Thursday, November 27, 2008
Panamax business declined further today and sources felt the bottom had yet to
appear. The closing of U.S. offices for the Thanksgiving Day holiday today and
tomorrow did not help either. Tonnage in the Atlantic continued to build, with
additional vessels in ballast. In the Pacific, there has been very little fresh
inquiry, although the Indian Ocean is still providing some new business.
Although a number of fixtures were reported done in the Pacific, details were
limited and rates dropped. The Baltic Panamax index fell 66 today to 653.
Atlantic Panamax business included word that the 1998-built 72,731 dwt Hua Shan
Hai fixed to Richstone with prompt delivery passing Canakkale for a trip via the
Black Sea and redelivery China at $8,000 daily.
Louis Dreyfus agreed $7,750 daily for the 2001-built 75,169 dwt Avra with
December 08-12 delivery Dunkirk for a trip via the US Gulf and redelivery China.
((The 2001-built 75,323 dwt Nordems has fixed to Armada with December 01
delivery Rotterdam for a trip via the St Lawrence and redelivery in the East at
Navios was linked with the 2000-built 74,381 dwt Clipper Monarch with December
04-07 delivery Rotterdam for a trip with 2 + 1 option laden legs and redelivery
Skaw-Cape Passero at $6,000 daily for the first 2 legs, and $6,300 daily on the
((EDF reportedly fixed on subjects the 2000-built 74,600 dwt Clipper Emperor
with December 05-07 delivery Rotterdam for a trip via Poland and redelivery
Amsterdam at about $5,200 daily.
Cargill was said to be the charterer of the 1997-built 71,369 dwt Cosco HK-relet
Fu Man with November 26 delivery passing Gibraltar for a trip via the US Gulf
and redelivery Skaw-Cape Passero at $4,600 daily.
The 1981-built 77,677 dwt Minerali finally fixed to Windrose with spot delivery
Montoir for a trip via the US Gulf and redelivery U.A.E. at $3,500 daily plus a
ballast bonus of $100,000.
PCL has the 1988-built 69,734 dwt Irini with December 11-18 delivery aps Norfolk
for a trip with redelivery in the Egyptian Mediterranean at $3,500 daily plus a
ballast bonus of $130,000.
For Pacific business, the 2002-built 74,181 dwt Boreal was reported fixed to an
unnamed charterer with spot delivery delivery Sri Lanka for a trip via west
coast India and redelivery China at $8,250 daily.
The 2008-built 76,432 dwt De Xin Hai has gone to Louis Dreyfus with prompt
delivery Zhanjiagang for a trip via NoPac and redelivery in the Far East at
Brownstone has fixed the 2003-built 75,730 dwt Red Iris with November
28-December 02 delivery Kaohsiung for a trip via Koolan Island and redelivery
China at $5,000 daily.
For Pacific voyage business, Louis Dreyfus took the 2001-built Cymbeline with
November 30-December 02 loading 70,000 tons 10% coal from Pulau Laut to
Bridgeport at $10.10.
Another poor showing for the capesize sector today, but the shock value is
limited as most traders appeared to have adopted a "what can you do?" attitude.
In the Atlantic, there was still some demand for short period business, with an
LME fixed at $9,000 daily plus a $200,000 bb. Otherwise, voyage business
provided the market with a few fixtures for review. The Pacific market was very
quiet and rates remained under some strong pressure. The Baltic Capesize index
dropped 25 to 858.
In Atlantic Capesize business, there were a number of voyages fixed, albeit at
low numbers. Oldendorff has the 2005-built China Venture with December 14-28
loading 160,000 tons 10% coal from Richards Bay to Rotterdam at $5.25.
It emerged that Cargill recently took the 1996-built Sanko Spark with December
14-28 loading 150,000 tons 10% coal from Richards Bay to Rotterdam at $5.00.
Atlantic period business heard that the 2000-built 169,150 dwt Marvellous fixed
to Coscobulk with mid-December delivery Cape Passero in d/c for 12-months
trading and redelivery worldwide at $17,500 daily basis 2.5%.
Vale was in the market again taking the 2003-built 171,009 dwt
Constellation-relet Aquacharm with end-December delivery aps Brazil for 2-4
months trading and redelivery worldwide at $9,000 daily plus a ballast bonus of
For Pacific business, KEPCO has fixed an HMM TBN with December 10-19 loading
150,000 tons 10% coal from Gladstone to Hadong at a very low $3.66.
Rates in the Atlantic remained very low today, and there was very little
concluded business reported. Offices in the U.S. were closed today for the
Thanksgiving holiday, and many will choose to stay closed tomorrow in order to
have a long weekend. Sources said that although some deals have been done
details were withheld and given the over-abundance of tonnage, it will be of
little help to rates. In the Pacific, supermax tonnage fixed India/China at a
steady $11,000 daily. The Baltic Supramax index lost 5 to 632, while the
handysize index edged down 2 at 316.
In the Atlantic, Noble fixed a TBN with December 01-05 loading 25,000 tons 10%
soybean meal from UpRiver to the Spanish Mediterranean at $18.00.
From the Pacific, MMS reportedly fixed the 2004-built 55,628 dwt Bianco Dan with
December 03-08 delivery Kakinada for a trip with redelivery China at $11,000
Cargill has the 2004-built 52,951 dwt Dubai Jewel with December 03-10 delivery
west coast India for a trip with redelivery China at $11,000 daily.
Jaldhi was linked with the 2005-built 55,707 dwt Malathi with December 07-15
delivery Haldia for a trip with redelivery China at $8,200 daily.
A Korean charterer has the 2004-built 45,758 dwt Sophia with December 13-20
delivery Jeddah for a trip via Aqaba and redelivery west coast India at $7,000
MUR took the 2008-built 56,657 dwt Yvonne with December 02-05 delivery Belawan
for a trip via Australia and redelivery on the Continent at $4,500 daily.