are seeing offers down to US$ 6,000s daily for Handymaxes. Supras are not much better with many owners waiting for markets to (hopefully) rebound after the Lunar New Year.
January 10, 2012 06:29 AM

It's hard to call a -3% drop on the BCI a positive sign for Capesizes, but it does represent a slower fall than days past, suggesting a floor is in sight for freights to bottom out. So far, voyages are staying above US$ 23/mt for the Brazil/China run. The disconnect between tonnage and general demand remains wide. Trans-Atlantics drop just US$ 1,000 to US$ 13,500.
No immediate let-up for Panamaxes as Pacific rates in particular come under pressure at the start of the week and Pacific rounds now fixing well into the four digits with last-done rates seen as low as US$ 8,000 daily. Eastern owners are simply facing a surfeit of open ships, making it nearly impossible to fix at last-done (let alone premiums).
Eastern Handy bulkers are still in the doldrums, even with signs of new inquiry coming on via WCI. NoPac voyages are seeing offers down to US$ 6,000s daily for Handymaxes. Supras are not much better with many owners waiting for markets to (hopefully) rebound after the Lunar New Year. 

January 09, 2012 08:02 AM

It has been a very sobering week for the Capesizes with the BCI down by a third over the last week of 2011 and the first week of the fresh 2012. Average rates seem to be sliding even faster today with the BCI down by 7% and a bottom not immediately in sight. While voyages are more solid, long hauls continue to plummet with the trans-Atlantic rate losing US$ 3,000 to fall under the US$ 15,000 daily line. Panamax markets are quiet in both East and West with open tonnage in the Pacific at a generally high level despite some energetic fixing activity for the early-to-middle part of last week.  

January 06, 2012 09:52 AM
Panamaxes are not exactly in the sunshine, but their immediate prospects are looking comparatively better than the Capesizes with at least Pacific-based levels holding firm and activity clearly rising. Pac RVs are still getting not much better than US$ 9,500 daily, but another day or two of sustained activity should bring upgrades. Atlantic freights are sliding as owners face difficulty getting employment via UKC-Med. T/A RVs are slipping toward US$ 13,500 daily.

Handy bulk activity is showing signs of picking up in the South Atlantic with open tonnage harder to get and charterers more accommodating to higher rate proposals. The US Gulf could see some sliding this month with open tonnage widening and cargoes thus far hit or miss. Continental activity is increasing again with new demand for scrap and ferts via Med.
January 06, 2012 06:53 AM

Panamaxes are not exactly in the sunshine, but their immediate prospects are looking comparatively better than the Capesizes with at least Pacific-based levels holding firm and activity clearly rising. Pac RVs are still getting not much better than US$ 9,500 daily, but another day or two of sustained activity should bring upgrades. Atlantic freights are sliding as owners face difficulty getting employment via UKC-Med. T/A RVs are slipping toward US$ 13,500 daily.
Handy bulk activity is showing signs of picking up in the South Atlantic with open tonnage harder to get and charterers more accommodating to higher rate proposals. The US Gulf could see some sliding this month with open tonnage widening and cargoes thus far hit or miss. Continental activity is increasing again with new demand for scrap and ferts via Med. 

January 05, 2012 09:46 AM
With hopes Bangladesh's government will finally green light the re-opening of the country's scrap yards this month, buyers from the other markets are eager to secure tonnage and offering higher prices. But with the prevailing overcapacity in the dry bulk market and much more vessels to be demolished this year, cash buyers may be sure that recycling prices remain at decent levels. Prices on the Indian sub-continent are hovering at mid US$400s/ldt, with India still struggling with the currency crisis and Chinese yards offering some US$30/ldt less.
January 05, 2012 08:03 AM

With hopes Bangladesh's government will finally green light the re-opening of the country's scrap yards this month, buyers from the other markets are eager to secure tonnage and offering higher prices. But with the prevailing overcapacity in the dry bulk market and much more vessels to be demolished this year, cash buyers may be sure that recycling prices remain at decent levels. Prices on the Indian sub-continent are hovering at mid US$ 400s/ldt, with India still struggling with the currency crisis and Chinese yards offering some US$ 30/ldt less.   

January 04, 2012 11:15 AM
The trans-Atlantic Panamax rates are hovering just above US$ 14,000. Coal trips are said to be in higher demand, especially from Richards Bay where we hear loading queues have climbed to 20 vessels (up from a normal 2-4 vessels). Pacific markets are steady with NoPac round voyages at US$ 11,000.

Handy bulk freights so far see little change from last done in the Atlantic with most principals still getting back into the market from the long holiday week. UK-Continent tonnage is reportedly overloaded, but we hear that USG avails are tight. Pacific-based business is a bit more active with NoPac RVs on Supras doing no better than US$ 10,500 and talk of over-availability of tonnage pressuring rates.
January 03, 2012 09:37 AM
"We do have economic doom and gloom scenarios everywhere and we are afraid this will be with us for some time. The dents in the Indian and Chinese economy, for example, and consequences because of the troubled European currency cannot but have a negative impact on maritime traffic. We believe that tonnage will be hit hard the larger the harder, whereby problems being aggravated by ongoing over-tonnaging due to expected newbuilding deliveries and fresh orders regardless of the prevailing supply and demand situation. The imbalance would have become even more apparent already in 2011 if we would not have experienced a remarkable scrapping activity. However, while we understand that nearly 10 Mt in deadweight has been scrapped, friends of ours in the demolition business do not believe that this level may be reached, let alone topped, in 2012." —from the BMTI "Outlook 2012" report. Contact BMTI for a free copy.
January 02, 2012 10:19 AM
While the market will still be suffering from the end of the year, doldrums of falling indices and a dearth of orders; we do foresee a slow start to the year up to the beginning of the second quarter (Q2) at least. However, owners will be fighting hard to buck this current trend of reducing freight levels—but it is going to be hard to keep a brave face on display.

There will continue to be downward pressure on financial markets as a direct result of the poor eurozone economy. Owners will look to book forward cover as an insurance policy. Period TC rates should improve, but so many newbuildings already hit the oceans in 2011 that competition will be very fierce. Charterers with long term strategies and contracts may see some benefit from low rates but this general sentiment will stifle spring growth by new players. (Excerpted from BMTI's new "Outlook 2012" report. Contact BMTI for a free copy.)
December 29, 2011 12:11 PM

It is not usually a good sign for the economy when gold prices thrive and this year they most decidedly did. Projections from 2010 into 2011 were strong with last year seeing across-the-board bounce-backs in demand, but a combination of disasters (notably the tragic earthquake in Japan) and weaker economic outlooks kept prices for bulk commodities under control with intermittent spikes nearly always balanced by a countervailing slump in the following week. Unfortunate weather patterns in Australia, for example, prompted Pacific importers to looking farther away for their commodities, a rather popular trend given consistently low freights.

Iron Ore: The year began as a promising one for iron ore with prices rising from the start to peak at all-time highs in February (US$ 195/mt CFR India-China).

December 27, 2011 04:45 PM

"In the US, flooding along the Mississippi River affected cargoes from the US Gulf, but arguably more favouring owners than charterers with the latter more than willing to pay top dollar when operations resumed at the end of May. June and July saw Handysizes waning in demand and charterers slowly able to exact lower rates, though eastern markets did prove slightly more reliable as mineral cargoes resumed to Japan. The earthquake-stricken country, however, remained largely subdued on the import front even months after the Fukushima disaster in April, leaving the Pacific basin facing a lower demand dynamic than years past. In mid-August charterers were still very interested in fixing on short period basis with 48,000 dwt vessels able to conclude 3-5 months of trading for freights of US$ 14-15,000 daily without too much trouble." ...from the special report "2011 Year in Review" published today (contact BMTI for a free copy)

December 26, 2011 08:00 AM
Weak markets prevail for the Panamaxes in both hemispheres as only the backhauls from Far East to UKC show any stability, albeit at already low rates of circa US$ 3,000 daily. The trans-Atlantic finds itself under greater pressure with very quiet markets via USG, UKC, ECSA and West Africa, pushing the T/A to under US$ 15,000 to settle at around US$ 14,500 daily. The softer Pacific markets enable charterers to demand lower front hauls from the ECSA with US$ 11,000 daily heard as last done for Brazil to Far East.
Not surprisingly, the Handy bulk markets are just as dead as those for the larger bulkers, leaving owners without employment before the holidays to accept whatever pathetic rates charterers feel like offering. The US Gulf region was exceedingly busy just before Christmas, but now it seems to be dead quiet. Pacific markets are silent too as more ships ballast west.    
December 23, 2011 11:45 AM

Near silence on the Capesizes starts to put a uniform dent in sentiment with the long haul rates all but collapsing today, the front haul benchmark dropping by US$ 4,000 to US$ 51,000 (and falling) while the T/A rates slide by US$ 2,000 today to under US$ 30,000 with more room to go, judging by trends. Similar to Capesizes (though not as dramatically), Panamaxes seem to be going into a pre-holiday freeze with little activity registered in either basin as freights seem to be mildly sliding across the board. Trans-Atlantic rates lose about US$ 400-500 day-on-day to US$ 14,750-15,250 daily while Pac RVs are down by the same chunk to US$ 10,500 daily.
The last few days before the holidays see a rush to fix cargoes from the US Gulf with charterers hustling to get final cargoes done. After the holiday period, the oncoming vessels to the USEC are likely to adversely impact rates, analysts say, by expanding the available tonnage there. Supras from W.Africa to China are said to be fixing at upwards of US$ 23,500.            

