TNT Dry Freight Review - 11 December 2008

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PANAMAX
=======
Atlantic Panamax business struggled again today as poor rates dropped
further.  The demand for period tonnage has held and rates are still
offering a premium over ships on the spot market. In the Pacific
basin, rates were still under a lot of pressure and even the Indian
Ocean showed the strain.  The Baltic Panamax index slowed its decline
today, dropping only 8 to 442 today.
The Atlantic panamax market included reports that Louis Dreyfus fixed
the 2007-built 76,611 dwt Shi Dai 1 with December 15-20 delivery
Santos for a trip with redelivery in the Far East at $6,250 daily plus
a ballast bonus of $170,000.
For Atlantic period business, the 1997-built 72,456 dwt Felicia was
reported fixed to Cargill with end-December/early-January delivery on
the Continent for 11-13 months trading and redelivery worldwide at
$10,750 daily.
The 1995-built 71,550 dwt Peter S went to Glencore with spot delivery
in the eastern Mediterranean for 11-13 months trading and redelivery
worldwide at $8,000 daily for the first 60 days, and $10,000 daily for
the balance.
In voyage business, the 1997-built King Cole has fixed to EZDK with
December 20-29 loading 70,000 tons 10% coal from Ubu to El Dekheila at
$6.45.
Out of the Pacific, the 1999-built 74,346 dwt Ever Shining went to
Sinochart with December 18-23 delivery Bandar Abbas for a trip via
west coast India and redelivery China at $6,500 daily.
Benemar agreed $4,200 daily for the 1984-built 66,894 dwt Santos
Success with spot delivery Singapore for a trip via Chennai with
redelivery China at $4,200 daily.
IMC was said to be the charterer of the 2001-built 74,082 dwt Ionian
Eagle with prompt delivery Jintang for a trip via Indonesia and
redelivery Mumbai at $3,000 daily.
The 2006-built 76,500 dwt Ajax reportedly fixed to Bright Shipping
with December 24-28 delivery Wakayama for a trip via Newcastle with
redelivery Taiwan at $3,000 daily.
An undisclosed charterer has taken the 2005-built 76,000 dwt Medi
Baltimore with Dedember 15-17 delivery Batam for a trip with
redelivery Skaw-Cape Passero at $2,000 daily.
Armada was linked with the 2002-built 74,819 dwt De Ping Hai with
December 20-22 delivery Xiamen for a trip with redelivery east coast
U.S. at $2,000 daily.
The 1993-built 70,312 dwt Quesa Uno reportedly fixed to NCS with spot
delivery Samcheonpo for a trip via west Australia and redelivery China
at $2,000 daily.
CAPESIZE
========
Another positive day for the beleaguered capesize market, with fresh
inquiry heard in both basins.  Voyage business remained the primary
source of the newfound confidence, and rates for a trip out from the
Atlantic are reported to be over $10.00 now.  Pacific voyage business
is now seeing numbers in the low-$5.00 range and talk of business done
in the $5.35-$5.40 range.  There was also ongoing demand for period
tonnage, with rates for modern tonnage on about 1-years trading around
$17,500 daily. The Baltic Capesize index rose 84 to 1142.
For Atlantic capesize business, the 1997-built 167,102 dwt Cosco
Tianjin-relet Aquagem reportedly fixed to Oldendorff with December
15-20 delivery on the Continent for a trip via Narvik and redelivery
Rotterdam at $3,500 daily.
In voyage business, Cargill has the 2003-built Aquaglory with January
05-19 loading 150,000 tons 10% coal from Richards Bay to Rotterdam at
$5.75.
In the Pacific, Rio Tinto Shipping reportedly took a TBN with December
20-January 05 loading 150,000 tons 10% coal from Newcastle to Map Ta
Phut at $5.30.
BHP Billiton proved to be the charterer of the 2006-built CHS Harvest
with December 19-21 loading 160,000 tons 10% ore from Port Hedland to
Qingdao at $4.75.
The 2006-built Cosco HK-relet China Progress has fixed to Rizhao Steel
with spot loading 160,000 tons 10% ore from Port Hedland to Qingdao at
$4.70.
The 1999-built Ocean Ceres has gone to Cargill with January 01-05
loading 160,000 tons 10% ore from west Australia to China at $4.50.
Cargill was also linked with the 2007-built Pacific Accord for prompt
loading 160,000 tons 10% ore from west Australia to China at $4.50.
Period business heard that the 2004-built 177,036 dwt Lowlands Phoenix
went to Cargill with January 10-20 delivery China for 11-13 months
trading with redelivery worldwide at $17,500 daily.
HANDY/SUPRAMAX
==============
The Atlantic Handy market was relatively unchanged today, with rates
still low and only limited inquiry entering the market.  From the
Pacific, the Indian Ocean was still providing much of the market's
support, with a Far East round reported done at $4,500 daily.  The
Baltic Supramax index lost 13 to 498, while the Handysize index was up
2 at 302.
In the Atlantic, Oldendorff has the 2000-built 52,067 dwt Navios
Ionian with December 15-18 delivery west Africa for a trip with
redelivery on the Continent at $6,000 daily.
>From the Pacific, the 2007-built 53,621 dwt Greta has gone to AHT with
spot delivery Xingang for a trip via east coast India and redelivery
China at $4,500 daily.
The charterer also has the 2005-built 53,702 dwt Sapphire Seas with
December 05 delivery retro-Rizhao for a trip via west coast India and
redelivery China at $3,300 daily.
It emerged that Noble took the 1984-built 41,900 dwt Assimina early
this week with spot delivery China for a trip with redelivery west
Africa at $4,000 daily.