Monday, October 20, 2008
TNT Dry Freight Review - 20 October 2008
PANAMAX
=======
The "typically" slow Monday has taken on new meaning in recent weeks,
with inquiry and fixtures become extremely limited. In the Atlantic,
modern tonnage has fixed a Continent/Baltic/Spore-Jpn run at a weak
$14,000. Then came word that 2008-built tonnage reportedly did a
Gibralter/St Lawrence/China trip at $15,000 daily. Very little
business surfaced in the Pacific basin. Here an Australia round was
done at $7,000 daily. In period business, 4-6 months trading was done
at $12,500 daily for a 2003-built vessel. The Baltic Panamax index
lost 60 today to end at 1050.
In the Atlantic, the 2002-built 74,459 dwt Angelic Power went to
Transfield with October 17-20 delivery Ijmuiden for a trip via the
Baltic and redelivery Singapore-Japan range at $14,000 daily.
After fixing and failing to Cargill last week, the 2008-built 83,690
dwt Medi Sentosa has now reportedly fixed on subjects to an
undisclosed charterer with October 21-24 delivery Gibraltar for a trip
via the St. Lawrence and redelivery China at $15,000 daily.
Blessing Bulk Carriers have the 2001-built 74,665 dwt United-relet
Altair with end-October delivery aps Guaiba for a trip with
redelivery Rotterdam at $6,500 daily plus a ballast bonus of $230,000.
Voyage business heard that COSCO took the 1993-built obo Bonnie
Smithwick with November 10-25 loading 70,000 tons 10% coal from
Hampton Roads to Plomin at $16.00.
Pacific Panamax business included reports that an unnamed charterer
fixed the 1995-built 75,339 dwt Gurasis with October 24-26 delivery
Xingang for a trip via Australia and redelivery China at about $7,000
daily.
In period business, Norden took the 2003-built 76,500 dwt Pantazis L
with October 24-26 delivery Taean for 4-6 months trading and
redelivery worldwide at $12,500 daily.
CAPESIZE
========
Capesize business opened the week still very depressed. Reports
circulated today of owners "parking" ships, rather than fixing at
todays extremely low levels. Very little fresh inquiry surfaced for
the big ships, and while there is some demand for longer periods, this
has been described as "trying it on", with owners unwilling to fix for
long periods at today's levels. A report from Lloyds List today
suggested that the bottom was near and rates will have to level off in
the "very near future". Points cited included an average rate of $6
per tonne for a west Australia round and $11.00 a tonne for cargoes on
the Brazil/China route which cannot go much lower. As well, with
dropping crude prices, bunker prices are expected to fall too. On the
other hand, today came news that a west Australia round was done at
$5.25 - so just where is the bottom? After that, it is anybody's
guess how long it will take the market to turn-around. The Baltic
Capesize index dropped another 102 to 1674 today.
>From the Atlantic, it emerged that the 1991-built 149,515 dwt Cape
America was fixed to Classic Maritime late last week for spot delivery
Cape Passero on a trans-Atlantic round with redelivery Skaw-Cape
Passero at $7,000 daily.
STX Pan Ocean reportedly fixed the 1986-built Swiss Marine-relet
Princess Katherine with November 12-24 loading 160,000 tons 10% ore
from Tubarao to Kwangyang at $12.40.
There was nothing to report for the Pacific basin today, but the
Baltic Exchange did comment that SK Shipping had been linked with a
Baotrans vessel for a November 03-12 west Australia round at $5.25,
redelivery China. Additional details were unavailable.
HANDY/SUPRAMAX
==============
Atlantic Handy business opened the week with rates still dropping,
although the speed of the drop appears to be slowing.of course, that
could just be Monday.the annual Coaltrans conference started in Prague
yesterday, another distraction at a time when what the market needs is
activity. More than a thousand delegates attend the event each year,
so there is likely to be very little done in voyage business this
week. Pacific business was described as very dull, with the Indian
Ocean still the graveyard of the Pacific. There was almost no fresh
inquiry, and owners continue to demand a premium to even think about
going there. The Baltic Supramax index fell 62 to 1144, while the
Handysize index was off 56 at 676.
In the Atlantic, Cargill was linked with the 2008-built 53,800 dwt
Davakis G with spot delivery dop north Brazil for a trip via Punta
Cardon and redelivery Tunisia at $18,500 daily.
For the smaller sizes, Bunge has taken the 1995-built 27,209 dwt Ocean
Honey with October 23-25 delivery Paranagua for a trip with redelivery
east coast Central America/north coast South America at $10,500 daily.
Out of the Pacific, the 1994-built 52,370 dwt Eleni AR was said fixed
to an undisclosed charterer with spot delivery Indonesia for a trip
with redelivery India at 10,000 daily.
The 2003-built 49,400 dwt CK Glory was reportedly fixed to an
undisclosed charterer with prompt delivery Singapore for a trip via
Indonesia and redelivery Port Reunion at $8,000 daily.
It emerged that Contilines recently fixed the 1985-built 36,537 dwt
Navision Bulker with October 25-30 delivery Karachi for a trip via
west coast India and redelivery Iran at $14,000 daily.
>From the Indian Ocean, the Baltic Exchange reported that the
56,000-tonner Luminous Halo fixed and failed to an unnamed charterer
for prompt delivery Haldia to China at $8,500 daily.
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