Tuesday, November 11, 2008
Atlantic business was clearly more active and rates appeared to have steadied,
though it is anyone's guess if this means bottom or not. Demand for period
business was noted, with 8-10 months trading seeing $15,500 daily, while a
slightly longer period of 11-13 months was done at $14,250 daily. Although
there was more inquiry noted in the Far East, business was still very slow and
rates have yet to move up significantly. Pacific round voyage rates can expect
to see rates in the range of $5,000-$6,000 daily, while trips back to the
Atlantic will likely earn $3,000-$4,000 daily, according to sources. Demand for
period tonnage has picked up as rates fell, but details remained elusive. The
Baltic Panamax index jumped 26 to 858.
In the Atlantic, Bunge was linked with the 2008-built 73,700 dwt Ostria S for
spot delivery Ghent for a trip via the Continent and Iran, with redelivery
passing Muscat outbound.
The charterer also took on subjects the 2002-built 73,937 dwt Jiu Long Feng with
November 16-18 delivery Bilbao for a trans-Atlantic round with redelivery
Skaw-Cape Passero at $6,000 daily.
Daeyang reportedly fixed on subjects the 2005-built 76,838 dwt Centurion with
spot/prompt delivery Antwerp for a trip via the US Gulf and redelivery in the
Far East at about $13,250 daily.
AWB was said to be the charterer of the 2000-built 74,099 dwt Yong Feng with
spot delivery Immingham for a trip with 2 laden legs and redelivery in the East
at $12,000 daily.
The 2005-built 76,801 dwt Navios Asteriks has gone to Louis Dreyfus with
November 15-20 delivery Paranagua for a trip with redelivery in the East at
$11,000 daily plus a $350,000 ballast bonus.
Norden has agreed $5,500 daily for the 2002-built 74,204 dwt Oregon with
November 17-20 delivery Cape Passero for a trip via the Black Sea and redelivery
on the Continent.
The 1981-built 65,015 dwt Akroneos went to Baumarine on subjects with November
20-26 delivery on the Continent for a trip via Kamsar and redelivery Fos at
Atlantic period business heard that Cargill fixed the 1997-built 73,786 dwt
Newcastle Max with spot delivery Tarragona for 11-13 months trading and
redelivery worldwide at $14,250 daily.
The charterer also has the 1997-built 73,427 dwt Fearless I with December 01-05
delivery Skaw for 8-10 months trading and redelivery worldwide at $15,500 daily.
From the Pacific, the 1994-built 70,196 dwt Eastern Queen fixed to Norden with
November 18-22 delivery Yosu for a trip with 2 laden legs, 1st leg
Vancouver/Australia with sulphur, 2nd leg Australia to Singapore-Japan range
with salt at $8,000 daily.
Noble was linked with the 2001-built 74,785 dwt Baumarine-relet Sonoma with
November 12-14 delivery Kawasaki for a trip via east coast Australia with
redelivery east coast India at $7,500 daily.
Daeyang has the 2000-built 73,981 dwt Blumenau with November 12-16 delivery
Shimizu for a trip via east coast Australia and redelivery Singapore-Japan range
at $6,500 daily.
The 1990-built 68,788 dwt Yun Tong Hai went to Samsun with November 17-21
delivery South Korea for a trip via north China and redelivery South Korea at
Louis Dreyfus agreed $5,600 daily for the 2003-built 75,318 dwt Century Star
with spot delivery Dangjin for a trip via NoPac with redelivery Singapore-Japan
There were reports earlier that the 1999-built 74,356 dwt Medi Tokyo fixed to
British Marine with November 12-15 delivery Taean for a trip via Indonesia and
redelivery India at $9,000 daily, but the business failed.
The Capesize market remained moribund today, with business at a standstill.
More owners are talking about pulling ships from the market in the face of of
the low rates on offer. The Baltic Capesize index dropped another 30 to 1065.
It emerged that the 1989-built 134,965 dwt Grand Spartounta went to Vale last
week with November 03 delivery retro-Las Palmas for 2-4 months trading and
redelivery worldwide at $10,000 daily.
Atlantic Handy business showed little improvement, with rates still slipping for
most reported business. In the Pacific, supramaxed continue to suffer, as
handysizes hold the attention of charterers. The Baltic Supramax index gained
another 3 to 534 today, while the Handysize index was off another 4 to 288.
For the Atlantic, an unnamed charterer took the 2000-built 50,913 dwt Seavenus
with November 16-21 delivery Mississippi River for a trip of minimum
60-days/maximum 90-days, and redelivery in the Atlantic at $12,000 daily,
optional redelivery in the Far East at $16,000 daily.
Armada was said to be the charterer of the 2005-built 29,858 dwt Golden Kiku
with November 13-14 delivery aps Santos for a trip with redelivery in the Far
East at $9,000 daily.
Oldendorff has the 2003-built 48,104 dwt Armeria with spot delivery aps north
coast South America for a trip with redelivery on the Continent at $8,500 daily.
The 2001-built 31,949 dwt Ken Ryu has reportedly gone to MUR with spot delivery
aps Jamaica for a trip with redelivery St. Petersburg at $5,250 daily.
In period business, Bunge has the 2007-built 32,754 dwt Ocean Star with
December 2008 delivery worldwide for 12-months trading and redelivery worldwide
Pacific Handy business included reports that the 2002-built 51,104 dwt Jin Quan
fixed to an unnamed charterer with spot delivery Xingang for a trip via the
Philippines and redelivery China at $2,700 daily.
It emerged that the 2008-built 28,050 dwt Hanjin Marugame went to an undisclosed
charterer last week with November 09-12 delivery Gresik for a trip via west
Australia and redelivery Singapore-Japan range at $3,000 daily.