Thursday, December 04, 2008
Fearnleys 3rd December 2008
CHARTERING
Handy
The interesting info this week comes from India where a 56,000 dwt
(Luminous Halo) achieved usd 12,000 for a trip to China with Iron Ore and
the Hawk I (50,300 dwt) achieving usd 10,000 to China. EC India has been
very active and charterers have been forced to fix tonnage ex Spore and
SEAsia (Spar Canis usd 12,000 bss dely Chittagong via ec India).The
market has picked up a bit due to more volumes of iron ore being exported
ex India, which confirms our assessments of the last weeks. Otherwise the
market remains subdued across the board. There are too many ships and
little cargoes, with rates remaining weak. The Atlantic remains stable with
35/45,000 dwt tonnage achieving around usd 8000 for biz redelivering in the
Atlantic. In the Pacific, backhaul is paying usd 5000 for Supramaxes as well
as for Pacific rounds. On the period front, MV Mavrouli 53,000 dwt blt 05
was fixed usd 11,000 for 1 year by TMT bss dely Brazil.
Panamax
The market continued in the same way as last week, with very little new to
report and rates drifting even lower. In the Atlantic, the rates for LMEs were
fixing arnd usd 4000 and fronthauls concluded in the mid usd 7000 daily
range. In the Pacific, new business were almost non-existing, where vsls
sailing back to the Atlantic were paid arnd usd 3000 and round voyages
fixed from usd 4000.
Capesize
The spot Cape market is turning into a farse with top class Capers fixed at
tc rates 50% lower than Handysizes. The tc index is now down to usd 2300;
an all time low number. The voyage rates fixed are hardly giving positive tc
returns. We hear as many as between 150 and 200 cape units have dropped
the anchor. So what can owners do to try influence the market in a more
positive direction? Lay up and slow steam wherever possible! 12 mos tc
fixed for modern 167,000 tdw at bit over usd 18,000 with lower rate first 2
mos.
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