Friday, November 21, 2008
TNT Dry Freight Review - November 21 2008
PANAMAX
=======
As feared, the lack of fresh inquiry has taken the legs out from under the
Atlantic market and rates have started dropping again. Trans-Atlantic round
business fixed an LME at $5,750 daily, while a trip out from the Continent via
the St Lawrence took another at a steady $12,000 daily. Pacific business was
much the same, the flurry of optimism and better rates of last week fading as
this one progressed. A west Australia round took an LME at $7,250 daily, while
period business of about 1-years trading made an okay $15,000 daily. The Baltic
Panamax index fell another 41 to close the week at 886.
For Atlantic Panamax business, Cargill was linked with the 2001-built 74,297 dwt
Afovos with spot delivery Cape Passero for a trip via the US Gulf and redelivery
Skaw-Cape Passero at $5,750 daily.
It emerged that the 2000-built 74,677 dwt Aldebaran fixed with the same
charterer earlier this wee with November 23-27 delivery Porto Vesme for a trip
via east coast South America and redelivery Skaw-Cape Passero at $6,000 daily.
Bunge has now fully fixed the 2001-built 74,665 dwt Altair with November 25-30
delivery on the Continent for a trip via the St. Lawrence river and redelivery
Singapore-Japan range at $12,000 daily.
Out of the Pacific, Grand Ocean was the charterer of the 2004-built 76,310 dwt
Norden-relet Prabhu Yuvika with December 05-10 delivery Gladstone for a trip
with redelivery Taiwan at $9,000 daily plus and undisclosed ballast bonus.
The 2005-built 75,734 dwt Rose Atlantic has gone to Mitsubishi with November
23-27 delivery Hekinan for a trip via NoPac and redelivery Japan at $7,500 daily.
Norden was linked with the 2006-built 75,756 dwt Navios Sagittarius with
November 18-24 delivery Singapore for a trip via west Australia and redelivery
China at $7,250 daily.
The charterer also has the 1998-built 73,729 dwt Global F with November 20-25
delivery Qingdao for a trip via Weipa and redelivery Porto Vesme at $5,000 daily.
STX Pan Ocean took the 2001-built 76,623 dwt New Agility with November 25-27
delivery Kaohsiung for a trip via Newcastle and redelivery South Korea at $7,000
daily.
The 1999-built 76,008 dwt Alma Ata has reportedly gone to Jaldhi with November
25-27 delivery passing Muscat outbound for a trip via Goa and redelivery China
at $6,000 daily.
In period business, Klaveness has the 2001-built 74,365 dwt Aeolian Breeze with
late-November delivery passing Muscat outbound for 13-15 months trading and
redelivery worldwide at $15,000 daily.
The 2005-built 75,500 dwt Ikan Bayan reportedly fixed with an unnamed charterer
for November 24-30 delivery Onahama for 11-13 months trading and redelivery
worldwide at $14,750 daily.
CAPESIZE
========
Capesize business in the Atlantic was at a standstill, with reports of concluded
business lacking. In the Pacific, there was very little said done, and rates
are still struggling. A modern capesize fixed a trip back to the Continent at a
very low $1,250 daily. BHP Billiton continued to take vessels today, but
details for most remained private. The Baltic Capesize index ended the week at
967, down 9.
From the Pacific, the 1990-built 149,498 dwt Grand Ocean has gone to HMM with
November 17th delivery retro-Singapore for a trip via south Africa and
redelivery South Korea at $3,400 daily.
Cargill was said to be the charterer of the 2003-built 171,218 dwt CIC Elli S
with November 27-30 delivery Zhanjiang for a trip via Banjarmasin and redelivery
Rotterdam at an extremely low $1,250 daily.
BHP Billiton was back in the market today, reportedly having taken the
2004-built 177,662 dwt Shining Star with December 15-30 loading 160,000 tons 10%
coal from Hay Point to Rotterdam at $10.50. There may be an option attached,
but details were vague.
HANDY/SUPRAMAX
==============
Handy business was little heard at the end of this week, and spot ships continue
to struggle for cover. Period tonnage was in demand in the Atlantic, with a
short period of 3-5 months having taken a supermax at $10,400 daily. In the
Pacific, the rally for rates in the Indian Ocean managed to hold into the
weekend. With the market in the state it is, no one wanted to claim that next
week would bring further improvements, but an infusion of fresh business would
go a long way. We'll have to wait and see. The Baltic Supramax managed to gain
11 to 634, and the Handysize index was up 2 as well at 316.
In the Atlantic, Cargill reportedly fixed the 1984-built 37,694 dwt Springwood
with November 25-30 delivery Santos for a trip via the River Plate and
redelivery Skaw-Cape Passero at $8,000 daily.
In voyage business, the 1990-built 42,200 dwt Velebit has fixed to Louis Dreyfus
with December 01-05 loading 30,000 tons products stowing 54ft from UpRiver to
the Spanish Mediterranean eat $21.00.
In Atlantic period business, Cargill has the 1992-built 38,800 dwt Tupi Maiden
with end-November/early-December delivery Brazil for 3-5 months trading and
redelivery worldwide at $5,550 daily for the first 50 days and $8,000 daily for
the balance.
Navision reportedly fixed the 1997-built 45,719 dwt Golden Wish with spot
delivery Port Said for 4-6.5 months trading and redelivery worldwide at $5,500
daily for the first 30 days, and $7,000 daily for the balance.
The 2000-built 27,321 dwt Diklo was reported fixed to Armada with end-November
delivery west Africa in d/c for 4-6 months trading and redelivery worldwide at
$7,900 daily.
It emerged that Armada was also the charterer of the 2008-built 53,450 dwt
Castlegate with late-November delivery Lagos for 3-5 months trading and
redelivery in the Atlantic at $10,400 daily.
>From the Pacific, the 1998-built 44,114 dwt Yangtze River went to MUR with spot
delivery Singapore for a trip via Australia and redelivery on the Continent at
$4,000 daily.
BHP Billiton took the 1997-built 44,314 dwt Sveti Nicola with end-November
delivery Japan for a trip with 2-4 laden legs and redelivery in the Far East at
$3,000 daily for the first 30 days, and $5,000 daily for the balance.
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