The Baltic BDI fell to the lowest figure ever – 471 – on Wednesday 16 December having peaked at 11,612 on 6 June 2008.
Owners/operators appeared to have surrendered and prepared to take rates simply to obtain cover over the holiday period. The West Australia/China rate dropped to $3.20 as the week closed out – but this was still above the lowest rate recorded in June 1999 of $2.82.The Saldanha/China route saw rates drop to $5.05. Timecharter rates in the East too slumped to little more than $3,000 daily for Australian rounds.
Charterers with Brazil cargoes found ballasters from the East with Vale booking for 15-25 January at $7.25 and allegedly charterers talking under $6.00 for earlier January positions.
Further north, there was more transatlantic activity but rates remained mixed. Cargill earlier booked a 180,000 tonner from Cape Passero 17-19 December for a transatlantic round at $6,500 daily, but today some talked of voyage rates showing better timecharter equivalents. A Puerto Bolivar/Rotterdam cargo fixed at $5.25.
A busier Atlantic market with some steadiness but still at very low rates. More activity was evident from east coast South America to the East with improved rates paid including a 77,000 tonner fixing Paranagua to the East at $5,750 daily plus a $315,000 bonus. There was reportedly also fresh business from the US Gulf to the East, but so far little new reported fixed, but charterers were still aiming to repeat $9,000 daily plus a $95,000 bonus. A kamsarmax allegedly agreed $7,000 daily from Gibraltar for a trip via the US Gulf to the East at $7,000 daily. Transatlantic rates were mixed with voyage rates still low as one charterer secured tonnage for a Kamsar/Aughinish cargo at $5.00. The post panamaxes continued to face harsh trading conditions with a grain charterer taking a 93,000 tonner at just $3,350 daily for a trip from the US Gulf to the Continent.
In the East there was a touch more cargo in the market but again the objective appeared to be covered for business over the holidays. A market remaining largely aps with grain clean 74,000 tonners managing around $4,000 or low $4,000s daily plus a $100,000 bonus plus a touch more. Backhaul activity was limited but there seemed to be some interest for vessels to move steels from north China to the Mediterranean with rates close to $1,500 daily for the first 65 days.
Period trading this week was virtually non-existent with the exception of a 49,000 dwt fixing delivery China for two to four months at $4,750 daily. It appeared very little being negotiated currently within the handy/supramax sizes for any longer term deals.
Spot supramax business had an active week but very little upturn for owners.
The US Gulf to eastern Mediterranean run paid $8,000 daily on a 56,600-dwt vessel. For the larger sizes, an ultramax 61,321 dwt fixed $8,700 daily for trip east Mediterranean. A 56,000 dwt concluded business from the US Gulf to north Brazil at $6,000 daily while a Tess 52 covered Recalada trip to Bejaia with a grain house at $5,750 daily. Another Tess 52 fixed Greece to the US Gulf at $2,000 daily.
A 53,463 dwt fixed Black Sea to Caribbean at $2,000 daily for first 53 days and $5,900 for balance. The Ionic 58,923 dwt secured $3,000 per day first 45 days with balance at $6,500 for leg Continent to Brazil.
China to India run this week went at $5,700 per day on a 56,594 dwt vessel and a similar sized fixed delivery Singapore for a trip via Indonesia to west coast India/Pakistan at $7,250 daily.
A 50,209 dwt also fixed delivery Singapore but for a trip to east coast India/Bangladesh at $6,700 daily. Beira to east coast India saw $7,000 daily paid to a 55,304 dwt.
The handysize market released various fixtures this week but overall brokers are still marking most routes down.
Canakkale/Black Sea to Egyptian Mediterranean fixed at $4,500 daily for a 34,000 dwt. Going further afield to USEC-NC South America a 33,694 dwt fixed $3,250 with delivery also in Canakkale. Continent to Tunisia with another grain cargo concluded at $6,250 daily with a 30,927 dwt vessel. The US Gulf/Continent market this week paid $6,750 daily with the larger 38,800 dwt size.
In the East a 32,000 dwt 2012 built secured $4,700 daily with delivery Singapore trip China. A 35,531 dwt fixed $5,000 daily for trip north China to Japan.
There will probably be thin pickings in the last working week before 2016.
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