An uneventful week for capesizes with rates largely flat and any gains in rates proving short lived as the market suffers from a surplus of tonnage. The West Australia/China rate moved in a very narrow range and closed the week around $4.40 for 170,000 tonner 10% cargoes from either Port Hedland or Dampier. Timecharter trading was limited but of the few ships reported, fixed round voyages were hovering in the mid to high $4,000 daily range for 180,000 tonners. There was a slight step up in Brazil activity with rates from Tubarao/Qingdao making it into the low $10.00 range and the upper $10.00s from Itaguai. Transatlantic rates from Tubarao to Rotterdam rose slightly with a couple of 170,000 long ton 10% cargoes fixed at $5.30. Similarly rates from Puerto Bolivar to Rotterdam stood at $5.35 for a 17-25 May 150,000 tonne 10% cargo.
South American grain shipments have largely underpinned the market but trading here slowed as the week closed out and holidays globally are likely to slow much needed fresh inquiry. Rates had been holding steady but there was talk of a kamsarmax fixing an 11-16 May cargo from east coast South America to the east at $11,500 daily plus a $150,000 bonus. The outlook appeared gloomy going forward with talk of June grain cargoes fixed from Santos to China at under $22.00 with current cargoes fixing around $22.75 to $23.00.
Further north there was limited transatlantic activity. A post panamax fixed from Rotterdam for a trip via the Baltic with redelivery Gibraltar-Skaw at $5,500 daily.
In the East, trading slowed almost from mid-week as many geared up for the holidays. Some owners agreed aps rates particularly on the short hauls with an LME booked for a trip from Indonesia to Hong Kong at just $4,000 daily plus a $47,000 bonus. A 74,000 tonner open Caofeidian spot agreed $5,000 daily plus a $200,000 bonus to move a potash cargo from NoPac to Singapore-Japan.
An unexciting week for the supramaxes as public holidays in various parts of the world inevitably had an effect. The only region within the Atlantic where owners managed to enjoy better fortunes was the Black Sea/east Mediterranean area. Earlier in the week, a 2012 built 56,400 dwt vessel was reportedly booked delivery Canakkale via the Black Sea to Singapore-Japan at $8,500 daily. In the US Gulf a 2011 built 57,500 dwt unit was fixed for a trip to the East at a steady $10,500 daily. In the South Atlantic, the market seemed lacklustre with tonnage seemingly in plentiful supply. A 2009 built 53,350 dwt ‘Diamond’ type was said to have been fixed earlier in the week delivery east coast South America for a trip to the east Mediterranean at around $10,500 daily.
An uneasy market overall for the handysize sector in the run up to a holiday weekend with indifferent levels on hand, the US Gulf remains weak and EC South America appears to have tailed off as the week moved on. Other activity includes a 38,000 dwt gave delivery Morocco for a trip to the East at $7,000 daily and a 37,000 dwt fixed passing Skaw for a trip via St Petersburg also to the East at $9,000 daily. Black Sea offers poor returns for handys as reports emerged a 32,000 tonner went from the area to Morocco at $4,000 daily.
A poor week in the East, especially in South East Asia illustrated by the fixture of a 2010 built 57,000 dwt vessel coming open in Indonesia for a trip to Thailand at $6,000 daily. Further north, a 2011 built 56,500 dwt ship open Lianyungang was reported to have been fixed for a nickel ore round at about $5,000 daily.
Handysizes continue to find conditions hard going in Asia, with owners resigned to waiting before fixing. A 27,000 dwt, open Port Klang, gave delivery Singapore for a trip via Amamapare to west option east coast India at just over $4,000 daily.
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