Wednesday, November 19, 2008
TNT Dry Freight Review - November 19, 2008
PANAMAX
=======
Atlantic Panamax business was scarce, with rates trending sideways/slightly down
as the day progressed. Spot business saw a Cape Passero/UK trip via Kamsar fix
1993-built tonnage at $6,500 daily. However, an LME went for similar business
at $5,500 daily with late-November dates. Demand for period tonnage was
lacking. A significant number of market players were in London at a conference
organized by the Baltic Exchange. The meeting is intended to explore the
current market and to come up with some possible solutions to cash-flow and
credit problems. Also, is there any way to overcome problems of disponent
ownership and charter-party chains. It will be interesting to see if they can
find a way to ease rates back from the precipice as the Atlantic is still
heavily over-tonnaged. Pacific Panamax business stalled today as charterers
held back. Rates came under pressure, and sources said that without new
business there would likely be a more evident downward trend as the week
progresses. There was still some improvement evident in the Indian Ocean where
Chinese steel mills have recently begun sourcing ore to combine with stocks of
Australian ore on hand. The Baltic Panamax index dropped 34 to 978 today.
Out of the Atlantic, the 1992-built 70,940 dwt Konavle was reported fixed to
A.C.Toepfer with spot delivery Constanza for a trip via Odessa and redelivery
ARA-range at $10,000.
Oldendorff took the 1993-built 69,300 dwt Fortezza with prompt delivery Cape
Passero for a trip via Kamsar and redelivery Aughinish at $6,500 daily.
The 2004-built 76,878 dwt Ascanius went to Proline with November 25-27 delivery
Dunkirk for a trip via Kamsar and redelivery Stade at $5,500 daily.
It emerged that Cargill took the 2004-built 74,041 dwt Asia Graeca last week
with prompt delivery Gibraltar for 8-10 months trading and redelivery worldwide
at $15,000 daily.
For Pacific Panamax business, Norden agreed $10,000 daily for the 2004-built
76,200 dwt Pacific Breeze with November 24-26 delivery Sual for a trip with 2
laden legs, first leg Weipa to Gladstone, with redelivery Singapore-Japan range.
Solebay was said to be the charterer of the 2005-built 76,294 dwt Red Gardenia
with November 25-27 delivery passing Muscat outbound for a trip via west coast
India and redelivery China at $6,500 daily.
The 1999-built 72,891 dwt Morgan Stanley-relet Deep Seas has fixed to Klaveness
with November 23-25 delivery Shenzhen for a trip via south China and redelivery
in the US Gulf at $6,300 daily.
Norden was linked with the 2007-built 77,000 dwt Lady Maria Luisa for November
24-28 delivery Zhanjiagang for a trip via south China and redelivery in the U.S.
Gulf at $6,000 daily.
The 2006-built 76,600 dwt Fortune Ocean has fixed with GMI for spot delivery
Shanghai for a trip via east coast Australia and redelivery east coast South
America at $5,500 daily.
Cosbulk took the 2006-built 76,496 dwt Red Jasmine with December 01-25 delivery
worldwide for 1-years trading with redelivery worldwide at $15,000.
CAPESIZE
========
The Pacific Capesize market took another hit today with word that BHP Billiton
had succeeded in taking a ship on voyage business at $4.10, with rumours of a
second for similar business at the same rate. The charterer has been active in
the last couple of days, and at these levels why not? For the Atlantic, the
daily Steel Business Briefing reported that the American Institute for
International Steel (AIIS) said that if demand for steel grows, then the drastic
drop in freight rates combined with the firmer US$ will encourage imports of
ore.but that is a big 'if'. The Baltic Capesize index edged down 5 to 989.
From the Atlantic, KEPCO was said to have fixed an HMM TBN with December 05-19
loading 130,000 tons 10% coal from Richards Bay to Taean at $6.27.
In the Pacific, BHP Billiton has the 2005-built Ocean Confidence with November
23-28 loading 160,000 tons 10% ore from Port Hedland to Qingdao at a lower $4.10.
It emerged that the 2006-built Cape Frontier fixed to the same charterer last
week with November 15-25 loading 160,000 tons 10% ore from Port Hedland to
Qingdao at $4.20.
In period business, Swiss Marine fixed the 2008-built 178,015 dwt Alpha Faith
with spot delivery Kwangyang for 1-years trading and redelivery worldwide at
$6,000 daily for the first 55 days and $19,000 daily for the balance.
HANDY/SUPRAMAX
==============
From the Atlantic, there was little change to rates today and owners appeared to
be willing to forgo business in an attempt to push rates back to more acceptable
levels. Whether or not that will work, we'll have to see. A trip out from ECSA
with a Supramax earned $9,000 daily. A trans-Atlantic run did $7,000 daily.
Reportedly a busier day in the Indian Ocean today, mostly on ore cargoes sought
by Chinese mills. Rates rose with the activity and sources were cautiously
optimistic. Supramax tonnage appeared steady on the India/China run at $8,500
daily, but then business was heard done at $9,000 daily. The Baltic Supramax
index jumped 17 to 606, while the Handysize index made 4 to 310.
Atlantic Handy business included reports that Oldendorff has the 2002-built
50,458 dwt Da Ya Hai with end-November delivery aps Santos for a trip with
redelivery south-east Asia at $9,000 daily.
An unnamed charterer reportedly took the 1995-built 28,000 dwt Athena with
November 20-24 delivery Paranagua for a trip with redelivery on the Continent at
$7,000 daily.
Eitzen Bulk Carriers have taken the 1984-built 37,700 dwt Springwood with spot
delivery dop Barranquilla for a trip via north coast South America and
redelivery south Brazil at $7,000 daily.
In voyage business, the 1993-built 73,767 dwt Miden Max fixed to Noble with
December 11-20 loading 55,000 tons 10% hss from the US Gulf to China at $27.00.
Atlantic period business heard that Progress Bulk Carriers fixed the 1995-built
26,517 dwt Bludance with prompt delivery Luanda for 4-6 months trading and
redelivery in the Atlantic at $6,550 daily.
In the Pacific, the 2006-built 56,056 dwt Darya Brahma went to an unnamed
charterer with November 20-30 delivery Chennai for a trip with redelivery China
at $9,000 daily.
The 2008-built 56,014 dwt Medi Valencia also fixed to an undisclosed charterer
with November 24-26 delivery dop Mundra for a trip with redelivery China at
$8,500 daily.
The 2006-built 52,835 dwt Shamrock has gone to an unnamed charterer with
November 24-26 delivery Chennai for a trip with redelivery China at $8,500 daily.
An undisclosed charterer has taken the 1998-built 46,600 dwt Solar Asia with
December 01-05 delivery NoPac for a trip with redelivery in the East at $4,500
daily plus a ballast bonus of $160,000 daily.
Period business was mostly absent, with the 2004-built 56,208 dwt Tai Happiness
having fixed and failed with Cargill for spot/prompt delivery Chennai for
1-years trading and redelivery worldwide at $12,000 daily.
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