December 22, 2011 07:35 AM

Cape activity remains very quiet with the flatness of days past giving way to downgrades on long hauls, which see benchmarks fade by US$ 400-800 day-on-day for the trans-Atlantic, front haul (UKC/FE) and the Pacific RV, to about US$ 31,500 daily, US$ 55,000 daily and US$ 30,500 daily, respectively. The longer Brazil/China voyages are, in fact, slightly buoyant with freights rising over the US$ 30/mt line to US$ 30.2-30.3/mt. Long period remains of interest with Cargill taking out a year-period on the newbuilding "Klara Selmer" at US$ 18,000 daily.
Atlantic business is being done on the Panamaxes but at a much lower pace than weeks past. There has been a slight pre-holiday urgency on the part of some charterers, but most have their cargoes covered. Trans-Atlantic RVs drift back to the US$ 15,000 level with owners consenting to mild downgrades. 

December 20, 2011 07:16 AM

Chartering activity has been slow everywhere for the Handy bulkers. Rates for Handysize tonnage on the Continent have been softening. Owners of a modern 34,000 dwt vessel are seeing US$ 7-8,000 daily for a trip to ECSA or the USG respectively, and a very low rate of US$ 16,000 daily for a trip to the East, which—considering the alarmingly poor state of that market—is at least US$ 5,000 daily too low, say brokers. Period rates keep coming off. Owners of a 1994-built, 27,000 dwt bulker were still seeing US$ 10,250 for 12 months trading a few weeks ago. The rate has now shrunk to US$ 9,000 daily only.
There is no silver lining for owners with tonnage in the South Atlantic. A 50,000 dwt has been fixed from Brazil to West Africa at a fixed rate plus a ballast bonus which equals to around US$ 9,300 daily for a round voyage. Otherwise brokers expect slightly improved rates from ECSA with a couple charterers needing to cover cargoes booked a few weeks ago. 

December 19, 2011 10:36 AM

Capes maintain last-done levels on nearly all rates, though pressure remains on the trans-Atlantic RVs, which slide by about US$ 300 today to settle at US$ 32,000 daily. Owners say they are holding to this level and thus not conceding to any lower offers. Australia/China voyages are still sought after with freights prevailing at US$ 12-13/mt, though several rumours of better fixtures already in the pipeline.

Atlantic Panamaxes have been very busy and the trend continued into the weekend with trans-Atlantic RVs edging toward US$ 16,000 daily and higher. But whether high demand levels will persist this week remains a subject of debate. The main driver is, of course, the rush to fix before the holidays, so it has yet to be seen how urgent charterers are this week. Front hauls from UKC to the Far East are steady at about US$ 26,000. Pacific activity remains sluggish though prevailing freights are so far unchanged with Pacific round voyages holding to about US$ 12,000.

December 19, 2011 07:14 AM

Capes maintain last-done levels on nearly all rates, though pressure remains on the trans-Atlantic RVs, which slide by about US$ 300 today to settle at US$ 32,000 daily. Owners say they are holding to this level and thus not conceding to any lower offers. Australia/China voyages are still sought after with freights prevailing at US$ 12-13/mt, though several rumours of better fixtures already in the pipeline.
Atlantic Panamaxes have been very busy and the trend continued into the weekend with trans-Atlantic RVs edging toward US$ 16,000 daily and higher. But whether high demand levels will persist this week remains a subject of debate. The main driver is, of course, the rush to fix before the holidays, so it has yet to be seen how urgent charterers are this week. Front hauls from UKC to the Far East are steady at about US$ 26,000. Pacific activity remains sluggish though prevailing freights are so far unchanged with Pacific round voyages holding to about US$ 12,000. 

December 16, 2011 11:52 AM

Despite the downturn in activity, Pacific Panamaxes hold to the level as Pacific round voyages are trading into the weekend at US$ 11,500-12,000 daily on modern units. Trips from South America to the Far East are also performing well. Most fresh activity is seen in the Atlantic with the trans-Atlantic rounds buoyant, now up to US$ 16,000 daily and rising.

The US Gulf remains attractive for Handy bulkers, though the uptrend in freights seems to be subsiding with most of the pre-holiday positions now fixed and little likelihood of much fresh cargo coming on before 2012. UKC sentiment is waning, but owners are getting last-done in most cases. T/A Supras are concluding at US$ 26,000, but some at US$ 25,000.

December 15, 2011 12:50 PM

Med short sea markets firm but volatile

Egypt: Steels, salt, fertilizer and bagged cement cargoes were being floated on the market early in the week with charterers testing the waters and owners racing to the Black Sea for better cover as charterers appear to be in no rush to fix.

Greece: Bauxite, alumina, Steels are heavily being circulated on the market this week for multiple destinations, with owners appearing in no rush to fix. Charterers continue to test the waters and in most occasions finding it difficult to find suitable modern tonnage cover positions.

Turkish Med: Some glass and steel shipments appeared this week with the usual gypsum cargo floated around by a few Turkish brokers with no signs of improving cargo volumes from the area. Most owners are testing Egyptian and Greek waters, ultimately ending up in the Black Sea for a long haul cargo in order to get cover over the holiday months.

December 14, 2011 09:59 AM

Cape freights flatten out at midweek with voyage trading unchanged but with a slightly negative tinge (RBCT/ARA is steady at US$ 13/mt). Corrections are hitting the overheated trans-Atlantic, however, with rates losing US$ 700-800 today to hit US$ 34,000 daily, suggesting that owners would do well to accept last done rates at this point. Front hauls are also under pressure, sliding US$ 500 to US$ 56,000.

Panamaxes are seen bouncing back in the Pacific as charterers are starting to get a little panicky about fixing their year-end positions and proving more willing to fix Pacific RVs in the US$ 12-13,000 daily range if necessary, up from the US$ 11-12,000 daily range seen earlier in the week. NoPac rounds are going for US$ 13,500 daily and rumoured to be hitting US$ 14,000 daily already. The Atlantic remains steady but flat with trans-Atlantics at US$ 15,500.

December 13, 2011 12:11 PM

From the Black Sea, grain charterers appear to be struggling to cover 25,000mt wheat to two ports South Africa at around US$ 45/mt. Several owners deem the rate at least US$ 7-8 too low. For a 29,000 dwt to book a cargo averaging just about US$ 10,000 daily is not worth it, owners are telling their brokers.

From NCSA bauxite charterers are trying to talk owners of a 45,000 dwt into doing a trip from NCSA to the Black Sea at US$ 15,000 daily plus a ballast bonus of US$ 145,000 lump sum. US charterers are rating a 24,000 dwt at US$ 9,000 for a similar trip. On a widely depressed South American market grain charterers are quoting US$ 37.00/mt for 25,000mt wheat for Uruguay to Libya. A modern 28,000 dwt has recently been taken by sugar charterers at around US$ 16-17,000 daily for a quick trip to Nigeria.

December 13, 2011 08:20 AM

From the Black Sea, grain charterers appear to be struggling to cover 25,000mt wheat to two ports South Africa at around US$ 45/mt. Several owners deem the rate at least US$ 7-8 too low. For a 29,000 dwt to book a cargo averaging just about US$ 10,000 daily is not worth it, owners are telling their brokers.
From NCSA bauxite charterers are trying to talk owners of a 45,000 dwt into doing a trip from NCSA to the Black Sea at US$ 15,000 daily plus a ballast bonus of US$ 145,000 lump sum. US charterers are rating a 24,000 dwt at US$ 9,000 for a similar trip.
On a widely depressed South American market grain charterers are quoting US$ 37.00/mt for 25,000mt wheat for Uruguay to Libya. A modern 28,000 dwt has recently been taken by sugar charterers at around US$ 16-17,000 daily for a quick trip to Nigeria.  

