Thursday, November 20, 2008
TNT Dry Freight Review - November 20, 2008
PANAMAX
=======
Rates dropped again in the Atlantic Panamax market, with sources saying there
has just not been enough new business following on the heels of last weeks
little flutter upward. A trip out Black Sea/East was done at $12,000 daily for
an LME. Rates from the US Gulf to Japan appeare to be steady at about $10,000
daily. In the Pacific, the numbers also appeared to be retreating. A Far East
round earned $9,500 daily, while a NoPac round did $9,000 daily. There was
little interest in period tonnage shown from either basin. The Baltic Panamax
index dropped 51 to 927.
In the Atlantic, the 2008-built 75,121 dwt Ecoan G.O. went to Richstone with
November 20-27 delivery in the Black Sea for a trip with redelivery in the East
at $12,000 daily.
Cobelfret reportedly fixed the 1997-built 72,272 dwt Melodia with November 24-25
delivery Ghent for a trip via the US Gulf and redelivery Japan at $10,000 daily.
The 2006-built 77,250 dwt TMT-relet Jin He was said fixed to an unnamed
charterer with November 18 delivery retro-Amsterdam for a trip via the U.S. Gulf
and redelivery in the Far East at the same rate.
From the Pacific, the 1997-built 71,694 dwt Happy Day was linked with Cargill
for November 28-30 delivery Lanshan for a trip with 2 laden legs and redelivery
Singapore-Japan range at $9,500 daily.
Noble took the 2004-built 76,286 dwt Mineral Star with November 24-28 delivery
Chang Jiang for a trip via NoPac and the Persian Gulf, with redelivery passing
Muscat outbound at $9,000 daily.
STX Pan Ocean reportedly took the 1994-built 71,730 dwt Samjohn Spirit with
November 23-25 delivery Caofedian for a trip via NoPac and redelivery Sri Lanka
at $9,000 daily.
The 2001-built 76,623 dwt New Agility fixed with the same charterer for November
25-28 delivery Kaohsiung for a trip via Newcastle and redelivery South Korea at
$7,000 daily.
An undisclosed charterer reportedly fixed the 1997-built 73,762 dwt Kalypso with
spot delivery Singapore for a trip via Indonesia and redelivery in the Far East
at $7,500 daily.
Pioneer Navigation was said to be the charterer of the 1995-built 70,667 dwt
Royal Ocean with spot delivery Bayuquan for a trip via Roberts Bank and
redelivery in the Atlantic at $6,000 daily.
The 1983-built 62,881 dwt La Donna I was said fixed to Seawin with November
19-21 delivery Mundra for a trip via west coast India and redelivery China at
$5,500 daily.
The 1981-built 64,689 dwt El Hadjar went to an unnamed charterer with prompt
delivery aps Goa for a trip with redelivery China at $5,000 daily.
Danzas agreed $3,000 daily for the 1981-built 64,236 dwt Vancouver Victory with
prompt delivery Beilun for a trip via Indonesia and redelivery south China.
CAPESIZE
========
The Capesize market remained stagnant overall this week and today was no
exception. There was little concluded business reported and rates remain at
historically low levels. BHP is one charterer who has been very active in the
last 10 days, taking as many as 10 ships for ore cargoes W.Australia/China. The
reasons for this became generally known when it emerged that BHP has been
selling cargoes to China on the spot market. BHP Billiton's attempted takeover
of Rio Tinto has ruffled more than a few feathers and has implications for the
shipping industry. If successful in its takeover, BHP Billiton wants to do away
with the benchmark pricing system currently in effect for iron ore. The current
benchmark price is US$100 a tonne, excluding shipping. BHP, which has declined
to reduce production as other ore producers have decided to do in the current
market, has been selling ore cargoes on the spot market under the new index
system at much lower prices. In a 'Business Day' report from the Sydney Morning
Herald today, BHP is said to have sold more than a million tonnes of ore in the
spot market this week, pushing the price down to US$54 a tonne, excluding
shipping. The knock-on effect of this might be to lower the benchmark rate,
something which has triggered objections to BHP's takeover offer. Still,
combined with the extremely low freight rates in effect now, it has brought some
business into a beleagured market. Is that a bad thing? The Baltic Capesize
index dropped 13 to 976 today.
From the Atlantic, the 1997-built Cape Mercury fixed with Swiss Marine for
December 05-19 loading 160,000 tons 10% coal from Richards Bay to Rotterdam at
$5.75.
Out of the Pacific, Samsun was the charterer of the 1991-built 169,177 dwt Front
Driver with November 24-26 delivery Qingdao for a trip via Gladstone with
redelivery South Korea at $5,000 daily.
HANDY/SUPRAMAX
==============
It remained a tough market in the Atlantic for Handy owners with charterers
still quoting very low numbers. Ideas that some resistance was developing among
owners proved short-lived. While there are some owners who will not fix at the
levels on offer, there are still many who will, so rates remained mired. In a
mixed blessing, the recent spate of pirate attacks in the Gulf of Aden has
pushed up rates for Handymaxes heading through the Gulf to the Far East. Rates
for business through the region are now said to be about $11,000 daily. Since
last week, increased demand has raised rates for trips from the Black Sea to the
Indian Ocean, with a Supramax currently seeing a rate of about $10,000 daily.
Supramaxes on West Africa/Black Sea business saw rates improve too, with
business now being done around $7,000-$8,000 daily. East coast South America
and the US Gulf were still seeing very slow improvement, but today there was
some talk of a flurry of business in the US Gulf that had pushed rates up. No
details so far. Pacific Handy business was very quiet, with rates still under
some pressure. There remained some demand for period tonnage, with a 1993-built
43,000-tonner fixed for 11-13 months at a very low $3,000 daily for the first 50
days and $9,000 daily thereafter. The Baltic Supramax index gained 17 to 623,
while the Handysize Index edged up 4 to 314.
Atlantic Handy business heard that the 1998-built 42,648 dwt Barra went to
Bekkert with prompt delivery Canakkale for a trip with 2 laden legs and
redelivery in the Far East at a better $11,000 daily.
An unnamed charterer has the 1996-built 43,229 dwt Pacific Champ with November
21-28 delivery Sicily for a trip with redelivery on the U.S. east coast at
$4,300 daily.
In Atlantic period business, the 1984-built 37,662 dwt Tourloti went to Progress
Bulk Carriers with November 24-December 03 delivery Nemrut Bay for 3-5 months
trading and redelivery Singapore-Japan range at $7,000 daily.
Pacific Handy business included reports that Seawin was the charterer of the
2007-built 56,042 dwt Yasa Aysen with November 25-30 delivery Porbandar for a
trip via west coast India at $9,000 daily.
The charterer was also linked on subjects with the 2004-built 52,800 dwt
Anastasia S with end-November delivery passing Muscat outbound for a trip via
west coast India and redelivery China at $8,500 daily.
For Pacific period business, the 1993-built 43,396 dwt Pacific Embolden has gone
to ED&F Man Shipping with spot delivery south China for 11-13 months trading and
redelivery worldwide at a weak $3,000 daily for the first 50 days, and $9,000
daily for the balance.
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