Little change on the key routes with West Australia/China rates for a 170,000 tonne 10% cargo hovering around the mid $4.00 range for both Port Hedland and Dampier as draughts return to normal levels in the latter area. Timecharter rates have been in the doldrums although a well described 178,000 tonner open South Korea allegedly agreed $6,000 daily for a West Australian round.
In the Atlantic the Tubarao/Qingdao rates nudged over $10.00 with 5-14 May 160,000 tonne 10% cargo fixed at $10.10. There was some upward pressure for transatlantic rates but this appeared to be short lived with the Bolivar/Rotterdam run now at holding around the low $5.00 range.
South America remained the driving force absorbing tonnage from the East and from the Atlantic, with the East providing the lion’s share. Rates for aps east coast South America to Singapore-Japan ranged from the upper $11,000 daily plus the upper $100,000 bonus to the $12,500 daily plus $250,000 bonus depending on the size and specification of the ship. A well described 77,000 tonner went at $10,750 daily for a trip from Gibraltar 5-7 May via east coast South America to the East. Further north a tight supply of tonnage led to some firming in rates for transatlantic rounds but in somewhat limited volume. There was talk of a post panamax fixing from the Continent for a trip via Riga to the Mediterranean at $7,250 daily with redelivery Gibraltar.
In the East, trading lacked momentum with limited Australian coal cargoes and a shortage of fresh NoPac grain put pressure on rates. Indonesia remained active although there remained a plentiful supply of tonnage. Some owners continued to eye South America and set off in ballast but this has yet made little difference in rates for those staying behind. A 74,000 tonner 2000-built fixed for Singapore delivery for a trip via Indonesia to east coast India at a reasonable $5,500 daily while a kamsarmax open Rizhao went at $4,900 daily for a trip via east coast Australia to east coast India.
In the Atlantic some areas were showing signs of life as more grain enquiry from the Black Sea region gave owners grounds for optimism with better rates being discussed. The South Atlantic seemed to be more or less unchanged as reports emerged of a 2010 56,000 dwt unit being fixed delivery Recalada for a trip to Skaw-Passero at $12,800 daily. North coast South America appeared to be a bit stronger where it was reported that a 2004 built 49,000 dwt vessel was fixed for a trip to the Black Sea at about $11,000 daily.
Handysizes appear to be pretty well steady in East Coast South America at rather better levels than seen recently. A year old 28,000 tonner went from South Brazil for a trip to the Mediterranean at $11,000 daily, but is said to be a shorter trip with pig iron. Otherwise the market lacks impetus. A 32,000 tonner ballasted from Morocco to give delivery on the Continent for a trip with steels to the US Gulf at $5,500 daily. A handsize was rumoured to have gone for a trip from the Black Sea to Egyptian Mediterranean in the mid $5,000’s.
In the East, the south-east Asia coal trades drifted lower as charterers had a wide variety of vessels to choose from. Earlier in the week, a 2010 built 57,000 dwt ‘Dolphin’ type was reported to have been fixed basis Singapore delivery for a trip via Indonesia with redelivery east coast India at about $7,000 daily.
The market for handysizes remains poor in Asia where owners struggle to cover running costs. Activity through the week includes a 15 year old 28,000 tonner, open Singapore, fixing a trip in the East via Australia at $3,500 daily and a 32,000 dwt built 2014 also open Singapore went for a similar run at $4,000 daily.
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