A flat market for capesizes, particularly in the East where the rate for cargoes from West Australia to China held around $4.40 for 170,000 tonne cargoes from either Dampier or Port Hedland to Qingdao. BHP Billiton, Rio Tinto and FMG all fixed at these levels with talk that the former paid $4.50 for prompt ship.
Rates for coal cargoes fixed from east coast Australia to China were hovering around the low $5.00. Timecharter activity was negligible although a 14 year old 171,000 tonner went at just $2,500 daily for Labuan delivery for a trip via east coast Australia to east coast India.
SwissMarine reportedly took the 179,169 dwt 2011 built Navios Azimuth 11 to 14 months trading retroactive delivery Taicang at $4,000 daily for the first 40 days and $11,000 daily for the balance.
Atlantic trading has largely been limited for most of the week with few cargoes from Tubarao to China. Here the rates were hovered around the low $10.00s at the start with some limited pressure as the week closed out prompting a move nearer the mid $10.00s.
Noble fixed a 15-24 March cargo from Nouadhibou to China around the low-mid $12.00 range.
Transatlantic reported incuded a 29 March – 7 April 160,000 tonne 10% from Bolivar to Rotterdam at $5.80.
There were some pockets of resistance in the Atlantic with tonnage tighter, but rates remained at very low levels. The US Gulf saw fewer prompt ships but this so far has yet to result in any improvement in rates. Eco kamsarmax were fixing for trips to the East around $13,500 daily without a bonus. South America remained over-tonnaged for earlier positions where cargoes have largely dried up. A 2007 built 74,000 tonner agreed $10,000 daily plus a $100,000 bonus with Bunge for a 5 – 10 March cargo from east coast South America to China. However a 1 – 7 March 74,000 tonner 2001 built agreed $10,500 daily plus a $120,000 bonus with a major grain house.
In the North Atlantic too there were charterers with grain and some coal cargoes to move from the Continent-Baltic to the Mediterranean. A kamsarmax agreed $6,000 daily for a trip from Hamburg via Ventspils to Civitavecchia.
In the East, there has been some increased activity since the Chinese return to work with tighter availability of tonnage on nearby dates. There was more fixing on a dop basis with a 75,000 tonner fixed from Kwangyang for a NoPac round at $4,000 daily with a grain house. A 76,000 tonner agreed $4,500 daily from Machong for an east coast Australia/south China run.
A patchy week, but with better levels of activity in some areas, there was more reason for owners to feel hopeful that the bottom of the market may have been reached. In the North Atlantic, a 2013 built 57,000 dwt ‘Dolphin’ type was reported to have been fixed from the US Gulf to Singapore-Japan at around $10,500 daily. In the southern hemisphere, a 61,000 dwt ultramax was booked for a trip from Recalada also to Singapore-Japan at $9,500 daily plus a $95,000 ballast bonus. Not a dissimilar picture in the handysize sector where overall the tone appears to be better, although there is some way to go and in some areas definitive information is hard to come by.
The Continent is appreciably tighter. According to brokers, a three year old 37,000 tonner open north France went for a trip with scrap via the Baltic to Italy at $11,000 daily and rumours a similar size is working a trip from this side to the US Gulf around $8,000 daily.
In the East there was certainly better sentiment emanating from the northern part of the region, as reports surfaced of a 61,000 dwt vessel open west coast Mexico being fixed for a long duration trip from NoPac to South East Asia at a better $7,500 daily plus a $125,000 ballast bonus.
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