December 12, 2011 07:21 AM

Cargo activity seems to have returned to the Pacific Panamaxes in earnest with steady upgrades seen on major routes for three days in a row. Pacific RVs are securely over the five-digit line with rumours of US$ 11,000 daily already becoming commonplace. NoPac rounds are going for US$ 11,000 plus as US$ 11,250 daily is fixed on the 2005-built, 75,286 dwt "Mineral Star" for a NoPac round from Niihama to Singapore-Japan. Atlantic markets are steady but flat with T/A fixing unchanged at US$ 15,000 daily.
US Gulf demand for Handy bulk settles down from previous hyper-pitch levels as Tess 52s are concluding grains from USG to Far East at levels in the high US$ 20,000s daily. Trans-Atlantic Supramaxes are steady at US$ 25,000 daily. Grains from WCCA are gaining and petcoke demand ex-USG is firm. UKC-Med rates look weaker, however.  

December 09, 2011 11:47 AM
Panamaxes enjoy a bit of recovery in the Pacific, but only a barely positive trend, with UKC to Far East front hauls firm at mid US$ 20,000s in the US$ 24-26,000 daily range. We hear that a Kamsarmax has received US$ 14,000 daily for a round voyage via EC Australia. Cargo movement is limited on the trans-Atlantic with rounds flat at about US$ 15,000 daily.
December 08, 2011 08:01 AM
Trans-Atlantic Capesizes remain buoyant at midweek with prevailing freight rates rising into the low US$ 30,000s daily and already rumoured to be hitting upwards of US$ 32-33,000 daily as T/A spot freights rise by some US$ 1,000 from the day before, say brokers, although there are growing signs of the momentum fading to a degree. Front hauls are in decent demand too, hitting the mid US$ 50,000s. Pacific Panamaxes are losing some steam with new cargoes harder to come by, lament owners, as the normally busy Indonesian mineral rounds take a breather and slide below US$ 10,000.  
December 07, 2011 01:10 PM

The Panamaxes apparently have better days ahead as pre-Christmas fixing comes up. Some lack of tonnage in the Atlantic and increasing enquiries for grain shipping out of the USG and the east coast of South America towards Far East are inspiring new activity. Also the mineral trade has picked up somewhat. Rates currently are still rather flat hovering around latest fixtures but sentiment is showing in the right direction for the owners.

In the Pacific basin the situation for the Handysizes remains difficult. With freight rates sliding many owners opt to ballast to the USG or to North Brazil and NW Africa where charterers are waiting for them due to some lack of tonnage in this region. Prompt cargoes on the Continent are scarce but inquiries for the second half of December coming up.

December 06, 2011 07:20 AM
The upward trend of the Capes seems to slow down with rather flat rates on fronthauls and some slight corrections to the round voyages, losing more than US$ 500 daily for the Pacific RV and adding some US$ 250 per day for the Atlantic RV. Low activity in both basins is currently to be seen. Little activity is also noted in the Eastern basin for the Panamaxes with freight rates keep on the sliding path and charterers offering little more than US$ 10,000 daily for a Pacific round. Short period rates are talked about US$ 12,000 per day and long periods stand at around US$ 17,000 daily. In the Atlantic a bit of movement can be observed with some fresh cargoes to the Far East coming up but rates remain nearly on last done levels.  
December 05, 2011 06:44 AM

Freight rates for the Panamaxes keep on sliding and rather low activity is seen in the Pacific, except some fresh Indonesian stems for the second half of the month. Pacific RV seems to have levelled out at around US$ 10,500 per day. In the Atlantic some vessels are fixed avoiding tonnage to become oversupplied, thus helping to stabilize rates a bit. The trans-Atlantic RV is holding on to US$ 15,000 daily. The T/C Average stands at about US$ 13,500.
The Handysizes are looking somewhat firmer with supply and demand at similar levels, at least in the Atlantic basin. But Continent and Med are slowing down with limited new inquiries for the last month of the year. In the Pacific sentiment remain negative with only WC India showing some action. A 57k dwt lady is said to be fixed around US$ 9,500 daily from that area to the Far East. If the situation remains at these levels charterers will have an enjoyable Christmas. 

December 02, 2011 07:20 AM

Capes continue with their upward trend and ending the week with a positive sign. The trans-Atlantic round leaping US$ 30,000 daily and also the Pacific rounds take another US$ 1,500 up to show around US$ 27,000 per day. Some new voyages came up with slowly increasing rates.
For the Panamaxes the week will end with rates further sliding across the board. Little fixing is reported but much tonnage around in the Pacific basin. Charterers seem only be interested in rates of US$ 10,000 per day for a Pacific RV. BMTI was told about some activity in the North Atlantic with few prompt cargoes still uncovered. Rates are hovering around US$ 15,000 per day for the TA RV.  

December 01, 2011 06:59 AM

For the Panamaxes a slide of freight rates dominates the situation, although new businesses are concluded, but increasing tonnage is putting pressure on prices. BMTI heard of some South China-Indonesia rounds with rates merely above US$ 10,300 daily. A lack of enquiries is also seen in the Atlantic basin with rates for round voyages wavering around US$ 15,500 per day. Front hauls to the East clinging to the mid US$ 20,000s daily.
Low activity for the Handysizes is seen in the Pacific especially in the NoPac region. WC India in contrast show some iron ore businesses and levels slightly up although far away from indicating a positive trend. The South Atlantic show little activity with good amount of tonnage available around Brazil. The USG is holding firm with levels as in the beginning of the week. The Continent is softening with some options for mid December.   

November 30, 2011 07:05 AM

The Capes are the ladies pulling the cart at the moment with some enquiries arising and firmer numbers for mid Dec dates at the horizon. Pacific RV shows around US$ 23,700/daily and Transatlantic rounds have a chance to clear US$ 29,000 a day. The t/c average is well above US$ 27,000 per day.
Panamaxes are balancing out with little fresh businesses coming up, as recently some December lots were closed covering the Pacific. Same situation can be seen in the Atlantic with the result of further sliding rates. Pacific rounds are losing some US$ 100 hovering now at about US$ 10,500 a day and the TA RV dipping below US$ 16,000 daily. The t/c average slipped below US$ 14,000 daily.   

November 29, 2011 07:04 AM

For the Capes the situation seems to be slightly positive at the moment with rates steady to firming. The increasing vessel queue in coal loading Richard's Bay as well as in Hunter Valley may relieve the pressure a little bit, but the dark shadow of new vessels hitting the water will not depart. The Panamaxes remain rather calm in both basins, as in the Pacific region there are to many ladies hanging around looking for cargoes with to little businesses required. And in the Atlantic rates are under pressure as inquiries continue to be limited as well. The Pacific round voyage is tumbling around last week's numbers. The Atlantic round voyage shows merely above US$ 16,000 daily. Front hauls in the Atlantic keep clinging to the mid US$ 20,000 per day.  

November 28, 2011 07:08 AM

The Capes market start with some optimism in the new week with latest freight rates showing the same levels as done before. The trans-Atlantic round voyage keep wavering around US$ 28,000, the Pacific RV show rates in a range of US$ 20,500-20,800. The currently piling up of Capes in Richards Bay/South Africa as well as in the region of Hunter Valley/Australia may pull some vessels out of the game thus eventually help to the rates development.
With little cargoes seen during the last week as holidays in the USA were calming the waters, the Panamax market show a soft start in the week. Oversupply of tonnage is pressing on rates so the trans-Atlantic round voyage is standing in the lower US$ 16,200, the Pacific round heading south also with levels of little more than US$ 10,200. Atlantic front hauls are losing some US$ 250 standing now merely around US$ 25,500 daily. 

November 25, 2011 07:18 AM

Capes are missing in action for another day with the long weekend that began yesterday in the US Gulf from the Thanksgiving holiday depressing an already troubled market. Charterers are clearly calling the shots, though interestingly the bearish trends of days past seem to have levelled out today with trans-Atlantic round voyages steady at US$ 28,000 daily.
The US holidays are affecting Panamaxes as well with trans-Atlantic RVs down by a slight US$ 100-300 on average today into the US$ 16-17,000 daily range. Activity via USEC is slow and noncommittal. Pacific freights are also unspectacular with the Pacific RVs sliding toward US$ 11,500 daily, though still achieving upwards of US$ 11,750 daily for modern units. The North Pacific is looking especially difficult for owners at present with demand uneven. Tonnage is said to be tighter via South China, however.

November 24, 2011 09:33 AM

Far Eastern charterers are rating a 28,000 dwt from West Africa via ECSA to the East at US$ 12,000. In the East owners' suffering continues. Appalling numbers are being revealed. A 55,000 dwt vessel has been fixed from Taiwan to the Atlantic on the basis that charterers are paying bunkers only, whilst owners of another similar size vessel were lucky to find more generous charterers paying US$ 2,500 daily for this trade. Otherwise, owners of a 56,000 dwt have come up with a realistic rate of US$ 7,000 daily for a trip from China to India. Clinker charterers were talking US$ 5,000 daily for a 42,000 dwt from 20-25 days with delivery in China. A 33,000 dwt has been rumoured fixed at US$ 5,000 daily for an Australian round voyage with delivery in China.

