Rates dropped in all areas of the market with simply too many ships chasing too few cargoes. One faint glimmer as the week closed as rates steadied from West Australia to China at $4.80-85 from the low this week of $4.55. Forward cargoes were now fixed at the higher number. Timecharter rates also fell with rates around $7,000 daily to $8,000 daily depending on the size and age. Saldanha/China rates were slashed with $7.40 fixed for 25-30 November 170,000 tonnes.
Owners with ships in ballast to Brazil saw rates dropping sharply over the week with Tubarao/Qingdao now in the low $10.00 range. Further north transatlantic rates both voyage and timecharter also took hits with the Bolivar/Rotterdam rates barely holding above $5.00 and around the mid-high $5,000 daily on timecharter.
Ballasters continued to overwhelm the South American market and rates fell. Kamsarmaxes were fixed passing the Cape of Good Hope via east coast South America to the East at $7,000 daily plus a $200,000 bonus but now willing to accept lower. Fronthaul rates for ships open Gibraltar-Skaw were now under $10,000 daily particularly for cargoes from the Continent to the East. There was limited transatlantic with much of the business confined to voyage cargoes from the US Gulf or US east coast to the Continent that show very poor timecharter returns. EdF reportedly fixed a Newport News/Rotterdam cargo at low $5.60.
In the East, charterers easily secured tonnage on an aps basis with rates from Indonesia to India sharply lower. A 75,000 tonner accepted around the mid $4,000s daily range plus a $48,000 bonus on this run. A 78,000 tonner open Niihama agreed aps Newcastle for a trip to Japan at $4,500 daily plus a $160,000 bonus.
A dull week with a continued downward trend on all sizes and all trades. Hardly any period business has been discussed.
Many brokers were enjoying some days away from the market in Hamburg for the yearly Eisbein festival but worries persisted that there would be no marked improvement for the rest of 2015.
This week saw a fair amount of reported fixtures with rates showing a decrease over last done.
A 58,707 dwt fixed $10,000 delivery Canakkale trip Bangladesh and somewhat less paid for the Black Sea/US Gulf route which witnessed a lowly $2,900 per day on a 55,783-dwt vessel. A similar size accepted $9,500 daily for Turkey to Persian Gulf. The run from Sweden to Turkey this week saw $8,000 daily paid for a 53,827 dwt vessel. The Alicia 2012 built 63,351 dwt fixed delivery Casablanca trip west coast Canada at $8,000 daily.
East coast south America paid $10,250 daily plus $125,000 for Red Sea to a Tess 58, a 61,000 dwt covered to Far East $11,500 daily plus $150,000 and a 57,000 dwt taking $8,500 plus $210,000 for China. Meanwhile a 52,347 dwt agreed $9,400 daily to the Mediterranean.
Early in the week the Far eastern markets produced a few fixtures within the mid-range handymax sizes with a 46,211 dwt covering $5,700 daily for CJK/west coast central America and the Sideraki 2002 built 46,673 dwt CJK/west coast India at $6,000 per day.
The end of the week had a 53,000 dwt taking $3,000 per day for delivery Singapore trip via Indonesia to China. China to west coast India paid $5,500 daily for a 56,453 dwt while a 56,841 dwt fixed the same route but delivery Muara Berau at $6,250.
A fertilizer cargo from Fujairah on a 57,609 dwt built 2015 was fixed for trip to Australia at $6,750 to one of the major grain houses.
Many owners complained of spot vessels and failing on subjects. A 28,186 dwt vessel managed to fix delivery Skaw for a trip via Baltic to east Mediterranean at $7,000 daily and a 32,282 dwt ship fixed delivery Continent for a trip to the US Gulf at $4,850 per day, whilst Novorossiysk deliveries paid $5,200 and $4,500 for 33,000 tonners for east Mediterranean and Egypt redelivery respectively.
Far East levels tended to be around the $3,750/$4,250 daily to keep ships in the area. Singapore to India paying slightly more at $6,100 for one reported deal this week on the aptly named Dream Catcher, 29,142 dwt built 2009. Owners’ dreams of catching a good piece of lucrative business were unlikely to become reality in the run up to Christmas.
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