Wednesday, November 12, 2008
The Baltic Exchange has reported in recent days that ships on "short chains" to
the owner have been having an easier time picking up work and seeing firmer
numbers, while those in "longer chains" struggle in a market leery of possible
defaults among the relets. Atlantic business has picked up a little more each
day this week, but in reality it is still a very limited market. While there
has been more activity and rates have firmed a little , sources felt that this
might denote well for the new year, but the spot/near-term market will likely
continue to struggle. Trans-Atlantic rounds are now seeing rates in the $6,000
daily range, while trips out are around $11,000 daily. More business activity
in the Pacific has helped to firm rates slightly on the grain and ore trades.
From the Indian Ocean, there were some optimistic comments of more inquiry for
ore cargoes. The Baltic Panamax index moved up 39 to 897.
Out of the Atlantic, AWB have the 2000-built 74,099 dwt Yong Feng with spot
delivery Immingham for a trip with 2 laden legs and redelivery in the Far East
at $12,000 daily.
An unnamed charterer reportedly took the 2001-built 75,921 dwt Yomoshio with
November 15-18 delivery UKC for a trip with redelivery in the East at $12,000
The 2001-built 73,910 dwt Tetien Trader went to an unnamed charterer with
mid-November delivery in the US Gulf for a trip with redelivery Japan at $9,500
daily plus a ballast bonus of $300,000 daily.
Cargill was said to be the charterer of the 1981-built 65,593 dwt Sweet Lady II
with November 14-20 delivery Santos for a trip with redelivery in the Persian
Gulf at $6,250 daily plus a ballast bonus of $325,000.
Louis Dreyfus has fixed on subjects the 1998-built 73,018 dwt Agios Efraim with
November 15-20 delivery Santos for a trip with 2 laden legs and redelivery in
the Atlantic at $5,500 daily plus a $200,000 ballast bonus.
Baumarine was linked with the 1982-built 62,343 dwt Faviola with November 18-22
delivery Aughinish for a trip via Kamsar and redelivery Stade at a poor $2,000
In period business, it emerged that Cargill took the 2001-built 74,133 dwt
Hispania Graeca yesterday with spot delivery Richards Bay for 8-10 months
trading and redelivery worldwide at $15,000 daily.
In Pacific business, an undisclosed charterer took the 2004-built 75,912 dwt
Torm Bornholm with November 18-20 delivery Higashi-Harima for a trip via NoPac
with redelivery Singapore-Japan range at $7,500 daily.
The 1994-built 69,149 dwt Okialos fixed to STX Pan Ocean with October 14-17
delivery South Korea for a trip via NoPac and redelivery in the Far East at
Louis Dreyfus was said to be the charterer of the 2002-built 74,133 dwt
Adriatica Graeca with spot delivery Kosichang for a trip via Indonesia and
redelivery Skaw-Cape Passero at $6,000 daily.
The 1995-built 71,250 dwt Paragon has gone to Noble with November 15-19 delivery
Zhenjiang for a trip via east coast Australia with redelivery South Korea at
BHP Billiton has fixed the 2001-built 76,623 dwt Bonita with prompt delivery
Kaohsiung for a trip via Hay Point and redelivery Sweden at $6,000 daily for the
first 40 days, and $6,750 daily for the balance.
Cargill has the 2005-built 76,343 dwt EDF-relet Pansolar with November 13-17
delivery Tianjin for a trip via NoPac and redelivery Singapore-Japan range at
Sealink agreed $5,000 daily for the 1997-built 73,049 dwt Waimea with November
14-18 delivery Kaohsiung for a trip via Geraldton and redelivery Qingdao at
The 2006-built 74,483 dwt Pearl Seas went to GCS with November 18-22 delivery
Dangjin for a trip via north China and redelivery Taiwan at $4,500 daily.
For voyage business, the 1983-built Shun Ji Xing fixed to an unnamed charterer
with spot/prompt loading 65,000 tons 10% ore from Goa to north China at $6.00.
Brownstone has a TBN with November 20-25 loading 70,000 tons 10% ore from Goa to
Xingang at $5.75.