November 23, 2011 02:12 PM

Pacific markets are slow and Atlantic markets are flat for Panamaxes, but generally there is a positive quality to proceedings with sufficient grain in the West and minerals in the East to keep the mid-range bulkers business enough to hold markets steady. Ballasters are arriving at the North Continent in great volumes, however, which could threaten the stability of that area. In the event, T/A rates are steady at US$ 16,750 and fronthauls are rising to US$ 26,000 daily.

WC India cargoes remain fairly steady in the East, keeping Handy bulkers occupied and rates buoyant. WCI delivery trips to Far East are going for upwards of US$ 9,500 on modern Supramaxes. Indonesian coal is taking in tonnage at EC India. In the Atlantic, the Black Sea has quieted down and rates are steady. US Gulf markets are likely to start slowing as the US goes into the long Thanksgiving weekend.

November 22, 2011 10:10 AM

A corrective wind sweeps through the high-flying Capes at the start of the week with large US$ 2,000 day-on-day cuts on trans-Atlantics to US$ 30,000—the same increase seen on the route just yesterday. Also in deeper correction are the front hauls, which lose about US$ 1,300-1,400 today to US$ 52,000.

It's a slow if cautiously positive start for Panamaxes with mild upgrades on all routes, but most traders are content to fix last-done. There continues to be healthy demand for mineral cargoes ex-NCSA and ECSA, helping push the T/A toward US$ 17,000. Front hauls edge ever closer to US$ 26,000. Pacific business is more subdued, but freight trends do stay firm with the Pacific RVs trading at US$ 12,500.

November 21, 2011 10:25 AM

Capes begin the week with a quieter Atlantic and a firming Pacific as the trans-Atlantic takes a hard US$ 2,000 hit on the benchmark to drop to the low US$ 30,000s around US$ 32,000. Pacific round voyages, meanwhile, maintain steady upward motion with average RVs over US$ 32,000 daily. Longer voyages from South America to China are steady at around US$ 28.3-28.4/mt. Short period demand is rising with 4-6 months going for US$ 17-18,000 daily.

Panamax front hauls show continued buoyancy as last-done freight rates for UKC to Far East rising to US$ 26,000 daily (up from US$ 25,000 last week). Trans-Atlantic rounds continue hovering in the US$ 16-17,000 daily range, but with a moderate upside. The Atlantic has been more active and activity off the Continent especially busy. Pacific activity is more subdued with the Pacific RVs sideways around US$ 12,000 daily, however several short period deals have been fixed recently at around US$ 12,000.

November 17, 2011 10:09 AM

Buoyant demand in the Far East drives Capesize sentiment even higher as the front hauls are now rising so quickly as to be difficult to gauge correctly. At last-done, however, a front haul from UKC to the Far East was fixing spot at upwards of US$ 53,000 daily, up US$ 2,000 on the day and some US$ 5,000 in the week thus far. Brazil/China voyages are also rising apace with US$ 28/mt already reported, some US$ 2/mt higher than where they were when the week began. Pacific RVs are up to US$ 22,000 daily.

Pacific Panamax enquiry stays just on the positive side, enough to keep Pac round voyages from sliding under US$ 12,000 on modern units and even granting upgrades to US$ 12,500 plus in some cases. The Atlantic looks very firm with owners doing especially well off the Continent as US$ 25-26,000s is achievable on front haul to the Far East from UKC. Trans-Atlantic round voyages are moving sideways at US$ 16,250 daily with little change in activity.

November 16, 2011 12:05 PM

Handymax enquiry from the US Gulf in the Atlantic is less plentiful than it used to be. Brokers now see more front haul business. Handysize tonnage seems to be doing well from the area. A 32,000 dwt ship has been indicated at US$ 22,000 daily for a trip to South Africa. UK grain charterers are hoping to get away with less than US$ 20,000 daily for a trip to West Africa. US charterers, meanwhile, are trying to develop a 27,000 dwt at US$ 15,000 daily for a trip to the Continent. Market conditions remain pretty disappointing in the South Atlantic. The 33,000 dwt vessel "Zarechensk"—open prompt in Paranagua—has failed on subjects for a cargo to Continent-Med. A 34,000 dwt ship has been taken for an Australian round voyage at a rate of US$ 5,500 daily with delivery in Thailand.

November 15, 2011 10:54 AM
A 28,000 dwt vessel, open in Singapore, failed on subjects for a 12-month period at US$ 9,800 daily. Given the prevailing disastrous market conditions in the East, this is not all that surprising, but even in a still much better and still considerably healthy Atlantic market to average about US$ 10,000 daily would be a challenging task to say the least. Meanwhile, a couple of newbuildings of 30-37,000 dwt remain unemployed after delivery from yard.

South African brokers report a number of ballasters from India and even south East Asia hungry to get covered. A 55,000 dwt has just been done at a freight of US$ 11,000 daily for a trip to Continent-Black Sea range. Another 47,000 dwt in ballast from EC India has been proposed at US$ 12,750 daily with delivery Durban for a trip to the Continent. At present, modern 28-30,000 dwt ships are worth around US$ 8,000-8,500 daily for a trip to Europe.
November 14, 2011 11:47 AM

Panamaxes are seeing an increase in Pacific enquiry (and thus activity) with brokers noting a significant rise in cargo demand, especially for the Indonesia mineral trades, which seem to be gaining even more strength. Pacific round voyages are going for upwards of US$ 11,500 daily with word of some even achieving US$ 12,000 under ideal circumstances. The trans-Atlantics are flat at US$ 16,000 daily.

As with Panamaxes, Pacific Handy bulk sees a welcome boost in activity. Iron ore orders are on the way up with traders reporting more activity from both coasts of India. Short period charters are getting fixed on Supras at US$ 12k at 3-5 months. In the Atlantic, the US Gulf remains a big provider of cargo with grains coming on for the Far East at rates exceeding US$ 33,000 daily. In the UKC-Med, demand is steady but an expansion in avails is pressuring rates.

November 10, 2011 01:38 PM

With the market in steady decline, last week owners finally came to their senses and started looking at business at around US$ 4,500 for local employment, which also failed to materialize. Prompt tonnage keeps building up. Just-delivered newbuildings remain idle. A modern 28,000 dwt is booked APS Australia for a trip back to Singapore-Japan at around US$ 6,000 plus a bonus of US$ 80,000 LS. This roughly equates to less than US$ 900 basis DOP Japan. In full ignorance of dire market prospects for their ship, owners of a modern 28,000 dwt indicate US$ 9,750 for two laden legs. The smiling charterers replied US$ 6,000, still generous if compared to the fixture from Australia. From AG sulphur charterers missed the opportunity to fix a vessel for 40,000mt to South Africa at around US$ 25/mt and are now finding it hard to cover this requirement.

November 09, 2011 03:37 PM

Panamaxes continue to suffer lackadaisical demand in the Atlantic with most charterers now convinced that withdrawing their cargoes for the next day or two (or longer) will grant them better conditions. As such, western basin trends have been down with the trans-Atlantic sliding toward US$ 16,000 even and possibly below. Front hauls have fallen under US$ 25,000 sentiment-wise, though a wide lack of new fixtures is making it difficult to gauge current levels.

Firmness prevails for Med Handy bulk as a lack of open tonnage is keeping rates from slipping even as cargo activity is not as strong as late October. South Atlantic markets are softer with increased ballasters diluting the bargaining edge that owners once had. Tess 52s from West Africa are getting upwards of US$ 22,000 daily on front hauls to the Far East and middle US$ teens for trans-Atlantic rounds. Pacific activity is seen recovering, though rates remain flat.

November 08, 2011 10:05 AM

In contrast to the usual Monday, Capes actually see improved prospects at the start of the week (possibly also with the end of Eisbein), bringing the corrections of last week under control and prompting charterers to conclude freights at last-done levels. Freights move sideways on all routes and across the board with trans-Atlantics steady at US$ 29,500 daily.

Panamaxes, unlike Capes, look to have further to fall in the Pacific with the round voyage stumbling by US$ 350 today to under US$ 12,000 as new fixtures are few and far between. Eastern charterers remain largely on the sidelines. The Indonesian rounds are getting over US$ 13,000 with modern Supras, but NoPac rounds are slipping under US$ 10,500. T/A rounds are trading flat in the US$ 16-17,000 range.

November 07, 2011 06:04 PM

A convergence of external effects—including holidays in the East and the Hamburg Eisbeinessen in the West—exaggerate an already sluggish Panamax market, though the front hauls stay surprisingly resilient at around US$ 25,000 daily. Prompt tonnage in the Atlantic finds it increasingly hard to resist downgrades from last-done. Pacific markets are also quiet with Australian rounds hitting US$ 11k.

