Tuesday, November 25, 2008
TNT Dry Freight Review - November 25 2008
PANAMAX
=======
Rates sank further in most of the Atlantic today, with very little fresh
business quoted and vessels competing savagely to find cover. East coast South
America was over-tonnaged and had few cargoes listed. There was still some
business from the Black Sea and rates were steady. In the Pacific there was no
relief to be found, with rates struggling to hold at last dones. Trips back to
the Atlantic are said to be in the range of $5,000 daily, but this is based on
business done late last week. With so few reports of concluded business
surfacing, it is hard to say definitely where the market is. There was some
period business reported fixed for older ladies, but the rates for 11-13 months
trading were nothing to write home about at $8,750 daily. The Baltic Panamax
index fell 44 to 804.
Out of the Atlantic, the 1983-built 62,297 dwt Mighty Michalis has gone to
Hamburg Bulk Carriers with spot delivery Egypt for a trip via the Black Sea to
Djibouti at $8,500 daily.
Louis Dreyfus was said to be the charterer of the 1997-built 73,049 dwt Makiki
with December 03-06 delivery aps Paranagua for a trip with redelivery Skaw-Cape
Passero at $4,000 daily plus a ballast bonus of $105,000.
For Pacific business, the 1989-buit 70,242 dwt Princess Natalie has gone to a
Chinese charter with November 25-December 02 delivery Guangzhou for a trip via
west Australia and redelivery Singapore-Japan range at $6,000 daily.
The 1991-built 65,430 dwt Hellenic Sea reportedly went to Louis Dreyfus with
November 25-29 delivery aps Seattle for a trip via NoPac and redelivery
Singapore-Japan range at $5,000 daily plus a ballast bonus of $140,000.
AHT was linked with the 1997-built 72,424 dwt Brave NV with November 24-29
delivery Dangjin for a trip via NoPac and redelivery Santos at $5,000 daily.
Uniwell has the 1989-built 64,850 dwt Mara with end-November delivery passing
Muscat outbound for a trip via west coast India and redelivery China at $4,000
daily.
In period business, the 1989-built 69,703 dwt Vitaglory, and sister ship the
1993-built 69,153 dwt Vitapride, both went to Bunge with December 11-13 delivery
in d/c for 11-13 months trading and redelivery worldwide at $8,750 daily.
CAPESIZE
========
Tuesday opened and closed in a very lacklustre way for the Capesize sector, with
sources reporting an average of about 17 ships competing for every new cargo.
With an imbalance like that, it is no wonder that increasing activity is having
so little impact on rates. There was very little reported done from either
basin today, and in the Atlantic modern tonnage fixed a trip out at a weak
$5,750 daily plus a small ballast bonus. The Baltic Capesize index was off
again today, down 23 at 932.
In the Atlantic, the 2003-built 175,526 dwt CSK Fortune has fixed to Oldendorff
with December 12-24 delivery Ponta Ubu for a trip with redelivery China at
$5,750 daily plus a ballast bonus of $175,000.
Voyage business included word that Kleimar fixed on subjects the 1997-built SG
Prosperity with December 15-30 loading 180,000 tons 10% ore from Ponta Da
Madeira to Kwangyang at $7.00.
From the Pacific, Kepco has a Samsun TBN with December 06-15 loading 120,000
tons 10% coal from Abbots Point to South Korea at $4.50.
The 1985-built Jimnoble was said fixed to Brownstone with December 10-15 loading
160,000 tons 10% ore from Goa to China at $4.30.
HANDY/SUPRAMAX
==============
It was a very quiet day for the Handy sector, with sources reporting that while
some ships have gone, details are being kept private. Rates are said to be
dropping and it would appear that the recent influx of scrap business has lost
the shine it lent to the market. Supermax tonnage is said to be seeing rates of
about $6,000 daily for trans-Atlantic rounds, while a trip out from the US Gulf
may see about in the low-$10,000's daily range. In the Pacific, the Indian
Ocean is said to be supplying most of the support with ore cargoes, but rates
have not improved - the best that can be said is that it is keeping the market
from drowning. The Baltic Supramax index barely moved, up 1 to 641, while the
Handysize index gained 2 at 321.
Atlantic business included reports that the 1997-built 47,240 dwt Honesty Ocean
has fixed to Oldendorff with spot delivery aps Conakry for a trip with
redelivery in the Black Sea at $6,000 daily.
Handysize tonnage saw the 1995-built 22,056 dwt Ocean Star go to an unnamed
charterer with December 03-10 delivery in the US Gulf for a trip with redelivery
Italy at $4,500 daily.
From the Pacific, the 1984-built 38,888 dwt Surmene 4 has fixed to an
undisclosed charterer with spot delivery east coast India for a trip with
redelivery on the Continent at $3,000 daily.
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