Wednesday, October 22, 2008
TNT Dry Freight Review - October 22, 2008
PANAMAX
=======
There appeared to be more going on in the Panamax sector today, but sources said
this was the attraction of "such low numbers". In the Atlantic, sources said
that "dwindling hopes" were all that was left. Expectations of any sort of
quick turn-around have faded. There is still not enough inquiry entering the
market to absorb the available tonnage. A Continent/US Gulf trip out fixed a
2008-built vessel at $15,000 daily, while a Continent/Far East run fixed
1984-built tonnage at $9,000 daily. A trans-Atlantic run was heard done at
$8,000 daily plus a $250,000 bb. Short period business of about 3-4 months
trading took modern tonnage at $14,750 daily from the Continent. Pacific
business was more evident too, but again rates were "nothing to write home
about". A NoPac round for S.Korea/Japan was done at $8,000 daily. A
RAG/Richards Bay-Continent trip made $6,000 daily plus a $200,000 bb.
Newbuilding tonnage was reported fixed for Japan/Taiwan run via Indonesia at a
very poor $4,500 daily. In period business, a 2002-built vessel went for
$18,000 daily and 1-years trading. The Baltic Panamax index dropped 26 today to
998.
Atlantic Panamax business included reports that STX Pan Ocean agreed $15,000
daily for the 2008-built 83,690 dwt Medi Sentosa with October 21-24 delivery
Gibraltar for a trip via the US Gulf and redelivery China at $15,000 daily.
Oldendorff was said to be the charterer of the 2001-built 74,470 dwt Myrto with
November 03-12 delivery Cape Passero for a trip via Colombia and redelivery
Poland at $8,000 daily.
Cargill reportedly fixed on subjects the 1994-built 69,111 dwt First Endeavour
with October 30-31 delivery Mobile for a trip via the US Gulf and redelivery
Barcelona at $8,000 daily plus a ballast bonus of $250,000.
It emerged that AC Toepfer took the 2001-built 74,875 dwt Morgan Stanley-relet
Alkyon earlier this week with spot delivery Ghent for a trip via the Persian
Gulf and redelivery passing Muscat outbound at $17,500 daily.
Glencore has the 1984-built 68,600 dwt VSP Ruby with November 01-05 delivery aps
Constanza for a trip with redelivery in the Far East at $9,000 daily.
In voyage business, the 2001-built Yomoshio went to Navios with November 01-05
loading 65,000 tons 10% coal from Murmansk to ARA range/or Portbury/or Immingham
at $7.50.
In Atlantic period business, the 2005-built 76,000 dwt Prabhu Das fixed on
subjects with Swiss Marine for October 24-28 delivery Fos for 3-4 months trading
and redelivery worldwide at $14,750 daily.
Out of the Pacific, NYK has taken the 1997-built 69,123 dwt Jupiter Applause
with October 23-25 delivery South Korea for a trip via NoPac and redelivery
Japan at $8,000 daily.
STX Pan Ocean was the charterer of the 2001-built 73,461 dwt Prem Aparna with
prompt delivery Singapore for a trip via Indonesia and redelivery India at
$7,000 daily.
BHP Billiton was linked with the 1995-built 75,000 dwt Richmond with September
13 delivery Bin Qasim for a trip via Richards Bay and redelivery on the
Continent at $6,000 daily plus a ballast bonus of $200,000.
The 1998-built 73,968 dwt Bruno Salamon reportedly went to an undisclosed
charterer with October 24-25 delivery Jintang for a trip via NoPac with
redelivery China at $6,000 daily.
The 1994-built 69,043 dwt Cumbria went to TaHo with October 23-25 delivery in
the Philippines for a trip via Bontang and redelivery Taiwan at $5,250 daily.
Bright Shipping fixed on subjects the 2008-newbuilding 76,500 dwt Star of Sawara
with October 30th delivery ex-yard Imabari for a trip via Indonesia and
redelivery Taiwan at $4,500 daily.
Period business heard that Bunge has taken the 2002-built 75,214 dwt GH Fortune
with end-November delivery in the East for 1-years trading and redelivery
worldwide at $18,000 daily.
The same charterer is also said to have fixed the 1993-built 73,670 dwt Thetis
with spot delivery Thailand for 1-years trading and redelivery worldwide at
$15,500 daily.
CAPESIZE
========
The Capesize market continued to drop at mid-week with no bottom evident.
Trans-Atlantic rounds were reported done at around $9,000 daily. In voyage
business, ore cargoes for PDM/Far East runs appeared to settle around $11.50
today. There was very little heard done in the Pacific basin today, but some
demand for period tonnage surfaced. Very modern tonnage fixed 5-7 months
trading at $27,000 daily - a decent number by today's standards. The Baltic
Capesize index edged down another 33 to 1572 today.
From the Atlantic, the 1996-built 164,976 dwt Jag Arjun went to Classic Maritime
with November 15 delivery Sines for a trans-Atlantic round with redelivery
Skaw-Cape Passero at $9,000 daily.
STX Pan Ocean has fixed on subjects the 2008-built 177,987 dwt Malindi with
November 01-10 loading 170,000 tons 10% ore from Ponta Da Madeira to Kwangyang
at $11.50.
China Steel Express has a TBN with November 15-25 loading 120,000 tons 10% ore
from Ponta Da Madeira to Taiwan also at $11.50.
For Pacific business, the 2008-built 177,885 dwt Alpha Prudence has fixed to
Swiss Marine with October 19-21 delivery Qingdao for 5-7 months trading and
redelivery worldwide at $27,000 daily.
HANDY/SUPRAMAX
==============
The Atlantic Handy market remained a very tough sell today, with sources
reporting an ongoing struggle over rates and a dearth of fresh inquiry. On the
Continent, tighter tonnage availability failed to spark any recovery as there
was "virtually nothing on offer". The Mediterranean is still hampered by the
sheer number of ships available, all competing frantically for a very limited
amount of cargo. Pacific business has seen some period inquiry, with rates
better than spot, but still not sufficient demand to spark a run up in rates.
The Baltic Supramax index fell another 104 to 975, while the Handysize index
was off 73 at 552.
From the Atlantic, Atlas Shipping took the 2004-built 52,818 dwt Kang Man with
spot delivery in the US Gulf for a trip with redelivery in the Black Sea at
$12,500 daily.
Reports circulated that the 1998-built 46,223 dwt Stove Trader fixed with a
European charterer with spot delivery Turkey for a trip with redelivery in the
Far East at $9,000 daily.
In period business, the 1996-built 23,700 dwt Filitsa was said to have fixed to
an unnamed charterer with spot/prompt delivery in the Mediterranean for 3-5
months trading and redelivery worldwide at $8,000 daily.
For Pacific business, the 2001-built 52,342 dwt Almasi was said fixed to Island
View Shipping with spot delivery Qingdao for a trip via NoPac and redelivery
China at $8,000 daily.
Period business heard that Clipper succeeded with the 2008-built 56,000 dwt
Crowned Eagle for November delivery ex-yard IHI for 12-months trading and
redelivery worldwide at $15,500 daily.
The 2002-built 52,475 dwt Ocean Prince reportedly fixed to Bunge with November
01-10 delivery China for 12-months trading and redelivery worldwide at $15,250
daily.
Eitzen was said to be the charterer of the 2005-built 52,458 dwt Gecon 1 with
November 01-10 delivery Yantai for 3-5 months trading and redelivery worldwide
at $9,250 daily.
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