Atlantic Handy bulkers are slower with the Eisbein taking more shipbrokers away from their desks (especially those working the UKC-Med trades) and charterers happy to hold back cargoes when possible. The US Gulf market is showing signs of cooling with modern Tess 52s securing no higher than US$ 27k at last-done for USG/UKC trips. Med markets may well resume this week, however. Pacific Handies face increased tonnage avails via ECI and north China.

November 04, 2011 02:33 PM

Average Capesize rates face still more pressure with orders refusing to rise to the occasion and chartering brokers (many of whom are off this week Eisbein-ing in Hamburg) are using the opportunity to let sentiment continue correcting. As such Brazil/China voyages are sliding to mid US$ 20s with US$ 24-25/mt seen at last done. T/As fall under US$ 30k.

Panamaxes are slumping, though owners insist hot spots remain on some of the Med-Continent routes where avails are still tight. Long hauls, anyway, are down with the T/A now hitting US$ 17k and front hauls drooping to US$ 25k. The Pacific rates are also trending down, but traders remind that order activity has grown notably and may soon catch up with available ships. Period interest remains with the ten-year-old "Cymbeline" doing 10 years at US$ 13,000.

November 03, 2011 02:53 PM

East [Handy bulk] is down whilst the Atlantic remains stable at partly very profitable levels. To get hold of tonnage on the Continent remains a tall order for charterers. Steel charterers are bidding a 49,000 dwt bulker US$ 27,000 for a trip to India via Goa. Others are chasing a 38,000 dwt at US$ 21,000 daily for a trip with similar destination, but via Cape. Given these strong conditions, US$ 17,500 daily offered to owners of a modern 35,000 dwt bulker for a similar trip via Goa is an inappropriate figure, brokers comment.

There are loads of orders available from the Continent that can't be covered without ballasters from the western Med. Fertilizer charterers see 32,000 dwt tonnage proposed to them at US$ 14-15,000 for a trip to NCSA. From Black Sea grain charterers had tonnage in US$ 27/mt for 25,000mt to Tunisia, whilst a 40,000mt parcel is booked on subjects to Egypt Med at US$ 16-17/mt.

November 02, 2011 11:35 AM

The general pace of activity remains fairly sluggish for Panamaxes, though there are signs of fresh mineral demand in the Atlantic with the T/A steady at US$ 17k and the front haul at about US$ 25,500 daily, plus or minus US$ 500. The Pacific remains troubled and Pacific round voyages continue to slide most significantly, losing more than US$ 300 on the benchmark to settle at US$ 13,500 daily.

Atlantic Handy bulk is on a flat line, but the forces of lower rates gather on the horizon for the very near term, even as principals do expect late November to bring a renewed push in cargo demand. South Atlantic demand is softer than days past with freights falling apace. UKC-Med sentiment is slightly weaker, though fertilizer and scrap cargoes are still moving respectably. Pacific sentiment is still mildly negative; Indonesian coal remains a singular bright spot.

October 31, 2011 12:28 PM

Atlantic Panamaxes are hitting fragmented markets and owners are finding pockets of positivity, though prevailing trends are downward with trans-Atlantic rates shedding US$ 200 on average today to settle at US$ 17,500 daily or lower. UKC rates are levelling out with tonnage supply said to be expanding in the Mediterranean. Pacific freights are moving sideways with Pacific RVs at around US$ 13-14,000 daily.

Charterers are telling BMTI that the Atlantic surge has slowed for Handy bulkers, though the US Gulf continues to defy gravity with forward sentiment still very positive for November. Nonetheless, USG rates have started to stagnate; traders wonder if any further upgrades are to come. UKC business is subdued. The Pacific markets remain troubled by over-tonnage; traders expect the bearish trend to persist.

October 28, 2011 01:23 PM

Panamaxes are entering a slight contraction phase in the Atlantic with available tonnage expanding via UKC-Med markets as trans-Atlantic rates drift by US$ 200 today to around US$ 17,500 daily. Pacific RVs are stabilizing at just under US$ 14,000 with order activity increasing. Long period chartering is back with BMTI told of the 2001-built, 74,756 dwt "Alexandra" fixed for two years at US$ 12,900 daily.

Atlantic Handy bulk markets are flat-to-firm via US Gulf, though owners insist that next week will see another run of cargo orders to buoy markets. South Atlantic and UKC markets look softer, but Black Sea continues to stay surprisingly strong with steels and grains on the move. A 19,000mt pig iron cargo is fixed from Ilichevsk to Iskenderun at US$ 8.5/mt. Pacific markets remain in the doldrums trend-wise with Supramax rounds via ECI down to US$ 9,000.

October 26, 2011 11:44 AM

The course of events in the East is quite worrying. The area Handymax market is sharply deteriorating. Owners of a 55,000 dwt open Ningbo cannot be sure to attract charterers at US$ 12,000 daily for an Australian round voyage. Owners of a 43,000 dwt are being proposed US$ 12,000 daily for a trip from China to India, but refused to budge from their US$ 15,000 daily as indicated. With the Handymax rates so much down charterers in some instances have opted for a larger Handymax instead of taking a 29,000 dwt Handysize, as happened when charterers, after indicating US$ 11,000 to a 29,000 dwt vessel for two laden legs with delivery in China, and then changed their mind, deciding to just cover the trip to India with a Supramax that had come in at below US$ 10,000 daily for such a trip. Australian charterers talking US$ 9,000 daily for 28,000 dwt for an Australian round voyage with delivery in Singapore.

October 25, 2011 12:09 PM

The Continent remains a stronghold of stability and keeps causing severe headache for charterers who see owners rating their business way above what they have calculated. For 35,000mt fertilizer from the Russian Baltic to India, owners have been talking US$ 65/mt, which charterers deem US$ 10/mt too much. And for a similar quantity to China, owners even want above US$ 70/mt. Rouen to Algeria has been done at US$ 35/mt for 21,000mt, however for a 30,000mt parcel Swiss charterers are even seeing rates below US$ 30/mt, brokers involved report.

Fresh business has been quoted from St. Lawrence, being added to a couple of old orders still unfixed. Strong demand from the USG for Handymax tonnage is putting charterers in a bind. A 50,000mt petcoke parcel is fixed on subjects at US$ 55/mt to China.

October 19, 2011 01:54 PM

An upside remains on the Atlantic Panamaxes, but activity has slowed, making it harder to justify continued positive sentiment. Rates move sideways, but the trans-Atlantic benchmark sees a mild 1% upgrade of US$ 200 today to US$ 18,000. Front hauls, meanwhile, stay flat at US$ 27,000 daily with talk of US$ 28,000 daily still achievable under ideal circumstances. Pacific markets are equally sluggish with single trips trading in the US$ 15-16,000 range.

Firm rates persist in the Black Sea for Handy bulk as charterers see little success in resisting owners' higher rate ideas, preferring to get their cargoes fixed on spot rather than wait out the unpredictable UKC. Spot Supras are said to be very hard to find on both sides of the Atlantic with USG trends also looking fairly bullish. USEC cargoes are expected to continue arriving for the rest of the month, traders tell BMTI.

October 17, 2011 10:53 AM

There has been a revival of period interest among Pacific-based Handy bulk with some solid rates being paid, although it's hard to know why a premium to spot rates is paid. A 58,000 dwt open Yokohama goes for 12 months at US$ 14,500 daily, a 57,000 dwt open Tianjin also goes for 12 months at US$ 13,750 and a 52,000 dwt free Cebu is taken for 12 months as well but at US$ 14,100 daily. A 56,000 dwt open Xingang is taken for 4-6 months at US$ 15,750 daily, a spot 55,000 dwt also open China goes for 3-5 months at US$ 12,000 daily and a 51,000 dwt vessel open west coast India has been fixed for 3-5 months at US$ 15,000 daily. The Far East Handy bulk market looks as though it will jog along at similar levels for the coming week.

October 14, 2011 12:46 PM

Grain charterers also seem to be facing huge problems to cover a 25,010mt wheat cargo from Novo to Corinto in WCCA, for which they are said to be ready to pay around US$ 55/mt, which brokers say, equates to circa US$ 7,000-7,500 daily and is most definitely unattractive given the dire market in WCCA, let alone that 30,000mt cargoes to Brazil are averaging US$ 8,000+, for much better destinations.

The US Gulf-NCSA area also remains in focus with steady demand encouraging owners to dictate the rate structure. Chinese owners claim to be seeing US$ 19,000 for their 1984-built, 38,000 dwt for a trip from NCSA to the Black Sea and US$ 22,000 daily for a trip to the East, respectively. Petcoke charterers report an appalling lack of interest for their 30,000mt cargo from NCSA to Contreceur. Brokers report charterers chasing tonnage open in northern Brazil to load from NCSA for Med/Black Sea destinations, for which owners of a 32,000 dwt are seeking US$ 16,750 daily basis DOP north Brazil.

