Tuesday, October 14, 2008
TNT Dry Freight Review - 14 October 2008
PANAMAX
=======
The BPI dropped another 10% today as continued pressure beat the
market down. The global credit crisis and a deep fear in the market
indicate that this will be a long depression. The question that
worries owners is how deep the hole will be.
The obo Bonnie Smithwick, 83,155-dwt 1993-built open Wilhelmshaven
16-17 October was rumoured booked in some sort of package agreement
but a rate that equated to $13,000 daily.
GMI booked the Perla Bulker, 75,884-dwt 2007-built from Amsterdam
16-18 October for a trip from the US east coast to Brazil at just
$7,500 daily ~ but this was viewed as a positional run.
The 74,750-dwt 2001-built Angelic Grace open Ijmuiden 21 October went
on subjects, but not for the Baumarine business as some suggested.
Bunge reportedly took a vessel open Quebec for delivery Ponta Da
Madeira for a trip Spain at just $10,000 daily plus an undisclosed
ballast bonus.
Cargill took the United relet Sorrento, 76,633-dwt 2004-built from
Santos 25-28 October for a trip to Skaw-Cape Passero at just $9,000
daily plus a $400,000 bonus. It was not clear if this was just for
grain as the charterer has been taking Panamax tonnage for sugar from
Brazil.
Louis Dreyfus took the Ostria S, 73,700-dwt 2008-built for a Ponta da
Madeira to Ternuezen and Ghent, but a rate not disclosed.
The Jiu Long Feng, 73,842-dwt 2002-built open US east coast fixed on
private terms for a trip to the UK-Continent or Mediterranean.
Vale was said to have taken tonnage for a Guaiba/Rotterdam, but little
else emerged.
The Esna, 71,598-dwt 1998-built open Tilbury 18-25 October went on
subjects, but little else emerged.
Clipper fixed and failed with the 76,801-dwt 2004-built Belo Horizonte
open 20-24 October Boston for a St.Lawrence/Continent run, but a rate
was not reported.
Also, Baumarine booked tonnage for a Newport News/Lulea cargo at
$10,000 daily. In Asia, rates dropped after the Padre, 73,604-dwt
2004-built went for 20-30 October delivery Kushiro, NoPac round with
Noble at a very low $7,000 daily.
The 75,597-dwt 2002-built Red Seto open Kaohsiung 17-18 October went
for an Australian round at $8,000 daily, but a charterer was not
reported.
There had been talk that the 75,121-dwt 2001-built Archon open Mailaio
20-25 October went to North China Shipping for an Indonesia/China run
at $9,750 daily, but others said the ship remained in the market.
Norden was rumoured close to fixing a cargo from Indonesia to Hong
Kong, but a rate was not reported.
The Rizhao Steel relet Barito, 73,006-dwt 1996-built open Hong Kong 25
October fixed with delivery Indonesia for a trip to India at $10,000
daily with Armada.
However Morgan Stanley did concede $12,000 daily to the 74,000-dwt
2000-built Tian Bai Feng for a trip via Indonesia to India.
Mittal was rumoured to have booked tonnage for a 70,000-tonne 10% coal
cargo from Rizhao to Gijon for 20-30 October shipment at $20.00, but
the business failed.
The Felicia, 72,456-dwt 1997-built open Mizushima spot went on
subjects ~ some brokers said for a backhaul, but little else emerged.
The Medi Baltimore, 76,290-dwt 2005-built open Singapore 26 October
went for a round as did the 69,043-dwt 1991-built Yu Lan Hai open 20
October Lumut.
CAPESIZE
========
"You know what I'm going to say" said one broker with news of even
lower rates today. Some limited fixing happened at values just half
what was seen just last week.
North China Shipping secured the Shen Yang Oriental steel mill tender
to move a November 160,000-tonne 10% ore cargo from Esperance to
Qingdao at just $8.00 basis cqd discharge.
Earlier BHP Billiton booked the 1996-built RZS Fortune for a 10-20
November 160,000-tonne 10% coal cargo from Hay Point to Rotterdam at
$18.50 or Taranto at $16.50.
The 206,000-dwt 2007-built Baosteel Evolution open Beilun 27 October
fixed, but others said the ship was nominated to FMG for Glory
Wealth's coa cargo.
There had been talk that Carbofer booked tonnage for a Richards
Bay/Rotterdam cargo at $11.50, but the charterer was said to be still
in the market.
The Atlantic remained a desert for the big ships with very little
trade from Brazil.
An undisclosed charterer booked the 174,142-dwt 2007-built Ocean
Commander for a transatlantic round with 20 October delivery Ijmuiden
at just $10,000 daily. However some said the
Hyundai Merchant Marine allegedly booked tonnage for an Ubu/Cigading
cargo around $13.50.
The 151,227-dwt 1990-built Trinity Bulk open 30 October-5 November
Cape Passero went for a trip to the east possibly with a Chinese Steel
Mill, but little else surfaced.
There had been talk that the 1989-built 134,965-dwt Grand Spartounta,
open Rotterdam 5-15 November went for three years trading to Hanjin at
$28,000 daily, but this was discounted and the ship remained in the
market.
HANDY/SUPRAMAX
==============
Still a very negative market for the Atlantic Handy sector, with
owners trying desperately to stabilize rates, but they and charterers
are still far apart. Even the lower rates were hard to come by for
owners
In addition the Shou Ning Hai 45,100-dwt built 1985, open Jeddah
spot, fixed a trip via the eastern Mediterranean with steels to the
Persian Gulf around $6,000 daily.
The 17-year old Tilos 52,360-dwt built 1991 ballasted from India to
give delivery West Africa end October for a short trip to the Black
Sea at $8,000 daily. Further east, there were rumours Oldendorff
took a Supramax type for a Pacific round voyage said to be at an
appreciably lower $9,000 daily.
Period levels have also suffered hardly surprising given the current
climate, with reports the Josco Nanjing 49,300-dwt built 2003, open
Red Sea end October, went to Clipper for a years trading at $13,500
daily.
There was also talk that a European charterer took the Tai Hawk
52,600-dwt built 2005, open China mid-end October, for a year at
$15,000 daily.
A Supramax type was rumoured to be trading a trip from west coast
India to China in the high teens.
There was little joy in the Atlantic, but tentatively some talked of a
little more interest for handysize tonnage, brokers said. The US Gulf
remained thin as did South America, but there was just a touch more
inquiry from the Continent
In the US Gulf, there was talk that a Tess 52 was reported on subjects
for a trip to the Mediterranean at $20,000 daily.
There was a report that the Mediterranean I.D., 28,475-dwt 1994-built
open Lake Charles 27-28 October was said to have fixed a trip to west
coast South America, but a rate was not reported.
There was a report that the Beihai, 45,000-dwt 1995-built Barcelona 25
October was rumoured fixed for 4 to 6 months trading at $15,000 daily.
The Atlas Amelia, 41,515-dwt 1997-built open Alexandria 17-19
October reportedly fixed, but little else emerged. The Black
Sea/eastern Mediterranean not particularly in great shape continued to
draw in ships from the Indian Ocean.
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