Fearnley's Week 50 December 10th 2008

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CHARTERING
Handy
Not much activity across the board with the market remaining depressed.
Period Supramaxes being still fixed usd10,500 for one year (mv Jaeger 52,
483 dwt dely Med by Cosbulk). Armada and Eitzen have taken 2
Supramaxes for indo coal to India at usd 6/7000 levels on aps bss i.e rates
unchanged compared to last week. WCSA / NOPAC is still going at usd
5000 for Pacific rounds. Still little activity to report in the US Gulf with
trips to the Cont/ Med going at usd 8000 on Handymax sizes. South
America is quiet. India has still some activity albeit a bit reduced compared
to the last weeks. Quite many overage vessels are open in the Red Sea with
not much cargoes proposed due to Aid holidays. Owners are reluctant to
cross the Suez Canal due to costs involved and the lack of activity in the
Black Sea.
Panamax
This has been another week with rates decreasing softly, with holidays
coming up in various countries. In the Atlantic, rates for RV were reported
around 3500 and trips to the Far East were fixed in usd 6000 region. In the
Pacific there is little to report; still huge amount of idle vessels and very few
spot cargoes to support the rates. RV fixed arnd usd 3000, backhauls paid in
the region of usd 2500. There has been some interest for period, and LME´s
have been fixing from 10 11,000 for 11-13 months.
Capesize
At long last the Cape market showed a glimmer of hope as the tc average
almost doubled, to about usd 4500. In the light of more attractive
commodity prices, Chinese ore importers suddenly reappeared, taking firstly
a number of cargoes from India and then a little "rush" from Australia, both
FOB and CNF, and all for early shipment. This resulted in the WA/China rate
moving from usd 3.85 to usd 4.50 and the Pacific r/v from usd 1750 to usd
5000. Backhaul rates also edged upwards with Richards Bay/Rotterdam
rising 50 cents to about usd 5.60. However, the Chinese still showed little
interest in resuming imports from Brazil, and Atlantic activity and rates
remained at a very low level. Nevertheless, Vale continued to put cargoes on
the water, probably destined for stockpiling in China. Period activity was
non-existent.