More holidays this week and the UK-US & Chinese holidays in the early part of next week have largely curtailed activity and kept a check on rates. The Tubarao/Qingdao rate dipped below $14.00 with some early ships still feeling the pressure, but business has been done for 1-10 July at $14.30 and charterers/owners at $14.00 versus $14.50. There has been little activity further north, both front haul and transatlantic. Voyage rates agreed mid-week allegedly equated to rates near the mid $20,000s daily, little was fixed on key routes such as Puerto Bolivar/Rotterdam with owners still pushing for the high $6.00s but charterers there at considerable lower levels. A 2016-built 181,000-tonner agreed 5-10 June delivery Ponta Da Madeira for a run to Turkey with Cape Passero redelivery at $12,000 daily plus a $325,000 bonus that allegedly equated to around the low $12,000s daily basis Rotterdam. In the east, the West Australia/China dipped below $6.00 but regained some ground finishing the week in the low $6.00s. Timecharter rates remained above the equivalent voyage and varied widely on ships description but a 176,900-tonner 2006-built fixed from Baoshan for a Richards Bay/Taiwan at $12,500 daily. Despite the uncertain spot market, period rates were well supported with a 182,000-tonner open China fixing for up to a year in the mid $15,000s daily.
South American rates remained under pressure for early positions and owners with early June ships chased rates lower. A 10-year old 81,000-tonner allegedly went at $8,700 daily plus a $360,000 bonus to a grain house. There was said to business for latter positions and so far, fewer ships enroute as owners/operators in the east think twice about ballasting. Further north, rates have steadied but here too trading has been slow with round voyage rates barely in the high $5,000s for Panamaxes and mid $6,000s for Kamsarmaxes. Asian rates remained at low levels despite activity fixing but overall a lack of grain cargo in the north Pacific and falling South American rates has undermined values. An 84,000-tonner open Matsushima end May was reported fixed for a NoPac round in the low $7,000s daily. Period fixing included an 81,000-tonner 2013-built fixing from Dalian for 14 to 17 months trading at just $9,000 daily with a grain house. A 13-year old 74,400-tonner fixed from Fangcheng for five to seven months trading at $7,250 daily.
It was a difficult week for Supramax vessels as the downward trend continued on all routes and areas. The holidays at the end of the week and early next week were likely to stall any possible recovery. One period fixture was reported on a 60,000-dwt 2015-built open near Singapore at $9,500 daily for about five to eight months with worldwide redelivery.
From east coast South America, a 61,000-dwt 2010-built delivery Recalada was fixed for a trip to the Philippines at $12,000 daily plus a ballast bonus of $175,000. A smaller-sized was fixed to Egypt at $9,500 daily with the same delivery. A 57,000-dwt 2011-built was paid $14,500 daily delivery the US Gulf for a trip to the Mediterranean. A trip with scrap from the Baltic to Turkey paid at low $12,000 per day on a 60,000-dwt and steel trips from Turkey via the Black Sea to west Africa was reported at a rate in the low $9,000 daily.
Vessels open in north China struggled with few fresh cargoes quoted but better weather in the Philippines enabled nickel ore fixing with ships equipped for the business seeing rates between $6,500 to $7,000 daily for a round trip. A NoPac trip was fixed on a 58,000-dwt open Busan at $6,750 daily redelivery Singapore-Japan range. A 56,000-dwt 2012-built was booked for a steel run at $7,000 daily basis Qingdao to Southeast Asia. Two more 56,000-dwt vessels were fixed at $7,500 daily delivery Singapore and $8,500 delivery Indonesia to Thailand and China respectively.
Another negative week for the Indices, with minimal amount of new business hitting the screens. The US Gulf seemed to have hit its peak and has seen levels start to tumble. With a holiday this week and more next week any upturn in the near future would seem unlikely.
A 30,810-dwt vessel accepted $8,250 for a grain cargo delivery Skaw to Spain. The Faith 2011-built 35,300-dwt fixed a trip to the US Gulf with delivery Continent at $7,000 daily with steels. It was reported from the US Gulf that a 32,500-tonner achieved $14,000 per day for a trip around to west coast Central America while a similar sized was covered at $12,750 for a trip to Peru-Buenaventura.
There was a report the Inoi 2010-built 32,301-dwt fixed at $8,000 per day basis delivery US Gulf to Algeria with grains.
A 34,356-dwt was linked to a grain house for a trip basis aps Recalada end May for a trip to Morocco at $9,000 per day. Another similar sized vessel was linked to a fixture delivery Santos to Morocco at $9,000 daily. The Irmgard 2012-built 38,167-dwt was concluded for a trip delivery aps Paranagua spot to ARA-Ghent at $7,700 and the Interlink Probity 2015 38,635-dwt open Maceio 26 May was said fixed for a trip via North Brazil to Norway at around $10,500 daily.
Very little emerged from the Asian sector although some brokers suggested owners were trying push levels forward, but so far charterers had the upper hand. A 37,000-dwt was fixed for a trip to India at $8,000 daily basis east Kalimantan delivery. A 35,000-dwt open west coast India was covered for a trip to Persian Gulf at $7,500 daily.
For daily dry bulk assessments from the Baltic Exchange please visit www.balticexchange.com/market-information/