The Chinese holiday, combined with little coal demand, saw rates fall over the week with the short term outlook, for now, bleak. In the East the West Australia/China rate dropped to $5.40 and timecharter rates at around $11,000 daily for a 180,000-tonner, although Thursday there was talk a 171,000-tonner open Lianyungang fixed a round voyage at something over $11,000 daily, but this business failed. Saldanha Bay/Qingdao rates dropped sharply with talk of a 16-20 October cargo booked at $9.00.
Brazil activity remained piecemeal and Vale was able to cover two 20-30 October 170,000-tonne 10% cargoes from Tubarao to Qingdao at $11.50. Timecharter trading included a 179,000-tonner open Ijmuiden fixing a transatlantic round at just $8,000 daily. The Puerto Bolivar/Rotterdam coal run recorded a drop with $6.30 agreed this week, and this on a ballaster from the East.
Panama congestion was cited as one of the reasons for a rise in fronthaul rates for October cargoes from the US Gulf with talk of eco-kamsarmaxes fixing now in the mid $13,000 daily range and around $350,000 bonus. There was some talk a higher number was concluded. However, South America rates remained weaker, ships in ballast still enroute and cargo volumes shrinking. A 2012-built kamsarmax fixed at $9,000 daily, plus a $270,000 bonus for delivery Recalada for a trip to the East. Transatlantic activity has been negligible with a charterer securing a 2013-built 81,700-tonner aps St. Lawrence for 1-7 November for a trip to Skaw-Cape Passero at $8,100 daily with no bonus paid.
In the East the early tonnage was in tighter supply with rates holding a steady, particularly for NoPac rounds and with still business to cover. An 82,000-tonner open Kobe fixed at $7,500 daily for a NoPac round while a 75,000-tonner open in Donghae. South Korea went at $6,250 daily for a NoPac round.
A lackluster week with a fair amount of reported fixtures but rates still on a downward spiral for now.
Perhaps with the slight positional increase and tempered optimism on the panamax market rates might start to creep up for the supramax sizes. There was some activity too for ultramaxes with a 63,800-dwt securing $14,500 daily for leg Immingham/Baltic to India, with reports a trip to the East Mediterranean paying $12,000 daily for a slightly smaller 61,330-dwt vessel. A 61,470-dwt and 64,000-dwt both fixed east coast South America to South East Asia respectively Far East at $11,500 daily plus a $150,000 ballast bonus. Another 64,000-dwt covering delivery dop West Africa for trip via east coast South America to the East at $11,000 daily.
For the supramaxes the Christoph S 2011-built 56,770-dwt fixed Iskenderun for trip West Africa with clinker to MUR at $9,500 daily.
The Sandra, a Tess 58, secured $8,500 per day for Canakkale via the Red Sea with redelivery Port Said.
A 45,644-dwt fixed Rouen to the East Mediterranean at $12,250 daily, while for the same destination a 43,706-dwt with delivery Skaw went at $10,300 daily.
In the East, a 63,203-dwt confirmed $8,200 daily delivery Singapore for trip via Indonesia to India.
For slightly longer period the Kmarin Ulsan 63,151-dwt 2014-built fixed delivery China for two to three laden legs at $7,500 daily.
Limited amount of period business was reported this week, although a 57,400-dwt vessel fixed delivery Persian Gulf for 2 to 4 months at $7,500 daily.
Holidays in the East contributed to a quiet week with brokers still awaiting full return to work from the Chinese. The Avra 53,806-dwt covered delivery Singapore for trip back to the Continent at $5,000 daily with other reports 57,000 to 58,000-dwt vessels were fixing in the region of $7,500 to $8,000 levels for business delivery Singapore for trips via Indonesia redelivery India. Next week should see more fixtures concluded.
In the Atlantic the larger size seemed to be holding up better than the smaller end of the scale where spot tonnage in the Americas having to clock up waiting time. Again the larger size prevailed over lesser units, the Orient Accord 2010-built 33,475-dwt fixed basis delivery Savannah 12-15 October redelivery ARA-Ghent range at $7,600. From the West Coast was less positive and it was reported that the Ardennes 2013-built 36,062-dwt was covered basis delivery Matarani prompt redelivery Continent at $5,000 daily.
From the East Mediterranean the Darya Jamuna 2012-built 36,845 fixed basis delivery Canakkale prompt via the Black Sea with West Mediterranean redelivery at approximately $7,750 daily. Some brokers suggested that more enquiry at the end of the week for second half October and were hoping for slightly firmer rates. The rates from the Continent however remained under more downward pressure with brokers suggesting that handysize grain movements to the West Mediterranean were paying mid-teens on voyage basis.
In the East a generally a quiet week with holidays dulling trade. Brokers hoped the market had levelled off and expectations going forward were a touch more positive on a full return to work.
The Shimanami Star 2006-built 28,447-dwt was fixed delivery Singapore for two laden legs redelivery Singapore-Japan at $5,750 daily.
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