TNT Dry Freight Review - 4 December 2008

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PANAMAX
=======
There was no good news for the Panamax sector today, with rates and
indices still dropping.  Although there was a goodly amount of fresh
inquiry injected into the market, the credit crisis, piracy problems,
hazard pay, and additional expenses which would be occurred in having
to ship around the Cape all combined to dampen the market.
Additionally, there is still so much uncommitted tonnage out there
that they are absorbing all the market can provide at the moment with
no improvement in rates.  From the Atlantic, the Black Sea is the most
active and profitable area, but even here, charterers trying to go
east through the canal are meeting resistance from owners and crews
who fear the risk of piracy.  So far the market has failed to outline
who will bear all the additional expenses of a trip around the Cape.
Reports circulated of business done from the Black Sea to the East at
$8,250 daily, but details remained private.   A considerable amount of
business has fixed and failed in the last few days.  Out of the
Pacific, the Indian Ocean remained the one bright spot, supported by
the demand for ore cargoes from China.  Far East rounds appear steady
around $4,500 daily, while period business of about 1-years trading
will earn around $10,000 daily.  The Baltic Panamax index dropped 14
to 525 today.
In the Atlantic, Deiulemar was said to be the charterer of the
1997-built 72,824 dwt Coal Age with December 15-28 delivery aps
Venezuela for a trip with redelivery in the Far East at $7,500 daily
plus a ballast bonus of $125,000.
The 2000-built 69,997 dwt Four Coal went to Richstone with December
12-16 delivery aps Canakkale for a trip with redelivery China at
$7,250 daily.
STX Pan Ocean has the 2004-built 76,343 dwt Norden-relet Pacific
Breeze with December 17-18 delivery Gladstone for a trip via Port
Latta and redelivery north China at $3,000 daily plus a ballast bonus
of $100,000.
An unnamed charterer fixed the 2006-built 76,434 dwt Pearl Seas with
December 08-10 delivery Taichung for a trip via Indonesia and
redelivery Singapore-Japan range at $3,250 daily.
Windrose was linked with the 1999-built 75,522 dwt Ellivita with
December 15-25 delivery in the US Gulf for a trip with redelivery in
the Mediterranean at $4,000 daily plus a ballast bonus of $75,000.
Alfred C. Toepfer has reportedly taken the 2000-built 75,900 dwt
Ourania Luck with December 15-20 loading 70,000 tons 10% grain from
Hamburg to Yemen at about $19.00.
Krutrade took a Transbulk TBN with December 15-20 loading 60,000 10%
coal from Ust Luga to Amsterdam at $6.00.
Pacific Panamax business heard that the 2002-built 72,790 dwt Matilde
Corrado has fixed to Uniwell with prompt delivery Port Kelang for a
trip via east coast India and redelivery China at $4,500 daily.
Jaldhi reportedly fixed the 1981-built 64,919 dwt Lovely Falcon with
spot delivery Jebel Ali for a trip via Goa and redelivery China at
$4,500 daily.
The charterer also took her sister-ship the 1981-built 64,285 dwt
Speedy Falcon with spot delivery Goa for a trip with redelivery China
at $4,500 daily.
An unnamed charterer has fixed the 2006-built 74,483 dwt Pearl Seas
with December 08-10 delivery Taichung for a trip via Indonesia and
redelivery Singapore/Japan range at $3,250 daily.
In voyage business, the 2001-built 76,397 dwt Cosco Oceania-relet
Trafalger has gone to Daebo with December 14-23 loading 70,000 tons
10% coal from IBT to Taiwan at $3.40.
The 2000-built 73,700 dwt Tai Plenty fixed to Glencore with December
10-12 delivery Zhoushan for 12-months trading and redelivery worldwide
at $10,300 daily, with an option for a second year at $14,500 daily.
The 1999-built 73,705 dwt Darya Radhe fixed on subjects to GMI with
December 15-30 delivery Shanghai for 11-13 months trading and
redelivery worldwide at $4,000 daily for the first 50 days, and
$10,000 daily for the balance.
