Tuesday, December 02, 2008
TNT Dry Freight Review - December 02, 2008
PANAMAX
=======
Rates continued their downward spiral for the Atlantic Panamax sector, and still
no bottom in sight. Demand for period tonnage is still providing some support,
however here too rates have weakened. For the Pacific basin, the India Ocean is
still the focus of attention, with ore cargoes to China drawing vessels. In an
article today, Forbes.com pointed out the irony that Panamax vessels, even at
today's poor numbers, are earning more than most capesize ships. This with the
current Panamax timecharter average of $4,499 being only 5% of the record high
set in October 2007 which was $94,977 per day. The Baltic Panamax index fell 31
today to 559.
Atlantic Panamax business heard that the 2002-built 75,157 dwt Pearl of Jebel
Ali was reported fixed to Golden Ocean with December 12-13 delivery Cape Passero
for a trip via the Black Sea and redelivery Iraq at $9,000 daily.
Windrose was said to be the charterer of the 1987-built 68,634 dwt SD Glory with
December 22-29 delivery Skaw-Cape Passero for a trip with redelivery in the
Mediterranean at $5,750 daily.
The same charterer also took a vessel on voyage business, being linked with the
1989-built MDS-relet Annoula with December 10-15 loading 65,000 tons 10% hss
from the US Gulf to Egypt at $12.25.
Cetragpa has the 2008-built RBD Capri for December 10-17 loading 75,000 tons 10%
ore from Narvik to Eregli at $5.85.
It emerged that Constellation recently fixed a TBN with December 12-21 loading
70,000 tons 10% coal from Newport News to Rotterdam at $6.00.
Pacific Panamax business included word that the 2002-built 76,662 dwt Navios
Star fixed to Bagadiya with December 04-10 delivery Paradip for a trip via east
coast India and redelivery China at $8,500 daily.
The 2006-built 82,790 dwt Medi Hong Kong has gone to Pioneer Navigation with
December 04-06 delivery Muroran for a trip via NoPac and redelivery China at
$4,000 daily.
The 2004-built 75,772 dwt Medi Cagliari fixed to an unnamed charterer with
December 06-10 delivery Haldia for a trip via east coast India and redelivery
China at $8,500 daily.
The 2004-built 73,583 dwt Thetis went to Cargill with December 25 2008-February
10 2009 delivery Taiwan for 1-year's trading and redelivery worldwide at $10,500
daily.
An unnamed charterer has the 1994-built 71,535 dwt TPC Arirang with December
04-05 delivery Lanshan for a trip via NoPac and redelivery Singapore-Japan range
at $3,500 daily.
The Rice Corp reportedly fixed the 1996-built 70,108 dwt SD Nova with December
10-15 delivery north China for a trip via southeast Asia and redelivery on the
Continent at $3,750 daily.
Noble was linked with the 1997-built 69,221 dwt Kanak Prem with December 04-07
delivery Mumbai for a trip via west coast India and redelivery China at $8,500
daily.
Jaldhi has the 1995-built 69,050 dwt RZS Joy for November 26-30 delivery Hong
Kong for a trip via east coast India and redelivery China at $3,000 daily.
In voyage business, Corus took a Norden TBN with December 09-14 loading 65,000
tons 10% ore from Moi-I-Rana to Ijmuiden at $4.00.
CAPESIZE
========
Another extremely quiet market for the Capesize sector today. The Capesize
average timecharter rate is now at $2,316 - or as Lloyd's List pointed out, less
than 1% of the record high recorded on June 5th 2008 at $233,988. There were
suggestions that period business has been done, with 2-5 months trading said to
be worth about $5,500 daily plus a small ballast bonus. However details have
yet to emerge. With so little going on in the Capesize sector, it is hard not
to have your eyes drawn to reports emerging from publications like Forbes.com,
which today reported that DryShips and Genco Shipping & Trading are two
companies whose huge exposure to the current downturn has them considering
taking the companies private, which could have serious consequences for
investors. In an article from Lloyds list today, the chairman of the European
Community Shipowners Association (ECSA) Philippe Louis-Dreyfus has proposed
seeking the organizations backing for a plan to scrap ageing ships. The measure
is designed to help restore the supply/demand balance in the market and would
likely tarket vessels in the 20-25 year age group. However, this would only be
one element in returning the market to health. Mr. Louis-Dreyfus also said that
a return to the fundamentals of shipping were necessary, and that speculators
had made "excessive use of the paper freight market", diverting it from its
intended purpose of being a "tool for reducing risk on the physical ship
market". The Baltic Capesize index edged down another 3 to 830, setting a new
record low.
From the Atlantic, it emerged that the 1995-built 151,688 dwt China Act was
fully fixed to Noble on Monday with December 03-08 delivery Esperance for a trip
with redelivery Caofedian at $2,500 daily plus an undisclosed ballast bonus.
In the Pacific, the Baosteel Expedition was said to be the ship fixed to SK
Shipping with December 15-24 loading 160,000 tons 10% ore from Port Hedland to
Qingdao at $4.00.
BHP Billiton has taken the 1991-built Front Guider with mid-December loading
150,000 tons 10% ore from Port Hedland to Qingdao at $3.90.
HANDY/SUPRAMAX
==============
Atlantic Handy business was described as "choppy", with business scattered
across the basin and insufficient activity in any one area to say "there's the
market". Rates in the US Gulf appear to be under renewed pressure and there are
reports that period tonnage of about 1-year has fixed at $10,000 daily, but
details are still vague. From the Pacific, the rates for a trip back from
Indonesia to the eastern Mediterranean is said to be about $4,600 daily.
The Baltic Supramax index dropped 13 to 597, while the Handysize index lost 4 to
310.
The 2008-built 56,000 dwt Ikan Sudip has gone to an unnamed charterer with
December 06-08 delivery Singapore for a trip via south-east Asia and
redelivery China at $7,500 daily.
Seawin reportedly took the 2005-built 55,715 dwt Sunny Globe with December 08-10
delivery Mariveles for a trip via Australia and redelivery Singapore-Japan range
at $5,500 daily.
Oldendorff was linked with the 1996-built 34,372 dwt Federal St. Laurent for
December 01-05 delivery north coast South America for a trip with redelivery in
the Black Sea at $7,500 daily.
A French charterer reportedly has a TBN for prompt loading 27,500 tons 5% wheat
from Rouen to Algeria at $12.75.
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