Simply too many ships with rates again falling in the Pacific and Atlantic basins. Bunker values paid a part in the drop and this in spite of considerable activity from all the major players in West Australia. Here rates dropped below $5.00 with the West Australia/China rate at $4.70 – and that after six to eight ships were fixed just on Thursday.
Timecharter rates were mixed with the eco vessels still seeing reasonable numbers with the 179,000 dwt 2015 built Ioannis P fixing from Jintang 21 June for an Australian round at $8,350 daily with Panocean.
Saldanha/China rates were hovering round the mid $6.00 range but with very little fresh reported fixed. From Brazil rates dropped, with Vale allegedly fixing a 5 July cancelling 170,000 tonne 10% cargo from Tubarao to Qingdao at $8.60 – a drop of 30cents in less than a day.
There had been some expectation of better numbers further north with owners showing some resistance earlier in the week but a 181,000 tonner open Ijmuiden prompt was rumoured booked for a quick Narvik/Continent run in the low-mid $5,000s.
Transaltantic rates came under pressure as post panamaxes discounted rates to fix with one vessel open Continent for a US Gulf or east coast South American round at $3,000 daily. There remained the expectation of fresh activity from the US Gulf, but this remained piecemeal. The focus remained on east coast South America but July cargoes were still slow to emerge and most remained cautious. Rates varied depending on the vessels’ descriptions but rates averaged around the low $7,000s and low $200,000s for trips to Singapore-Japan.
In the East, trading has been busier and owners were trying to resist charterers’ attempts to fix on an aps basis.
A 76,000 tonner open ex drydock Tsuneishi fixed for a NoPac round with grain at $4,000 daily.
There was at least some period activity and rumours of a 79,000 tonner 2011 built fixed for prompt delivery Tianjin for a year at $5,500 daily while short period rates were nearer $5,000 daily.
With the European shipping players having one eye on TV screens instead of their computers there have been quiet periods this week. The east coast South America market has shown a daily gradual increase this week for the supra and ultramax sizes. The Asian market has also witnessed a daily increase, all be it minimal for the handysizes. The rest of the routes have had mixed days but the tendency was for a slight dip in rates. There was talk about period business but mainly for short, a 57,0000 dwt covered delivery US Gulf for three to five months redelivery worldwide at $9,200 daily. A 53,000 dwt built 2002 concluded two to three laden legs delivery West Australia at $6,200 daily with redelivery Atlantic.
Brokers reported various fixtures from East coast South America including one ultramax size fixed $11,500 plus $130,000 for a trip to Chittagong. Another sailed further east at $9,500 plus $95,000 ballast bonus and for the same business one more achieved the identical daily hire but with a $150,000 ballast bonus. A Morocco trip New Zealand was reported at $9,250 with a 2009 built 58,792 dwt vessel. The usual scrap run from Baltic to the eastern Mediterranean went at $8,000 daily with a 55,582 dwt ship, built 2009.
A 61,000 tonner covered delivery Singapore trip via Indonesia to West coast India at $6,250 daily and a 56 secured delivery CJK for a trip via Philippines to China with nickel ore at $5,500 daily. There were a few other nickel ore fixtures this week all around a similar level. The run from China to East Africa paid $4,000 daily for the first 60 days and $5,500 for the balance. A well described new Japanese built 60,155 dwt fixed for a NoPac round voyage at $6,000 daily.
The smaller cousins leaked a few extra reports this week and long may it continue. A 33,000 tonner was linked to a trip from Skaw to Egypt at $6,100 and a 28,000 tonner secured a trip to the Persian Gulf with a Gibraltar delivery via the Continent at $7,250 daily. Other fixtures included a run from the Continent to Morocco at $4,250 and Skaw via Baltic to Mediterranean at $4,000. Brazil was a source for a few fixtures including a 35,000 dwt taking $5,750 daily for a trip to the Adriatic and another 28,000 tonner, this time to the Continent, at $4,750 daily with a pig iron cargo. Brokers reported a 32,000 dwt achieved $3,250 daily for delivery Canakkale via the Baltic to Mediterranean.
In Asia, a 33,000 dwt was linked to a trip delivery Japan for steels into India at $6,250 daily, little else was fully reported.
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