October 12, 2011 10:49 AM
Charterers are scrambling for available Handy bulk tonnage in the US Gulf, brokers confirm, with open ships very hard to find by as new coking coal orders come on fast. Charters have been forced to take ships from elsewhere in the South Atlantic (or further) in order to service the USG, a trend that may persist for another week at least. Pacific markets are flatter with word of failing on subs, but trends remain firm.
October 11, 2011 12:12 PM

Momentum continues building for spot Panamaxes as the long haul rates in particular stay fired up, albeit at the same modest pace with front hauls from UKC to Far East able to achieve rates of US$ 26,000 daily, a rate considerably better than the low US$ 20,000s seen trading early last week. We already hear of front hauls looking at US$ 27,000 daily. Pacific freights are decidedly on the upward slope as a good many new Indonesia stems are seen entering the market. The Pacific RVs climb US$ 400 to US$ 14,500 daily.

Far East markets continue to be a mixed prospect for Handy bulk as available tonnage is growing and matching orders do not arrive. NoPac Rvs for Supras via China are able to get something in the US$ 13-14,000 daily range and coal trips are approaching US$ 15,000 daily, but do not promise much higher. US Gulf freights remain firm, but orders are lagging.

October 10, 2011 11:53 AM

Some charterers seem to believe this to be the right moment to take on Handysize vessels on for long periods up to at least three years. And indeed many owners disposing of newbuildings are very receptive to these approaches.

Hong Kong owners allegedly fixed a 35,000 dwt newbuilding with a fairly poor consumption of 28 tons IFO at US$ 12,500 for two years with charterer's option at US$ 13,500 daily for a third of a year. German charterers were also looking at a similar vessel for two years at around this level. Brokers wonder whether this is really the right moment to look at period tonnage. They expect opportunities to improve in the course of next year since many owners are already burdened with a huge dept pile might be forced by the banks to find period cover to ensure regular income.

October 05, 2011 12:21 PM

The BDI finally stops sliding after five consecutive days of losses with a negligible 1-point drop today. Cape rates are unchanged on voyages with Brazil/ China rates steady at about US$ 26/mt and the Australia/China voyages at US$ 10.7-10.8/mt, though the long haul trips find themselves under renewed pressure as the Pacific round voyage slides by nearly US$ 1k today to settle at around US$ 22,500 daily.

Sustained coal demand in the Atlantic is supporting trans-Atlantic Panamaxes as T/A rates pick up about US$ 250 on the benchmark today to trade over US$ 15k (and over US$ 16,000 via Continent) while the front hauls hit US$ 24,500 daily (and are rumoured at US$ 25,000 daily). Tonnage remains tight across the Atlantic and prompt vessels are getting premium rates without too much trouble. The Pacific basin is quieter though short period is still fixing at US$ 13k.

October 04, 2011 11:33 AM

Onward and upward for Panamaxes with so far little adverse effects from the Chinese holiday as those cargoes that need to get fixed are getting put on the market holiday or not. Sentiment remains mildly positive as all rates take a rough US$ 100 day-on-day upgrade. Front hauls are hovering in the US$ 24-25,000 range with variance increasing. The Pacific is understandably slower, though spot rates are so far unchanged. Short period is done at US$ 13,250.

Handy bulk is a mixed bag, though trends are still nearly all positive, especially for the smaller Handysizes, which see UKC-to-ECSA rates jump nearly US$ 300 today to the middle of US$ 9-10,000 daily and are likely to surpass US$ 10k before the week is through. USG tonnage remains tight, as it has for several weeks now, though via Continent-Med BMTI is told that activity is slight as rates go flat.

September 30, 2011 09:39 AM

The Pacific Panamaxes are holding firm with activity levels higher than average, spurred partly by the fact that China is essentially taking next week off for the Golden Week festivities as positions need to be covered as quickly as possible for more traders than usual. Availabilities are notably slimmer on a number of Pacific routes with the Pac RV edging up to the higher end of the US$ 11-12,000 daily range.

Handy bulk is stronger in both basins, particularly for Handysizes, which are enjoying the sort of universal uplift not seen for some time. US Gulf markets are stable with open tonnage still tight enough to keep charterers on their toes and relenting to upgrades for October. UKC-Med ships are demanding premium rates, too, though the South Atlantic is generating mixed reports at the moment. The Pacific is more fragmented for Supras with NoPac slower.

September 29, 2011 12:07 PM
Prevailing Cape rates are coming off the boil with trends level-to-down on the long hauls and Pac rounds also seeing steady-to-lower rates with about US$ 11.5/mt fixed recently Dampier /Qingdao on a modern 170,000mt shipment. Inter-Pacific trips are netting about US$ 20k at last done. Congestion is rising at iron ore terminals with worldwide iron ore ports seeing waiting times up by 12-15% week-on-week to an average 6.5 days at Oz ports (from 4.5 last week), suggesting at least Pac avails are tight.

Stability defines the Panamaxes at present with little to no sign of slumping on the horizon but rather, if anything, improvements going into October with charterers hinting at more cargoes to come on this week and next. Charterers are also more often relenting to owners' ideas, suggesting nervousness about covering positions on a timely basis going into Q4. Trans-Atlantic freights are marked up slightly, now heading toward US$ 15,000, while fronthauls climb toward the middle US$ 20,000s daily.
September 28, 2011 10:05 AM

Another day of lackadaisical activity on the Capesize front sees markets levelling out once again and the trans-Atlantic sliding by US$ 1,000 into the US$ 32,000s daily, while BMTI already sees evidence of US$ 31k being fixed on T/A routes. UKC/FE front hauls remain relatively buoyant with US$ 48.5k the prevailing level, though it is hard to expect further gains ahead unless business recovers significantly.

Despite a relatively low rate of new business for the regional Atlantic and Pacific Panamaxes, longer hauls prove fairly in-demand with the trans-Atlantic rates making further day-on-day increases today, albeit only slightly upward into the middle US$ 14-15,000 daily range instead of flat US$ 14k seen most of last week. Eastbound front hauls are ascendant with rates rising from low to middle US$ 20,000s daily. Pacific rounds are steady at around US$ 11.3k while Pacific short period is doable at US$ 13,000.

September 27, 2011 11:59 AM

Panamaxes see limited interest at the start of the week with trans-Atlantic RVs still holding a slight upside just over the US$ 14k line and front hauls pushing ever closer to US$ 23k, however business would have to pick up significantly today if Atlantic rates are to stay positive. Interest in NoPac rounds is firming, brokers say, with owners hoping they'll be able to turn a profit again if/when rates exceed opex again. Pacific RVs are steady at US$ 11,000 daily.

The Atlantic is hitting on all cylinders for Handy bulk as sentiment continues to firm in the US Gulf, Mediterranean as well as the South Atlantic, the latter of which has been drawing quite a few open ships in recent days. Open avails continue to tighten via UKC, traders report. Far East Handy markets, by contrast, start the week on a roundly quiet note.

September 26, 2011 11:16 AM

As with Newton's second law of motion, objects in motion tending to stay in motion, Capes continue to win day-on-day improvements, especially for long hauls, with a US$ 1,400 upgrades on both UKC/FE front hauls and trans-Atlantics to about US$ 48,500 and US$ 34,000, respectively—though we already see trans-Atlantic trading at over US$ 35,000 daily.

Encouraging long period interest, EdF fixes a pair of newbuildings (2012) on four-year periods for US$ 18k each. The Pacific is also relatively bubbly, as Pacific RVs climb into the upper US$ 20,000s daily range with a rate of US$ 27,000 rumoured as having been done on the weekend for a Pac round.

September 23, 2011 01:05 PM

The long-rumoured (and earlier indicated) resurgence in Capesize business comes to fruition today with a big US$ 5,000 upgrade on the trans-Atlantic benchmark to US$ 32,500 daily as charterers find themselves stuck with fewer vessels in the Atlantic than they had anticipated for early October. Also upgraded in the Pacific is the round voyage, which is trading in the mid-US$ 20,000s today, up from the low US$ 20,000s yesterday. Period chartering is also back in vogue with a number of short period deals being negotiated in the US$ 19-20,000 daily range.

Panamax activity in the Atlantic has been uninspiring with trans-Atlantic rates still hovering around US$ 13-14,000 daily with rate movement in either direction negligible on the T/A rates but some renewed activity in the West Atlantic suggesting the possibility of a mild upside before the weekend.

September 22, 2011 12:41 PM

Pacific Handy bulkers maintain steady-to-firm rate levels with demand especially high for this time of year and owners able to achieve last-done or higher in most cases. NoPac Supra rounds are going for US$ 13,500 and higher with word of US$ 14,000 already in the works. Firm sentiment also prevails in the western hemisphere as USG shipments remain strong enough to keep charterers on their toes and relenting to US$ 26,750 for Supras USG/UKC.

