A slippery end to the week as rates dropped in most areas. Rates from West Australia to China slipped to $6.50 for 10-11 December from $7.00 at the start of the week. Timecharter rates dropped with levels now at little more than the low teens. A 2011 built 180,000 dwt open Nantong fixed an East Coast Australia round at $14,000 daily. Saldanha/Qingdao rates also came of the highs with sources suggesting the next done will likely be around the mid $9.00s. The pace slowed from Brazil although as the week closed out Vale took a couple of ships booking the 2010 built 169,092 dwt Cape Spencer from Tubarao eta 12 November for China at Thursday’s C3 assessment of $12.725. The charter also took the Phaethon relet Anangel Conqueror 2012 built 179,719 dwt on the same run and most likely at Index. Rates also fell for cargoes from Brazil to the Continent with a second half December 160,000 tonne 10% cargo fixed from Sepetiba to Rotterdam at an easier $7.80. Rates from Bolivar to Rotterdam fell to the low $9.00s and front haul rates were now nearer the low $20,000s daily range.
Tonnage remained tight for early ships from the Continent, consequently rates for short Baltic round voyages ranged from the upper teens to the mid $20,000s daily. Front haul trading slowed but rates when reported still remained at healthy numbers hovering in the mid upper teens. A 2016 built kamsarmax due end of the month Cape of Good Hope fixed for a trip via east coast South America to the East at $10,000 daily plus a $450,000 bonus or via the US Gulf at $9,750 daily and the same bonus.
In the East, rates held fairly steady for most of the week although there seemed less urgency to fix NoPac cargoes and some owners/operators could start competing for cargoes further south putting pressure on rates. A 2002 built 77,000 tonner open Taixing prompt fixed for a NoPac/China run around $7,600 daily although some put the rate a touch higher. A 16-year old 75,000 tonner open Singapore fixed a trip via Indonesia to South Korea at $10,000 daily.
An overall positive moving week with rates rising on nearly all routes on both sides. The US Gulf remained strong with tight tonnage list seen in the area. The market in the East improved further at the beginning of the week but started to slow down towards the weekend.
$20,000 daily was reportedly fixed on a 2013 built 58,000 dwt open US east coast for a trip to the Continent. A 2012 built 56,000 dwt managed to get covered for loading via US Gulf to east Mediterranean at $10,500 daily basis delivery Bejaia. A 2002 built 52,000 dwt delivery SW Pass was taken for a grain trip to the Far East at $17,200 daily. A 4-year old ultramax delivery Rotterdam was fixed at $15,000 daily for a scrap trip to the Mediterranean. Similar level was also reported on a smaller-sized opening Liverpool.
In the Pacific, iron ore runs via east coast India to China had been active this week. Supramaxes of 56,000 and 57,000 dwt were both paid mid $5,000s basis delivery Haldia and Chittagang on such move. A Tess 58-type was fixed at $7,000 daily basis Singapore for a standard coal trip via Indonesia to Thailand. A 2012 built 56,000-dwt open Hong Kong was covered at $6,500 daily for the same loading to China. There were fixtures of steels to Southeast Asia achieving rates in the mid $5,000s basis CJK or north China opening. A 2016 built ultramax delivery in Japan was fixed at $7,800 daily for a NoPac round back to South Korea.
A touch more period activities were reported with some of them redelivery in the Atlantic only. A 2013 built 56,000 dwt open Paranagua was booked for a three to six month period at $10,000 per day with Atlantic redelivery. A 2016 built 63,000-dwt delivery from shipyard in Japan was covered for seven to 11 months at $7,000 daily with worldwide redelivery. A 2008 built 53,000 dwt open in the Persian Gulf was paid at $6,750 daily for four to seven months also redelivery worldwide.
A very active week and major gains on the four Atlantic indices. Every fixture seemed to be an improvement on last done. Asia was not doing as well and brokers could not see an immediate improvement. The Atlantic Indices on Thursday reached the high so far this year. In February the BHSI stood at 183 and closed 24 November at 512. The highest so far for the Asian routes were recorded at the end of September. On the period front it was revealed a 33,695 dwt accepted $10,500 per day fixed delivery Cuba for four to six months timecharter. A similar sized vessel was acquired for the same length of period basis delivery Liverpool at $8,000 per day.
This week the usual scrap cargo from Continent to Turkey was covered at $12,400 per day with a 37,000 tonner. Early in the week a fertiliser cargo moved from the UK via the Baltic to Brazil at $7,100 daily. The St Peter 32,688 dwt concluded a trip delivery Canakkale trip via the Black Sea and Red Sea with redelivery Port Said at $8,000 daily.
Brokers reported the Alpha Praxis 2004 built 33,745 dwt was covered delivery Houston end November for a trip to Turkey with petcoke at $15,250 daily.
A 36,800 dwt vessel was taken delivery Brazil trip to West Africa at $15,000 daily.
In Asia a 35,000 tonner fixed delivery Indonesia for a trip via Australia for coastal business redelivery Australia at $4,500 daily. Sources advised a 2012 built 34,000 dwt was fixed delivery Persian Gulf for a trip redelivery Red Sea at $7,150 daily.
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