A good volume of cargo in the market but nevertheless rates eased, particularly as many owners/operators appeared to take fright at the idea of being unfixed with a Singapore holiday as the week closed out. There was active trading of the West Australia/Qingdao route but rates slipped over the week to close out around $5.15. Timecharter rates had been holding reasonably steady with a 170,000 tonner open Qingdao fixing at $9,000 daily for a West Australia round and a 179,000 tonner open Fukuyama agreeing $11,500 daily for similar business.
Vale featured from Brazil, but again talk of the charterer taking ships with one done at the C3 Tubarao/Qingdao index rate minus 5.00% and others around $11.00.
Atlantic trading slowed generally over the week and rates came under pressure with a 150,000 tonne 10% cargo booked from Port Cartier to Rotterdam at $5.10 and the Bolivar/Rotterdam rate in the low-mid $5.00 range.
Atlantic Panamax rates appeared to be in freefall with cargoes in the north all but drying up. There was a reluctance to go East and some owners were prepared to take low rates for the quicker trips. A kamsarmax was rumoured booked to load Baltic for a trip with redelivery Gibraltar-Skaw at just $5,000 daily.
A kamsarmax agreed delivery Mississippi River for a trip ultimately to the Mediterranean at low $8,000 daily plus a $60,000 bonus. A similar ship agreed $12,500 daily and a $250,000 bonus from the US Gulf to the East.
South America too has been slower and rates easier and this has had a knock on effect in the East with fewer owners prepared to ballast there or to the US Gulf. However the East has been more active with at least rates steadying for NoPac rounds albeit at low levels. A kamsarmax open Shanghai fixed a NoPac round at $6,500 daily. Southeast Asia proved a different picture with some owners prepared to fix quick rounds on an aps basis at low levels in the hopes of some improvement later. Rates for Indonesia/China-Japan trips were little more than $5,500 daily plus a $50,000 bonus.
A busy week but with definite downward tendencies. Nearly every index route for handysize and supramax witnessing a daily decrease.
Period fixture information in general for both sizes remained at a premium this week with brokers only reporting a 45,000 dwt vessel fixing for four to six months delivery Persian Gulf at $7,500 daily. The Mare Forum 46,743 dwt went on period delivery Casablanca 14 September for three to five months at $9,000 daily with an additional rumour of a supramax delivery PG fixing period, but details have not materialised.
This week has seen a 55,566 dwt vessel fixing delivery east coast South America to the Mediterranean at $16,150 daily while the Bulk Atacama 61,384 dwt built 2014 was booked Atlantic Colombia to Chile at $18,000.
In the middle east reports of the Georgianna BO built 2011 56,771 dwt fixed for Mesaieed to US Gulf at $2,600 still shows owners are prepared to take a hit to get back into the Atlantic to hopefully earn better returns. Back-haul business from the East this week has paid $1,500 daily for first 70 days with balance at $7,700 for a leg into east coast America for the Vela built 2007 53,734 dwt. A 2008 built 55,688 dwt ship failed on subjects for aps Cjk for a trip to US Gulf $1,900 for 70 days $8,000 thereafter. The Equinox Voyager 2002 52,000 dwt was reported on subjects with Transbulk aps Tianjin spot trip to Mediterranean $4,000 daily for 65 days and $7,250 thereafter.
The handysize vessels have provided limited insight this week. A 35,000 dwt vessel fixing two to three laden legs delivery China at $7,250 daily. A 26,500 dwt vessel secured $7,000 daily for leg China to Colombo. The Asia Energy 2001 built 28,083 dwt fixed for delivery Singapore for an Australian round at a reported $5,250 daily. A European charterer took a 35,000 dwt from the Black Sea to Turkish Mediterranean at $8,500 daily while a 32,891 dwt handysize fixed delivery Warri for trip via east coast South America to Continent at $7,000 daily.
Brokers are currently unsure of what next week will bring.
For daily dry bulk assessments from the Baltic Exchange please visit www.balticexchange.com/market-information/