Short Sea: Again this week via Egypt we saw salt steels and fertilizers quoted on the market in small and larger sizes for spot prompt dates. Cargo volumes are healthy. No ships are seen spot in the area. Political tensions are higher than in some time between Turkey, Egypt and Israel.

September 21, 2011 11:43 AM

A fresh demand wave ripples through the Capes, with long hauls bouncing back as quickly as they corrected earlier this week, if not even stronger, with losses almost recovered as the trans-Atlantic jumps by US$ 2.2k today to hit US$ 26,000 daily and the UKC to Far East front haul rises by the same amount to approach rates of US$ 45,000. The rest of the Cape market is flat—Pacific voyages included—how- ever sustained bullishness may lift voyages soon.

Panamaxes fail to mount the same sort of rebound that Atlantic Capes have with sluggish activity still weighing on spot rates as the T/A stays at US$ 14k daily, but is coming under increased pressure from charterers to move into the US$ 13,000s daily. Front hauls, likewise, are steady at US$ 22,500, but also on the negative side sentiment-wise.

September 20, 2011 01:04 PM

Sulphur charterers are struggling to find tonnage trading below US$ 30/mt for Ust-Luga to Morocco for 30,000mt cargoes. South African grain charterers have apparently failed to engage owners with offers of US$ 31/mt for 30,000mt wheat to Durban and keep quoting the cargo. Scrap charterers, not fully up to date with latest developments, dared to indicate US$ 12,500 daily for a modern 33,000 dwt for a trip to the eastern Med, which owners would not do below US$ 15,000 daily, as they told the charterers.

Whilst demand for Handysize tonnage in the US Gulf is still low and unpromising, Handymax tonnage is still doing very well. The battle for tonnage to cover cargoes to the East is intensifying. Some charterers can be expected get hurt, brokers opine.

September 19, 2011 09:26 AM

Atlantic Panamaxes close on a calmer note though brokers say that western basin sentiment is still at a high level, as supported by a general US$200 rise on trans-Atlantic rates to over US$14,000 and starting to move toward US$14,500 daily. Tight tonnage via UKC is helping put front hauls over US$23,000 and bring more rumours of US$24,000 in the offing. Pacific orders also slow with trips flat at US$14,000.

Med Handy bulk markets are firm with good levels being concluded as far as owners are concerned by darker clouds on the horizon as tonnage avails widen on the other side of the Atlantic. Front hauls from UKC-Med remain solid however. Trans-Atlantic business is heading into a slump. Pacific trends are firm with coal resuming strongly from Indonesia.

September 16, 2011 11:58 AM

Med Short Sea energergized this week by fresh cargo demand:

Tunisia: As expected this week several sand cargoes appeared on the market for Adriatic and WC Italy. Freights quoted by charterers' broker appear extremely poor even for positioning cargo. Cargoes range 2-4,000 mt. No ships are seen spot in the area.

West Coast Italy: A steady flow of cargo orders appeared on the market on Wednesday, bringing life into a region that has been slow for several weeks now. Cargoes out of Genoa, Piombino and La Spezia can be seen quoted on the market to various destinations within the Med and the North Continent on one occasion. Some vessels appear spot.

South Spain-Spanish Med: Freight indicated by charterers' brokers are slightly better than last done in most cases. No spot tonnage is seen in the area.

September 15, 2011 11:22 AM

Panamax chartering activity is rebounding in both hemispheres, brokers say, though reported fixtures are still limited. Tonnage is clearing out again in the Atlantic with trans-Atlantic RVs trading at upwards of US$ 14k and front hauls hold steady at US$ 22k. The Pacific is more active as well as increased cargo orders are heard in the NoPac as the Koreans return to work. Pacific RV levels firm mildly over US$ 14k.

It's a holding pattern for Pacific Handy bulk as short period stays popular with last done at US$ 14k. We hear of more iron ore from India and of tighter avails via WCI. From the UKC-Med demand is growing for Far East front hauls with Supras taking the trip at rates in the US$ 21-22k range. Activity is slower via ECSA, but tight tonnage there keeps rates flat. USG/ FE trips climb to US$ 32.5k for the 54,000-tonners.

September 14, 2011 10:48 AM

Freight momentum continues to cool amid slightly rising freights for Capesizes as trans-Atlantic rates overtake the benchmark US$ 30,000 (plus signals of US$ 31,500, below) while long haul sentiment remains just on the positive side as front hauls from UKC to Far East can command US$ 48,500-49,000 daily and already rumoured at US$ 50,000 daily.

Pacific Panamaxes are still rather quiet, despite a minor sentimental uptick, with the tide of opinion seen turning against continued upgrades and in favour of levelling out before the week is through. Pacific RVs are stuck in the middle US$ teens and not likely to rise much higher than US$ 14,000 (the same level as short period rates) before fresh cargo demand emerges. Atlantic-based freight sentiment is vaguely positive with front hauls moving toward US$ 22,000 daily, though it will be hard to justify further upgrades without increased activity today.

September 13, 2011 10:26 AM

Although the Continent has been unexciting, grain charterers are having problems covering Rouen/ Algeria. Novel is still quoting 22,000mt after failing on quantity 1 a week ago. Granit is having difficulty finding takers for their 25-30,000mt stem. Last done was US$ 24.25/mt for 25,000mt, done on Friday. Steel charterers are facing tough resistance from owners of a 29,000 dwt vessel to budge from US$ 19,000 daily for a trip from the Baltic to India.

Thanks to a steady Black Sea market, the 57,000 dwt "Sea Queen" was offered US$ 25,000 daily for a trip from East Med via Black Sea to India, which owners turned down, holding out for US$ 26,500. Grain cargoes of 25,010mt to Egyptian Med barely surpass US$ 20/mt. Dutch charterers are even offering US$ 17.5/mt per Novo on a 1983-built vessel.

September 12, 2011 12:23 PM

Panamax sentiment is buoyant in the Atlantic as open ships are getting harder to come by and charterers preferring to give premiums to conclude mid-September positions fixed. Trans-Atlantic rounds are flat in the US$ 13-14,000 daily range while in the Pacific spot markets are rising slowly with quick round voyages moving from US$ 13,500 toward rates as high as US$ 14,000 daily on modern vessels.

Atlantic Handy bulk got a boost before the weekend with open ships getting cleared out of Continent-Med arenas from heavy forward orders for fertilizers and agri-products via Med. Turkish scrap buying has also returned, which is pulling ships toward the Med. South Atlantic trips from W.Africa to Far East are seeing US$ 23,000 and higher. Pacific Handy bulk has slowed some but sentiment remains firm.

September 09, 2011 11:40 AM

Handymax rates ex-Continent encouraged owners of a 55,000 dwt to indicate US$ 25,500 daily for a trip East, which is close to last done. In appreciation of the prevailing weaker conditions for Handysize vessels on the Continent, owners of a 1995-built, 28,000 dwt would be satisfied with US$ 11,500 for a trip from the Baltic to eastern Med, which sounds very reasonable. Grain activity from the Black Sea is supporting owners' desire to raise rates. A 28,000mt wheat cargo from Novo to Egypt Med was traded at US$ 21/mt, which brokers see as an improvement of about US$ 1/mt per ton. Coal and ammonium nitrate charterers face severe problems covering their cargoes to India. Charterers of 25,000mt ammonium nitrate Nikolayev/Vizag were dismissing US$ 70/mt as too high—a rate that is US$ 5/mt higher than their last done roughly one month ago.

September 08, 2011 11:31 AM

Despite some pockets of opportunity, the market as a whole does not look very promising. Capes have taken a surprising upward turn, the sustainability of which has been repeatedly questioned. However, optimistic voices are growing with the opinion that matters might not turn as bad as widely feared. The number of a further 60 vessels sold for scrap for the balance of this year is good news. But also demand is said to be likely improving, which will keep this market going on more or less present levels. That said, the BCI reversed direction and is coming down.

The Panamax market in the Atlantic is not showing any sign of a silver lining. Two laden legs have been done at US$ 14,000 daily, which is at least US$ 750 lower than last week's figures. T/A has dropped below US$ 14,000, whilst front haul has been pretty consistent with US$ 24,000 done via the US Gulf.

September 06, 2011 12:34 PM

Handysize grain cargoes from Rouen to Algeria can be taken as a reliable indicator for market conditions on the Continent. The latest trades for this run clearly suggest the market is softening after a brief period of recovery. A major grain house stopped trading at US$ 24.5/mt after more tonnage suddenly cropped up to compete at US$ 23/mt.

Jarrit are strongly rumoured to have fixed a modern economical 28,000 dwt bulker delivery north France mid-September for a time charter trip about 25-30 days with grain to Ivory Coast in the region of US$ 13,000. Brokers claim to find this is disappointing and see a continuing weaker trend for smaller sizes in the Atlantic.From the Black Sea Dreyfus last week entered the market to replace a ship running late which they fixed for 30,000mt wheat to Lisbon, and which they were hoping to replace at US$ 23/mt but were seeing only very few early ships able to do it.

