Holidays curbed trading as the week drew to a close. This came after a busy week with rates peaking mid-week and easing as the market slowed. The major West Australia shippers were busy but managed to shave some cents off the rate with mid-May levels hovering around $4.20.
An eco182,000-tonner agreed $8,100 daily for delivery Zhoushan for an east coast Australian round while a 2000-built 173,000-tonner fixed at $6,300 daily for similar business.
The Atlantic saw an upturn in activity both for transatlantic rounds and trips to the East. A 169,000-tonner 2010-built open 5-6 May Hamburg went for a Colombian round at a strong $12,000 daily with K-Line – a charterer rumoured to have booked 9 to 10 vessels. The charterer also booked a 2009-built 180,000-tonner for 28 April delivery Rotterdam for a trip via Port Cartier to Japan at $17,000 daily.
Brazil/China cargoes were limited this week, but a regular supply of West Australia cargoes and more activity from Saldanha has reduced the number of ships in ballast. Most expect cargoes shortly but holidays can unnerve some and rates could again slip below $9.00.
Rates drifted lower over the course of the week in the Atlantic. The pressure in the north had been for early ships to fix Baltic or Murmansk cargoes, but much of this has now been absorbed. However, there were few prompt ships still in the market.
A kamsarmax fixed as the week ended for a trip from Eemshaven via Ventspils to the US Gulf with pigiron at $5,500 daily. The US Gulf has been very slow although earlier a 77,000-tonner 2001-built agreed $10,000 daily and a $200,000 bonus for the trip to the East most likely with corn. Further south the pace has eased for South American cargoes with rates slipping to a low of $7,000 daily plus a $200,000 bonus for a 2012-built kamsarmax for a 10-20 May position.
In the East there has been activity as charterers seek cover before holidays with rates ideas reduced. Some owners have bitten the bullet, but others seemed to be prepared to wait for any uptick in South American trading. A 74,000-dwt 2001-built achieved $6,000 daily for spot delivery Tomakomai for a NoPac round with petcoke while an 82,000-tonner open CJK agreed about $5,250 daily for a NoPac round with grains.
The end of the first third of 2016 is upon us and the market is considerably better than most sceptics suggested. The BDI on 28 April finished at 710 – still a significant improvement over the record low of 290 on 10 February. For supramaxes there has been a slight softening for business concluded from east coast South America and sources said the US Gulf might well be topping out. Various holidays and the Greek Easter are likely to slow things down, but owners and brokers were hoping to keep the momentum going. The Far East sector has shown little change.
Period business has again featured this week with a 58,000 tonner securing $9,500 for four to six months delivery US Gulf. Brokers also suggested a Japanese built 53,000-dwt fixed three to five months delivery West Africa at $6,500 daily while an ultramax 61,500-dwt managed to fix again for a West Africa delivery for a longer period of 10 to 12 months at $6,500 daily.
Brokers reported the Moonray 56,812-dwt built 2009 was booked for a trip delivery Antwerp via India redelivery Durban at $8,000 per day. The Nighthawk awoke and found itself fixed for delivery Eleusis for a trip to the US Gulf with cement at $3,800 daily. This week it was alleged a 64,000-dwt was fixed delivery Black Sea for a trip to the PG at $11,250 daily. A 58,680-dwt built 2011 fixed covered delivery Santos for a trip Mediterranean at $9,000 daily. The beginning of the week saw a 58,000-dwt concluded for a trip from Recalada to Mauritius at $10,750 per day while a larger cousin about 61,000-dwt fixed Santos trip south east Asia at $10,250 per day plus a ballast bonus of $120,000 to move a sugar cargo. A 57,000-dwt Dolphin went to the PG delivery South Brazil at $10,500 daily plus a bonus of $110,000.
A couple of reported fixtures with delivery China were reported – one 55,616-dwt trip to Vietnam at $5,000 daily and the other for a trip to Philippines at $4,200 daily. A London controlled 57,000-dwt was linked to a trip PG delivery Kaohsiung at $5,000 per day. A larger vessel of about 63,600-dwt was fixed delivery Fangcheng trip via east coast Australia redelivery east coast India with coal at $6,150 daily. Brokers reported a 55,000-dwt concluded business delivery Port Elizabeth for a trip Singapore-Japan at $9,000 daily. A 58,000-dwt was reported as accepting $4,800 daily for delivery Singapore trip via Australia to China-Korea.
The handy market had a strong week with daily strides forward for the Continent and Mediterranean theatres. Some very strong fixtures were reported and brokers suggested tonnage remained tight. One period report emerged of a 30,420-dwt built 2010 concluded for three to five months delivery Abidjan at $6,200 daily with an Atlantic redelivery.
The Marcolorado 2010-built 33,712-dwt went basis delivery Damietta for a trip redelivery Caribbean at $7,250 daily daily. The Pluto 2014-built 32,092-dwt concluded delivery passing Gibraltar early May trip via Continent redelivery east Mediterranean at $8,500 daily. Another delivery Gibraltar was a 37,000 tonner covering a cargo via Baltic and Red Sea redelivery Port Said at a very high $11,000 daily. One 36,000 tonner fixed delivery Rio Grande for a trip to Morocco at $8,250 daily.
In the Far East a 28,799-dwt secured delivery south China for a trip to the PG at $5,250 daily.
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