CAPESIZE
========
There was more activity reported done for the Capesize sector today,
but sources said that while this was encouraging, there are still far
too many ships available for any kind of immediate turnaround in the
market.  Atlantic business was still very limited, but Vale took a
vessel for short period business at $5,000 daily.  Recent voyage
business, Richards Bay/Rotterdam was done at $5.25.  In the Pacific,
voyage business was said to be steady around $3.80, although some
business was done at better numbers.  Other business saw a PMO/China
run via Goa fix at $7,000 daily.  Demand for period tonnage remains
and rates are still higher than spot.  Indian publication "Steel Guru"
reported that a 169,000-tonner has fixed for 1-year at $17,500 daily,
but additional details were not forthcoming.  The Baltic Capesize
index managed to regain 9 to end at 839.
>From the Atlantic, the 1986-built 214,363 dwt Eleftheria K has gone to
Vale with December 25-January 03 delivery Brazil for 2-5 months
trading and redelivery worldwide at $5,000 daily plus an undisclosed
ballast bonus.
It emerged that Louis Dreyfus recently fixed an EdF TBN with December
25-January 08 loading 160,000 tons 10% coal from Richards Bay to
Rotterdam at $5.25.
Out of the Pacific, the 2001-built 164,218 dwt Kirmar has fixed to
Uniwell with December 05-15 delivery passing Muscat outbound for a
trip via Goa and redelivery China at $7,000 daily.
Noble has taken a TBN with December 04-15 loading 120,000 tons 10% ore
from Goa to Qingdao at $4.25.
The charterer also has another TBN with December loading 160,000 tons
10% ore from Dampier to Caofedian at $3.90.
Kepco has the NYK vessel Suma (1994-built, 149,380 dwt) fixed for
December 21-30 loading 125,000 tons 10% coal from Dalrymple Bay to
South Korea at $4.12.
The 1994-built STX Pan Ocean-relet Dong-a Saturn fixed to KEPCO with
December 21-30 loading 125,000 tons 10% coal from Abbot Point to South
Korea at $4.05.
HANDY/SUPRAMAX
==============
The grim state of the Atlantic market was unchanged today, with very
little fresh inquiry heard.  A supermax has fixed Skaw/eastern Med
business at a discouraging $6,000 daily.  A trip out for a 1985-built
handysize made $4,000 daily.    There was still demand heard for
period tonnage, with 1-years trading done at $10,000 daily.  Pacific
business was still being carried by demand for tonnage in the Indian
Ocean, with rates of around $12,000 daily reported paid from east
coast India to China.  The Baltic Supramax index lost 15 to 564, while
the Handysize index edged down another 2 to 305.
Out of the Atlantic, Eitzen Bulk Carriers have the 2005-built 53,299
dwt Port Melbourne with December 06-09 delivery passing Skaw for a
trip with redelivery in the eastern Mediterranean at a low $6,000
daily.
Oldendorff has recently fixed the 1985-built 25,486 dwt Maritime
Trader with December 06-09 delivery Durban for a trip with redelivery
Japan at $4,000 daily.
For voyage business, Cargill took the 2007-built Assimina II with
December 10-20 loading 30,000 tons 5% wheat from Up River to Port
Elizabeth and Durban at $19.75 basis 2 discharges.
In period business, the 2003-built 52,579 dwt Triton Eagle has gone to
Klaveness with January 2009 delivery in the US Gulf for 1-years
trading and redelivery worldwide at $10,000 daily.
>From the Pacific, the 2008-built 55,688 dwt Poseidon SW went to an
unnamed charterer with December 08-11 delivery Paradip for a trip with
redelivery China at $12,000 daily.
Eitzen Bulk Carriers was linked with the 2006-built 54,049 dwt
Karaweik for December 10-15 delivery aps Indonesia for a trip with
redelivery India at $5,500 daily.
The 2005-built 52,347 dwt Crown Princess has fixed spot to AHT for
delivery passing Muscat outbound for a trip via west coast India and
redelivery China at $8,800 daily.
OSL took the 2005-built 32,776 dwt Orient Bulker with December 01-05
delivery Changjiangkou for a trip with redelivery West Africa at
$7,000 daily.
The same charterer has also fixed the 2007-built 28,682 dwt Sofie
Bulker with December 05-10 delivery Nanjing for a trip with redelivery
West Africa at $5,000 daily.