Rates steadied as the week closed out. This was despite the start of a long holiday in China and week in which holidays generally impacted on the market. The West Australia/China run, a barometer for rates in the East, saw rates steady as the week closed out to around $6.00 or the low $6.00 range from 15 October onwards 170,000-tonne 10% cargoes. There had been a good volume of cargo quoting in the market, but the holidays unsettled trading and some owners were keen to fix prompting an easing in levels. Timecharter rates for 180,000-tonners were hovering around $13,000 daily. In the Atlantic Brazil trading remained slow and voyage rates were being circulated at low levels with some early ships committed in ballast accepting rates allegedly under $9,000 daily. However earlier in the week a 175,000-tonner achieved $19,000 daily for retroactive delivery Singapore for a Brazil round, although some suggested a Pepel option was involved. Transatlantic trading was limited but a 160,000-tonne 10% cargo was rumoured fixed for 15-25 October shipment from Puerto Bolivar to Rotterdam at $6.85.
Grain cargoes from NoPac underpinned rates for ships open in north Asia, but ships further saw fewer cargoes quoting. A 74,000-tonner – a BPI type – fixed from Chiba spot for a NoPac round at a firm $7,000 daily with brokers suggesting further cargoes to be shipped.
In the Atlantic trading activity was thin, particularly in the North, with few grain or mineral cargoes quoting especially transatlantic. Charterers were able to secure ships open in the US Gulf without bonuses with a kamsarmax fixed for a petcoke cargo from Point Comfort to the eastern Mediterranean at $9,000 daily and a 71,000-tonner 2012-built agreed $7,500 daily plus a $75,000 bonus for a trip from east coast South America to Skaw-Cape Passero.
Fronthaul rates too have slipped with ships open Gibraltar-Skaw seeing rates in the $10,000s to $11,000 daily for trips to the East. From South America, a Kamsarmax agreed $11,500 daily plus a $150,000 bonus to move a 5-15 October cargo to southeast Asia.
With the exception of one handysize route on Tuesday, this week has seen a small decrease daily on every handysize route. The handy timecharter average Thursday showed $5,710 down from $6,588 on 18 August.
The supramax sizes have had another poor week with generally every fixture significantly down on last done and much talk of ships failing on subjects. The timecharter average Thursday stood at $7,268 compared to $9,571 a month ago.
In the period market trading was also slow this week with minimal reports of anything of a lengthier duration concluded. Various conversations suggested that Far Eastern deliveries would now only pay in the low $7,000s for a Tess 52 type. Rumours so far of a Tess 58 open Luanda covered for four to six months at a very respectable $10,750 daily remained unconfirmed. Period cover did not seem to rate highly on owners’ agendas at levels currently on offer.
Recalada / Mediterranean this week paid $11,250 on a 60,000-dwt. A 61,500-dwt fixed Recalada to South Africa at $12,000 daily and a Tess 52 fixed Santos timecharter trip redelivery Continent at $10,600.
The US Gulf market showed similar declines with a Tess 58 securing $10,500 for trip Continent. Continent deliveries saw the JS Missouri 63,500-dwt built 2013 fixing delivery Norway for a trip Red Sea with redelivery Port Said in the low $9,000s while for the smaller sizes a 34,000-dwt fixed Skaw to New Zealand at a healthy looking $12,250 daily plus a bonus of $125,000. However as the ship involved was reportedly not a logger it could mean a ballast after redelivery. Reports of fixtures from the Black Sea included a 38,000 tonner accepting $8,000 daily for leg to the western Mediterranean and for the larger sizes a 57,000-dwt took $6,000 daily for a trip to Rotterdam.
The Far East and Asian markets were slightly slower this week with various countries taking holidays. Handysize brokers reported the Yangtze Oasis 34,206-dwt built 2013 fixed delivery Jakarta for two to three laden legs at $5,800 daily with a PMO/Japan redelivery. Larger sizes were being paid in the region $7,000 to $8,000 daily depending on actual deadweight for Singapore delivery for Indonesian coal runs to India. Brokers eagerly awaited the return to work of the Chinese in the hope they might kick start the market for the last quarter.
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