Rates recovered as the week drew to a close, with this evident from Brazil and West Australia. Rumours dominated Brazil trading with the picture largely unclear, but rates were hovering around the mid $14.00s for end June-early July dates from Tubarao to Qingdao and claims of timecharter done equating to nearer the mid $15.00s. Vale has been fixing but again details were sketchy with claims today that fresh business was concluded. Certainly, an early July cargo was booked at $14.40. Although the list of ships in the north Atlantic remained limited so did cargoes and transatlantic trading was especially slow. In the east, the West Australia/China rate recovered with business concluded in the low $6.00s range for 1-10 June positions having dropped mid-week to $5.80. Despite that, there were still some good timecharter rates paid for well performing ships, with a 2012-built 180,000-tonner fixed for south China delivery end May for a West Australian round at $15,750 daily.
Rates from east coast South America came under pressure, with the pace of inquiry slowing and charterers comfortably fixing first half June cargoes at lower rates. Rates for kamsarmaxes dropped to around $10,000 daily plus a $400,000 bonus with talk of an overaged 74,000-tonner close to fixing at $8,500 daily plus a $350,000 bonus. Transatlantic rates also came under pressure, there has been some activity and several ships fixed but this has yet to be reflected in rates and possibly a floor has been reached. A 76,000-tonner fixed from Ijmuiden for a Riga/Ijmuiden run at $6.500 daily. A kamsarmax open Hamburg 23 May onwards agreed $6,300 daily for a trip via Itacoatiara with Skaw-Gibraltar redelivery at $6,300 daily.
Falling South American rates stalled some owners from heading off in ballast and in turn struggled to achieve last done for rounds in the east. NoPac activity was limited, with rates struggling to hold around the mid-$8,000s for Kamsarmaxes and considerably less for Panamaxes.
An uninspiring week across all routes. At the beginning of the week, the Asian routes did buck the trend but this was very short lived and further declines were seen. Period activity remained limited although a 63,500-dwt 2016-built was reported fixed basis delivery Far East for August dates at $10,250 daily redelivery worldwide. Short period included a 55,000-dwt rumoured covered basis delivery Mesaieed for three to five months in the mid $8,000s.
A quiet time currently from east coast South America. A 63,600-dwt 2016-built was reported fixed delivery Santos for a trip redelivery PMO-Japan at $12,000 daily, plus $200,000 ballast bonus. Transatlantic activity again remained very slow, with a 56,600-dwt 2011-built having been fixed for a quick sugar run delivery Santos redelivery Algeria at close to $9,000 daily. From the Mediterranean, a 63,000-dwt fixed at $11,000 for a trip from Djen Djen redelivery West Africa at $11,000 daily. A 56,000-dwt was booked at the beginning of the week delivery east Mediterranean for a quick trip with steels redelivery Singapore-Japan at close to $17,000 daily.
Asia remained in negative territory and a 55,600-dwt open Surabaya was fixed for a trip via Indonesia to west coast India at $8,750 daily and a 53,000-dwt open south China went for a trip via Indonesia redelivery Thailand at $6,000 daily. From south east Asia, a 56,900-dwt was fixed basis delivery Manila, for a trip via Philippines redelivery China with nickel ore at $9,750 daily. On the NoPac routes, a 60,600-dwt 2016-built delivery Xingang went for a round redelivery south east Asia at $8,000 daily.
With the exception of the US Gulf market, all indices dropped this week and it proved to be a very quiet week for reported fixtures. It appeared to be softening from the Continent, while east coast South America was expected to head down for a week or two, with presently very little new business coming on the market. Asia was reported to be very flat for now, with no real direction or information being released.
The Global Passion 2011-built 33,686-dwt was reported concluded for a trip delivery Kaliningrad 24-28 May with scrap to Turkey at $11,000. Sources leaked the Master 1997-built 24,112-dwt fixed to Oldendorff at $11,250 dop Continent for a trip via the Baltic to east coast India. A 35,000 tonner achieved in the region of $7,250-7,500 for a trip from the Baltic to the US Gulf.
A 34,700-dwt vessel was reported to have concluded for a trip delivery Constanza with grains to north France/Continent at about $7,700 daily. The CMB Paule 2011-built 33,717-dwt was linked to a piece of business basis delivery Aliaga for a trip to the Mississippi River at $6,500 for the first 40 days and the balance at $8,000. There was a rumour that a 35,000-tonner was taken for a trip delivery US Gulf to the western Mediterranean at approximately $9,500 daily.
From east coast South America, a 32,000-dwt was reported fixed for a coastal run at $7,000 daily.
Cargill was reported as fixing the Federal Swift 2012 37,140-dwt at $9,250 aps Recalada for a trip to Egypt while the Dora Oldendorff 2010-built 33,100-dwt went to an undisclosed charterer at $9,875 delivery Recalada for upriver to the Egyptian Mediterranean with grain.
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