Friday, October 17, 2008
TNT Dry Freight Review - 17 October 2008
PANAMAX
=======
"God-awful" was a description applied to the market, as the Panamax
sector finally closed the week. In both basins rates were still being
pushed down and owners literally don't know which way to turn. In the
Atlantic, trans-Atlantic rounds are being talked under $8,000 daily,
while a trip out USG/China was done at $14,000 daily - both for modern
tonnage. In the Pacific basin, short period business continued to see
premiums over spot business, but the rates were still quite low.
Trips to the Middle East also received premiums, since once there,
owners will likely be stuck or have to ballast away due to the dearth
of inquiry. A trip back to the Atlantic was reported done at $6,000
daily for a 2003-built vessel. The Baltic Panamax index fell 76 to
1110.
For Atlantic Panamax business, Alfred C. Toepfer reportedly fixed the
1995-built 71,122 dwt Jag Arnav with spot delivery passing Canakkale
for a trip via the Black Sea and redelivery in the Middle East at
$15,000 daily.
Louis Dreyfus was linked with the 2002-built 74,100 dwt Africa Graeca
with October 15 delivery retro-Cape Passero for a trip via the US Gulf
and redelivery China at $14,000 daily.
The 1997-built 72,416 dwt Ocean Pride went to Windrose with October
18-20 delivery Cape Passero for a trip with 1-2 laden legs, first leg
Vitoria/River Plate, with redelivery in the Atlantic at $11,000 daily.
Essent was the charterer of the 1996-built 70,293 dwt Peoria with
October 19-21 delivery El Ferrol for a trip via the US Gulf and
redelivery on the Continent (intention coal) at $10,600 daily.
Cargill fixed and failed with the 2008-built 83,690 dwt Medi Sentosa
with October 16-18 delivery Cape Passero for a trip via Ponta Da
Madeira and redelivery Skaw-Cape Passero at $8,250 daily.
In period business, Deiulemar agreed $18,000 daily for the 2007-built
73,593 dwt Corona with November 01-10 delivery Skaw-Cape Passero for
5-7 months trading and redelivery worldwide at $18,000 daily.
>From the Pacific, E-Ships was linked with the 2005-built 76,631 dwt
Ariana with October 28-31 delivery Taiwan for a trip via Bunbury and
redelivery Bahrain at $13,000 daily.
The 2005-built 76,294 dwt Red Gardenia fixed to STX Pan Ocean with
prompt delivery north China for a trip via the Persian Gulf and
redelivery passing Muscat outbound (intention clinker) at $12,000
daily.
The same charterer also took the 1993-built 70,749 dwt Birthday with
October 20-25 delivery Shanghai for a trip via NoPac and redelivery in
the Far East at $6,000 daily.
EDF was the charterer of the 2003-built 75,834 dwt Navios Cielo with
October 25-27 delivery Longkou for a trip via north China and
redelivery on the Continent at $6,000 daily.
The 1993-built 73,350 dwt Maritime Dignity has gone to Solebay with
October 22-31 delivery Pipavav for a trip with redelivery China at
$6,750 daily.
The 1996-built 73,201 dwt Global Challenger went to Daewoo with
October 23-25 delivery ex-drydock Shanghai for a trip via NoPac and
redelivery Singapore-Japan range at $8,000 daily.
Brownstone proved to be the charterer of the 1995-built 70,677 dwt
Royal Ocean with October 17-22 delivery passing Muscat outbound for a
trip via west coast India and redelivery China at $4,000 daily.
Cargill reportedly fixed and failed with the 1994-built 69,271 dwt
Joyous Age with October 23-27 delivery Hachinoe for a trip via NoPac
and redelivery in the Far East at $6,500 daily.
In voyage business, Taipower fixed four Alpha TBN's vessels with coal
cargoes from Australia. The charterer has 80,000 tons 10% coal
loading December 07-20 from Newcastle to Taiwan at $11.98; 70,000 tons
10% coal loading November 20-December 03 from Abbot Point to Taiwan at
$9.47; another 70,000 tons 10% coal loading December 05-15 from
Gladstone to Taiwan at $10.25; and finally, 70,000 tons 10% coal for
the same dates from Gladstone to Taiwan at $10.27.
Pacific period business heard that the 2005-built 75,348 dwt Spitha
reportedly fixed with GMI for October 22-30 delivery Shibushi for 4-6
months trading and redelivery worldwide at $14,000 daily.
Atlas Bulk Shipping has taken the 2002-built 76,015 dwt Fu May with
October 18-24 delivery Xinsha for 2-3 months trading, first leg
clinker from Kosichang to the Persian Gulf, with redelivery worldwide
at $12,000 daily.
CAPESIZE
========
The Capesize market closed the week with most owners and brokers weak
with relief that it was finally over. Rates and indices plummeted,
with no recovery in sight. Industrial Carriers, a bulk carrier
company with about 50 ships on charter has become the first official
victim of the current market turmoil. The firm has filed for
bankruptcy in Greece. The knock-on effect could be considerable as
these vessels are redelivered early, plus the potential redeliveries
from others in a similar situation. There were said to be a few new
cargoes and some covered from South America, but details have yet to
emerge. Some charterers have moved back into the market to pick up
bargain-basement rates. The Baltic Capesize index dropped 66 to 1776
today.
The 2007-built 177,926 dwt Cosbulk-relet Madeira fixed to Classic
Maritime with November 13-17 delivery Cape Passero for a
trans-Atlantic round with redelivery Skaw-Cape Passero at $12,000
daily.
The same charterer also took the 1991-built 149,515 dwt Cape America
with October 19-21 delivery Cape Passero for a trans-Atlantic round
with redelivery Skaw-Cape Passero at about $7,500 daily.
HANDY/SUPRAMAX
==============
Handy business closed the week down, with rates for modern Supra's
around $8,000 daily for west coast Africa to the US Gulf..and this
rate to an area already overflowing with vessels. Trans-Atlantic
rounds are said to be around $6,000 daily with delivery Skaw-Cape
Passero range. A number of vessels have gone, but details remained
private. Pacific business was off again today, with a NoPac round
done at $8,000 daily. A west Australia round was heard done at $7,000
daily. Back-haul business, Far East/Mediterranean, has seen $6,500
daily, while Far East/RAG earned $8,500 daily plus a small bb. The
Baltic Supramax index lost 48 to 1206, while the Handysize index was
off 39 at 732.
>From the Atlantic, Oldendorff was the charterer of the 2008-built
58,730 dwt Port Macau with November 03-10 delivery Owendo for a trip
with redelivery in the US Gulf at $8,000 daily.
In the Pacific, Armada has taken the 2007-built 58,480 dwt Meteora
with early-November delivery aps Samarinda for a trip with redelivery
west coast India at $12,000 daily plus a ballast bonus of $50,000.
The 1978-built 34,291 dwt Alexis D has fixed to Pan United with
October 20-23 delivery aps Malaysia for a trip with redelivery Aden at
$8,500 daily plus a ballast bonus of $15,000.
The 2004-built 52,491 dwt Prabhu Lal went to Cargill with October
16-20 delivery south China for a trip via NoPac and redelivery east
coast India-Japan range at $8,000 daily.
An unnamed charterer reportedly fixed the 1995-built 45,496 dwt Anton
Topic with prompt delivery passing Singapore for a trip via Australia
and redelivery Japan at $7,000 daily.
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