A strong week for the big ships but rates edged lower as the week closed out largely on the back of falling paper values and a long weekend holiday in Singapore. The West Australia/China run reached a peak of $7.75 briefly but within same day drifted to the mid $7.00s and then dropped to $7.35 basis Port Hedland. Midweek a 175,500 tonner open Fangcheng achieved $23,000 daily for a West Australian round but rates have since eased.
Atlantic rates also improved earlier in the week sparked by increased Colombian coal shipments with rates on the key Bolivar/Rotterdam run reaching $10.65. Then here too the market hit the buffers and rates looked to be slipping to under $10.00. Timecharter rates earlier this week for the transatlantic rounds hovering around the low $20,000 daily range for unexceptional ships.
Stronger markets in the East saw more operators taking ships on timecharter for Brazil cargoes with a 16 year old 172,000 tonner booked from Singapore at $19,250 daily for a Saldanha option Brazil round voyage.
Thin volume once again in the Atlantic with tonnage still tight on the north Continent with charterers paying a premium for the short Baltic rounds. Midweek a 2006 built kamsarmax fixed a Baltic round at $14,000 daily while a post panamax fixed from Lulea via the Baltic and Mediterranean with Gibraltar redelivery at $14,500 daily. This week saw charterers once again taking ships from east coast South America to the East at steady rates including booking ships dop from southeast Asia with a 74,000 tonner achieving $8,000 daily from Singapore via east coast South America to the East and a 2012 built kamsarmax fixing at $9,500 daily on the same run.
There too was some interest bubbling from the US Gulf. An 82,000 tonner reportedly coming open in the gulf, fixed a trip to the East at $14,000 daily plus a $400,000 bonus.
Charterers have started to pick off tonnage from the East for US Gulf rounds and this combined with renewed demand from east coast South America has checked further falls for ships in the East. A 78,000 tonner open Japan fixed an east coast Australian round at $5,650 daily with coal but an eco 82,000 tonner open Niihama 10-12 August went at $7,250 daily for a NoPac round with grain.
Period interest was evident but with owners slow to bite. An 81,000 tonner open in Qingdao 19-24 August fixed for 12 months trading at $8,250 daily.
The Supamax market remained strong in nearly all sectors. Atlantic rates continued to outstrip the Far East with owners preparing to take discounts to re-position.
In the handysize range, there remained a reluctance from owners and charterers to divulge their activities but overall market conditions were stable and seemingly in owners’ favour.
Holidays in Singapore today and Monday just might slow the pace slightly.
The week has produced marginally less reported period fixtures from previous weeks.
Rates for Supramaxes still ranged between $8,000 to $9,000 daily for short period with delivery in the Persian Gulf/Indian Ocean area. A 55,000 dwt in the US Gulf achieved $13,500 per day for three to five months’ timecharter. Spot rates in the gulf remained at steady numbers with a Japanese built 55,800 dwt vessel for delivery South West Pass mid-August for a trip to China at $18,500 daily.
Further south a grain house fixed a 63,500 tonner with delivery east coast South America for a trip to Bangladesh at about $13,500 plus a ballast bonus $350,000.
In the East, a 60,000 tonner was booked from Japan to West Africa $7,350 daily first 65 days and $9,650 daily for the balance.
Little period fixing was reported for the smaller sizes.
In the spot trades, a 26,000 tonner agreed $8000 daily basis delivery Canakkale via the Black Sea to Mediterranean. The Nord Hong Kong 32,289 dwt fixed at $9,500 daily delivery Puerto Cabello for a trip via Rocky Point to Iceland.
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