Monday, November 03, 2008
TNT Dry Freight Review - November 03, 2008
PANAMAX
=======
Reports of concluded business continued to emerged for Panamax ships, but rates
have not improved for the Atlantic or the Pacific markets. In the Atlantic,
trans-Atlantic rounds earned $5,000 daily, while a trip out from Fos via the
USEC to EC India made $11,000 daily. >From the Pacific, trips back ranged
between $3,000-$3,900 daily. Vessels fixed and failed in either basin and there
is still no evidence that the market has bottomed. The Baltic Panamax index
lost 15 to 662.
Atlantic Panamax business included reports that a Chinese charterer took the
2004-built 75,926 dwt Prabhu Satram with November 05-07 delivery Fos for a trip
via the U.S. east coast with redelivery east coast India at $11,000 daily.
Cargill was said to be the charterer of the 2001-built 74,201 dwt Tian Du Feng
with November 03-07 delivery Portbury for a trip via the St. Lawrence and
redelivery in the Egyptian Mediterranean at $5,500 daily.
The same charterer has fixed the 1990-built 70,424 dwt B. Asia with spot
delivery Montoir for a trip via Murmansk and redelivery UK-Continent at $5,000
daily.
The 2008-built 78,888 dwt Unicorn Ocean went to D'Amico with November 01-05
delivery on the Continent for a trip via Bolivar and redelivery in the
Mediterranean at $5,000 daily.
An unnamed charterer reportedly fixed the 1985-built 66,221 dwt Alkaios with
spot delivery Amsterdam for a trans-Atlantic round with redelivery Skaw-Cape
Passero at $5,000 daily.
The 2001-built 74,133 dwt Little Prince has gone to SSE with November 07-09
delivery Paradip for a trip via Richards Bay with redelivery in the U.K. at
$4,000 daily.
In the Pacific, the 1995-built 70,119 dwt Apostolos fixed to Energy with
November 05-10 delivery Muroran for a trip via NoPac and redelivery Sweden at
$3,900 daily.
The 1999-built 73,726 dwt Flipper went to Enel with early-November delivery
Fangcheng for a trip via Indonesia and redelivery in the Mediterranean at $3,500
daily.
Norden fixed the 1999-built 74,732 dwt North Friendship with November 02-04
delivery Yantai for a trip via east Australia and redelivery Sepetiba at $3,000
daily.
CAPESIZE
========
Capesize business remained at a virtual standstill today the global credit
crisis. In a report today, the Times Online pointed to a number of factors
which have combined to bring the capesize sector to a halt. The slow-down in
demand for ore and grain cargoes, freight rates which have plunged to below
breakeven levels, and the extreme difficulty in acquiring letters of credit have
all played there part in stalling the market. Reuters reported today that
Brazilian mining giant Vale has announced it is withdrawing its request for a
price increase of 12% above the previously agreed prices it has with its Chinese
customers. However, CEO Roger Agnelli denied rumours that Vale had agreed to
pay freight costs for any of its Chinese customers, or that there would be any
discounts on ore prices given to clients. Vale expects no improvement in demand
for ore cargoes for at least the next 2-4 months. The Baltic Capesize index
fell 32 to 1233 today.
HANDY/SUPRAMAX
==============
Reports of concluded business from the Atlantic were extremely limited today. A
short trip River Plate/NC So.America was fixed at $4,750 daily. From Saldanha
Bay, a trip to the Far East, and another to the Continent, earned the same rate
of $5,000 daily. Older tonnage (1984 blt) has fixed aps River Plate to West
Africa at a very low $2,000 daily. In the Indian Ocean, owners were still
prepared to take almost any number to get out of the area. An LME fixed
Haldia/Far East at only $2,500 daily. In the smaller sizes, a 1985-built
26,000-tonner made $5,200 daily for a Far East/west Africa run. The Baltic
Supramax index fell 24 to 559, while the Handysize index edged down 11 to 318.
In the Atlantic, the 1994-built 42,592 dwt Sanko Rejoice went to MUR with
November 12-18 delivery aps River Platefor a trip with redelivery north coast
South America at $4,750 daily.
Phoenix was linked with the 1997-built 28,454 dwt Baltic ID with November 15-20
delivery Saldanha Bay for a trip with redelivery Singapore-Japan range at $5,000
daily.
Island View Shipping reportedly took the 1998-built 23,935 dwt African Oryx with
prompt delivery Saldanha Bay for a trip with redelivery on the Continent at
$5,000 daily.
Contilines was the charterer of the 1984-built 19,000 dwt Emerald Sea with spot
delivery aps River Plate for a trip with redelivery west Africa at $2,000 daily.
Out of the Pacific, the charterer of the 2005-built 53,591 dwt Matumba was
unnamed, but fixed the vessel with spot delivery Haldia for a trip with
redelivery Singapore-Japan range at $2,500 daily.
The 1997-built 28,572 dwt Selendang Mayang reportedly fixed to a Chinese
charterer with spot delivery Shanghai for a trip with redelivery west Africa at
$4,000 daily.
The 1985-built 26,587 dwt Siam Topaz received $5,200 daily from GMT for November
07-12 delivery Shanghai for a trip with redelivery west Africa.
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