Thursday, November 06, 2008
TNT Dry Freight Review - November 06, 2008
PANAMAX
=======
Another day of upward movement on the Panamax index, a small ray of hope grasped
fervently by many as an indication of market improvement. There has been more
activity noted in the market in recent days, but in relation to the number of
vessels now spot in either basin, most opinions were "we're still treading
water". Until the financial squeeze relaxes, there is no real likelihood of any
turnaround for the shipping industry. Shipowners with deep pockets are expected
to do the best in the current climate as they will have the werewithal to
reassure bankers who finance their trading affairs. Everyone in the market chain
is scrutinizing the financial exposure of potential partners very closely. In
this market, no one can afford to make a mistake. The Baltic Panamax index
moved up 59 today to reach 831.
The Atlantic Panamax business heard that the 1997-built 72,437 dwt Fu Hua went
to Augustea with November 11-12 delivery Porto Torres for a trip with 2 laden
legs and redelivery in the Atlantic at $7,500 daily , or optional redelivery in
the Far East at $11,000 daily.
Swiss Marine agreed $11,000 daily for the 1997-built 71,752 dwt Edfu with
November 10-12 delivery Genoa for a trip with 2-3 laden legs and redelivery in
the Atlantic at $8,000 daily, or optional redelivery in the Far East at $11,000
daily.
The 1990-built 68,675 dwt Huan Le Hai has fixed with Armada for November 22-27
delivery in the US Gulf for a trip with redelivery Singapore-Japan range at
$10,000 daily plus a ballast bonus of $300,000.
The 1990-built 68,000 dwt Grand Esmeralda reportedly fixed to STX Pan Ocean with
November 12-14 delivery Canakkale for a trip via the Black Sea and redelivery on
the U.S. east coast at $3,900 daily.
In period business, the 2005-built 87,000 dwt Alam Penting fixed to EDF with
November 20-25 delivery Skaw for 12-months trading and redelivery worldwide at
$13,750 daily.
Pacific Panamax business included reports that an undisclosed charterer took the
2004-built 76,492 dwt Mulberry Paris with November 06-09 delivery Rizhao for a
NoPac round with redelivery Singapore-Japan range at $6,000 daily.
Also unnamed was the charterer of the 2005-built 75,500 dwt Peppino D'Amato with
November 01-05 delivery Xingang for a trip via NoPac and redelivery
Singapore-Japan at $4,000 daily.
Grand China Shipping took the 2008-built 75,181 dwt Mary Giorgias with November
08-12 delivery Zhanjiang for a trip via east coast Australia and redelivery
Singapore-Japan range at $4,500 daily.
Daebo has fixed the 1999-built 74,356 dwt Medi Tokyo with November 12-15
delivery Taean for a trip via Abbot Point and redelivery South Korea at $6,000
daily.
The charterer also has the 1994-built 69,963 dwt Gao Zhou Hai with November
09-12 delivery Zhuhai for a trip via Indonesia and redelivery South Korea at
$4,500 daily.
Armada proved to be the charterer of the 1993-built 69,255 dwt Energy with
November 10-15 delivery Kaohsiung for a trip via Indonesia and redelivery India
at $8,500 daily,
CAPESIZE
========
Capesize business remained stalled as the weekend approached. Most cargoes
appear to have been cancelled and virtually no inquiry entered the market.
The Baltic Capesize index dropped 23 to 1162.
For the Atlantic, the 2003-built 176,298 dwt Lowlands Sunrise fixed with an
unnamed charterer with spot delivery Amsterdam for a trip via Saldanha Bay and
redelivery in the Far East at $9,000 daily.
Out of the Pacific, Chang Myung reportedly fixed the 1985-built 140,532 dwt
Eurydice D with November 05-10 delivery Kaoshiung for a trip via Dalrymple Bay
and redelivery South Korea at $2,500 daily.
The 1991-built GO Patoro went to Rockcheck with November 10-20 loading 150,000
tons 10% ore from Dampier to Qingdao at $4.50.
Period business linked Swiss Marine with an NYK TBN for December delivery
ex-yard Universal for about 1-years trading and redelivery worldwide at $10,000
daily for the first 50 days and $23,000 daily for the balance.
HANDY/SUPRAMAX
==============
Handy business is still benefiting from the ongoing credit crisis, which has
made the smaller ships more attractive to charterers. That said, the market is
still very quiet and there has not been any marked increase in inquiries. In
the Pacific, a touch more activity and slightly better numbers on offer lit an
ember of hope. The Baltic Supramax index inched up 9 to 521, but the Handysize
index was off 3 at 299.
For the Atlantic, an unnamed charterer reportedly has the 1995-built 45,400 dwt
Sea Luck with mid-November loading 40,000 tons 10% scrap from the U.S. east
coast to the Mediterranean at $17.75.
Schnitzer was the charterer of the 1994-built Stavros P with November 15-20
loading 42,000 tons 10% scrap from the U.S. east coast to Turkey at $15.00.
In Pacific Handy business, the 2003-built 53,035 dwt Ocean Glory-relet Ocean
Prefect has gone to a Korean charterer with November 10-12 delivery Zhanjiang
for a trip via Indonesia with redelivery China at $6,000 daily.
The 2005-built 56,052 dwt Ikan Suji has fixed to an undisclosed charterer with
prompt delivery Yangpu for a trip via Indonesia with redelivery South Korea at
$5,000 daily.
AHT was the charterer of the 2002-built 51,557 dwt Ioannis K with November 14-18
delivery Mundra for a trip with redelivery China at $4,000 daily.
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