Pacific period business included word that Cargill has the 2001-built 71,222 dwt
Tai Prize with spot delivery Mizushima for 1-years trading and redelivery
worldwide at $14,400 daily.
Perseveranza was the charterer of the 2001-built 74,716 dwt Rosalia D'Amato with
November 20-25 delivery Kaohsiung for 8-10 months trading and redelivery
worldwide at $12,500 daily.
Finally, a few reports of concluded business surfacing for the capesize sector.
Atlantic business saw some short period fixtures. Vale fixed short periods of
2-4 months trading at $10,000 daily, while 2 other fixtures of about 1-years
trading were done at $4,000 daily for the 1st 60 days and $22,250 daily for the
balance. There was very little reported fixed from the Pacific either, but a
Hay Point/India ore cargo fixed tonnage at $5.00, and Dampier/south China was
done at $3.90. The Baltic Capesize index 1048, down 17.
From the Atlantic, period business included reports that Vale fixed on subjects
the 1999-built 169,168 dwt Vogebulker with end-November delivery ECSA for 2-4
months trading and redelivery worldwide at $10,000 daily plus a ballast bonus of
The 1990-built 173,198 dwt Castillo De San Juan was reported fixed to Vale with
December 01-15 delivery Brazil for 2-4 months trading and redelivery worldwide
at $10,000 daily.
Augustea was linked with the 2005-built 170,012 dwt Cape Pioneer with November
13-15 delivery Hamburg for 11-13 months trading and redelivery worldwide at
$4,000 daily for the first 60 days, and about $22,250 daily for the balance.
The newbuilding 175,000 dwt C Winner reportedly went to Deiulemar with August
19-20 2009 delivery Mokpo for 11-13 months trading and redelivery worldwide at
$4,000 daily for the first 60 days and $22,000 daily for the balance.
Pacific Capesize business heard that the 1992-built 175,000 dwt BHP
Billiton-relet Empress has gone to VSP with mid-November loading 150,000 tons
10% ore from Hay Point to Gangavaram at $5.00.
Pacific Bulk has taken the 1997-built Sea Gloria with November 22-December 01
loading 150,000 tons 10% ore from Dampier to South China at $3.90.
A slow market at mid-week for Handy tonnage in the Atlantic, where sources said
that while there appeared to be a touch more inquiry, rates are still poor.
Owners showed some resistance and were said to be refusing business at numbers
they deem too low. A trans-Atlantic run fixed at $8,500 daily for an LME, while
Brazil/Black Sea business was done at $7,000 daily for a 1994-built vessel.
ECSA/Mediterranean business appeared to hold around the mid-upper $6,000 daily
range. In the Pacific, a Far East/PG run took an LME at $7,800 daily. Period
business saw a modern 52,000-tonner go for 3-years trading at $14,750 daily.
The Baltic Supramax index edged up 2 to 536, while the Handysize index dropped
4 to 284.
Out of the Atlantic, the 2007-built 55,866 dwt KT Venture fixed to Copenship
with November 17-19 delivery in the US Gulf for a trip with redelivery on the
Continent at $8,500 daily.
An unnamed charterer reportedly fixed the 1994-built 44,006 dwt Grand Way with
spot delivery Aratu for a trip with redelivery in the Black Sea at about $7,000
Bunge was the charterer of the 2002-built 28,425 dwt Kingfisher D with prompt
delivery Recalada for a trip with redelivery in the Mediterranean at $6,750
MUR reportedly fixed on subjects the 1986-built 26,666 dwt Vertigo with
end-November delivery Paranagua for a trip with redelivery Italy at $6,500 daily.
Pacific Handy business included word that an unnamed charterer has the
2000-built 50,326 dwt Sea Lavender with spot/prompt delivery Prai for a trip via
Thailand and redelivery in the Persian Gulf at $7,800 daily.
Pacific period business heard that the 2004-built 52,292 dwt Rosita went to Arya
with November 15-30 delivery India-Japan range for 3-years trading and
redelivery worldwide at $14,750 daily.
The 2004-built 52,483 dwt Clipper Endeavour was said fixed to an undisclosed
charterer with second-half November delivery in the Far East for about 1-years
trading and redelivery worldwide at $10,600 daily.