September 05, 2011 03:09 PM

The Capesizes have had an eye-watering few days in the West with a scarcity of tonnage fuelling a mild panic among charterers who are proving more than happy to concede to premiums on last-done in order to secure their cargoes. In the event, average spot rates gained about 28% over the week, but the trans-Atlantic rates rose by a dramatic 56% week-on-week from around US$ 16k to the mid US$ 20,000s daily.

Atlantic Panamaxes, unlike Capes, are sufficiently over-tonnaged in the West to keep oncoming cargo demand more than satisfied, which explains the sector's relatively flat performance in the past week with only the Pacific RVs showing any sort of uplift, gaining 5% over the week with rates going from US$ 11k to nearly US$ 12k at present. Pac rates should continue rising while Atlantic will stay flat.

September 02, 2011 01:23 PM

Owners of a 58,000 dwt are seeing US$ 27,000 daily for a trip to the Adriatic and US$ 25,000 daily for a trip to the Continent, respectively. Handysizes keep on building up at South America. Major grain charterers are proposing a 40,000 dwt at US$ 18,000 and a 37,000 dwt at US$ 15,000 for trips to UK-Continent. The low-balling charterers countered with US$ 11,000 daily to the 37,000 dwt vessel.

Brokers report an increase in output of grain cargoes from the Black Sea, and along with it rates must be expected to rise. Cargoes to the East will be much more difficult to fix. Operators are already lamenting the lack of interest from owners in their orders. South African brokers in one way are happy to be kept busy by charterers, but on the other hand are frustrated the way the market has been going.

September 01, 2011 12:04 PM

It's back to the races for the Capesizes with the Pacific reviving and, thanks to the already fairly thin tonnage avails, the front haul moved from low/mid US$ 30,000s to high US$ 30,000s on a US$ 2,500 day-on-day upgrade. The trans-Atlantic rate is the real head-turning hire this week with day rates having moved from mid US$ teens to the low US$ 20,000s in the course of just this week. Pacific voyages are also climbing to the US$ 18-19,000 range. Panamax markets: With traders in the Pacific returning from the holidays there could be a cumu- lative impact on day rates. Though for the time being trends continue to be flat.

August 31, 2011 12:21 PM

The momentum from last week seems to have run out again for Panamaxes despite a moderate level of activity via UKC-Med. Trans-Atlantic RVs are down slightly with a lack of new orders from the USEC as about US$ 300 gets knocked off today to put T/A freight rates in the US$ 14-15,000 daily range with prevailing levels trending toward the lower end of that scale. Front hauls are holding firm around the US$ 21-22,000 daily neighbourhood but also facing increased pressure, brokers report. Pacific activity is equally sluggish, but short period business remains popular with several deals fixed at US$ 12,000 daily.

Pacific Handy bulkers are slow-going with the already foreshortened week from yesterday's holidays in Indonesia as well as the End of Ramadan celebra- tions. Quick trips via the Indian Ocean are still netting upwards of US$ 11-12,000 daily on modern Supras.

August 30, 2011 01:28 PM

Considering that state of the bulk carrier industry, it comes as little surprise to see a fairly low number of Capes delivered in July (15), despite the outsized Capesize orderbook. This suggests that more units should have been delivered than actually were. Slippage—postponement of a delivery—has been high in 2011 with slippage rates at about 35% in the year so far, i.e. 35% of scheduled newbuilding bulker deliveries have been postponed. This has, of course, been welcomed by owners as something that will keep fleet expansion controlled, but even accounting for demolition and slippage the bulk carrier fleet (assuming slippage of 35%) will grow by 11.3% this year, according to Clarksons, and by 14.1% next year. (Without slippage the fleet would have grown by 13.7% this year.) The Cape fleet alone is to expand by 16% this year with an estimated 227 units to be delivered this year from an orderbook of 550 (48% of the active fleet).

August 29, 2011 09:38 AM

With activity flat-lining again going into the weekend, Panamaxes go neutral too with front hauls from UKC to Far East still netting at/or just under US$ 22,000 daily as they have been for several days now. Brokers tell BMTI they do seem some wider avails in the Atlantic, but so far this has had no negative effect on freights. The Pacific basin is behaving a bit firmer as Pacific RVs edge up toward US$ 11,500 daily.

The Pacific market is still the strong-and-silent type for smaller Handy bulkers with trips to EC India netting rates in the US$ 11-12,000 range to EC India and over US$ 15,000 to WC India. Iron ore has resumed ex-EC India, which is having a moderately bullish impact on rates, if nothing beyond US$ 500 between lives. The US Gulf and Black Sea are stable but with the former seen fading. The Continent has also slowed but there are rumours of a resumption.

August 25, 2011 02:28 PM

A steady upturn in spot rates has taken the Panamax rates up another notch today with open tonnage in SE Asia getting reportedly cleared out thanks to an all-encompassing demand vortex toward Indonesia, where round voyages are getting fixed left and right. Recent Pac RVs are exceeding US$ 12,000 daily. The Atlantic basin is also firming up nicely with talk of the trans-Atlantics already breaching US$ 15,500. Panamax rates in the Atlantic have been coming off with under US$ 16,000 daily done for two laden legs. Three major London Panamax brokers who had been talking the market up are now reluctantly admitting that it is going to drop. Others insist that it has never been up. One broker reports of crossing off cargoes fixed whilst seeing more ships coming up.

August 24, 2011 11:52 AM

The rate for 18-20,000mt wheat Duluth to Italy—as quoted by Italian charterers—is hovering around US$ 50/mt brokers say. The way it looks this cargo most will likely be taken by one of the traditional players. Given the lack of inbound tonnage, even Lakes operators will not book a cargo without having their own vessel in position to cover it.

The East remains on the mend for Handymax and Handysize tonnage. A modern 37,000 dwt is being offered at US$ 12,000 daily for a NoPac round voyage with delivery Korea to draw charterers' counter indication of US$ 10,000 daily. Singapore charterers are said to be pursuing a modern 35,000 dwt vessel open in Kwinana for a trip to the Japan-China range at US$ 9,500 daily plus a bonus of US$ 155,000 lump sum. With US$ 11,000 daily plus a bonus of US$ 220,000 the owners want significantly more.

August 23, 2011 12:56 PM
The big story for Atlantic Handy bulkers is the spike in Black Sea cargo with the entire eastern Atlantic snapping to attention as many charterers sought nearby vessels. As such, modern Supras from UKC to the Far East are seeing rates of US$ 20.5k plus at present, depending on terms. The US Gulf is also hinting at recovery with new cargoes coming on. NoPac trips are buoyant, up US$ 400 today to US$ 12,000 plus.

Container: Box rates rising on Pac demand. Looking at the Shanghai Containerized Freight Index (SCFI) an overall week-on-week increase by 3% is seen, due mainly to steadily rising trans-Pacific rates. Shanghai-USWC is now at about US$ 1,769/FEU and Shanghai-USEC at US$ 3,343/FEU.
August 22, 2011 12:25 PM

Capesize front haul rates, thanks to a fiery Pacific market, are literally gaining by leaps and bounds with rates jumping from US$ high US$ 20,000s to low US$ 30,000s just over the weekend.

A geographical pattern of sorts is emerging with the Panamaxes as the Pacific basin forges ahead with continued increases in spot market levels while the Atlantic struggles on a straight line with the trans-Atlantic rates barely having budged from their US$ 14,750 daily benchmark in more than a week. Pacific rounds, on the other hand, maintain a strong upside (despite some slowing into the weekend) as average Pacific RVs move decisively over the US$ 10,000 line. Front hauls are firming around US$ 22,000.

Supramax rates have climbed by some 6% in the past week on average thanks to a strengthening Pacific. Short period charters approach US$ 16,000 per day, BMTI is told, suggesting period hires are moving beyond spot trips. Minerals via Indonesia remain on the agenda, though cargo demand has moderated in recent days as holidays approach.

August 17, 2011 02:18 PM

From the Med Danish charterers booked a 53,000 dwt from Canakkale and a 46,000 dwt, both at US$ 13,000 for 2-3 laden legs in the Atlantic. Grain rates from Black Sea are gradually rising. For 25,000mt wheat Novo/ Egypt Med has climbed to US$ 18/mt. Owners of a 25,000 dwt indicate US$ 8,000 to the Continent with delivery Canakkale. Brokers insist the worst is over for Handysizes in the USG. A 38,000 dwt has been rated at US$ 11,000 for NCSA/USG, which they argue supports their view. On the other hand, a 28,000 dwt is in talks from NCSA to the Black Sea at circa US$ 14,000 with APS delivery. Tonnage availabilities are said to be generally sufficient. The upward movement for Handysize tonnage in the East seems to have stabilized. Owners of a 53,000 dwt