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Friday, December 05, 2008

TNT Dry Freight Review - December 05, 2008

PANAMAX

=======

The feeling of gloom hanging over the Panamax market failed to lift even the

slightest bit today.  In Atlantic business, fresh inquiry was quickly absorbed

by available tonnage and rates were off last dones.  A trip via the Black Sea to

China fixed tonnage at $8,250 daily, while a trans-Atlantic run from the

Continent to Chile was done at $7,500 daily.  An LME has gone for 2 laden legs

in the Atlantic at a low $4,000 daily, with optional redelivery in the East at

$5,500 daily.  Trans-Atlantic round business saw another LME fix at $3,250

daily.  Owners appeared willing to take almost any number to find cover through

the holidays.  From the Pacific came word that rates from the Indian Ocean

appeared to have stalled and dropped slightly.  An LME was reported fixed at

$8,250 daily for EC India/China business.  Demand for period tonnage in the

Pacific remains, but rates are now said to be under $10,000 daily.  The Baltic

Panamax index dropped yet again, down a further 21 to 504.

Norden was linked with the 1995-built 72,515 dwt Suerte for spot delivery aps

Canakkale for a trip via the Black Sea and redelivery China at $8,250 daily.

Swiss Marine has taken the 1997-built 73,317 dwt Barbara with prompt delivery

Ijmuiden for a trip via Bolivar and redelivery Chile at $7,500 daily.

The 1999-built 74,545 dwt Alpha Flame has fixed with Wilmar for December 15-20

delivery in the US Gulf for a trip with redelivery in the East at $6,000 daily

plus a ballast bonus of $185,000 daily.

Michele Bottiglieri Armatori Spa was said to be the charterer of the 2004-built

74,823 dwt Darya Shree with December 07-12 delivery Flushing for a trip with 2

laden legs and redelivery in the Atlantic at $4,000 daily, plus optional

redelivery in the Far East at $5,500 daily.

Cargill reportedly fixed the 2007-built 75,204 dwt Cosco H.K.-relet Sidari with

spot delivery Cape Passero for a trip via east coast South America and

redelivery Skaw-Cape Passero at $3,250 daily.

In the Pacific, the 2001-built 74,118 dwt Cos Intrepid went to an undisclosed

charterer with December 06-10 delivery Vizakhapatnam for a trip via east coast

India and redelivery China at $8,250 daily.

Also unnamed was the charterer of the 2005-built 73,600 dwt Ju Da with December

04-10 delivery Xiamen for a trip via east coast India and redelivery China at

$2,500 daily.

The 1999-built 73,941 dwt Genco Knight has gone to Jaldhi with prompt delivery

south China for a trip via east coast India and redelivery China at a painfully

low $2,000 daily.

Period business reportedly saw the 2007-built 82,014 dwt Billion Trader II fix

to Oldendorff with December 17-18 delivery Taiwan for 11-16 months trading and

redelivery worldwide at about $11,000 daily.

CAPESIZE

========

Capesize business closed the week reportedly somewhat busier, but details of

business done were scarce and rates have not improved. The Baltic Capesize index

moved up 32 today, reaching 871.

Capesize news review -

An article from Business Standard online today: the Chairman and Managing

Director of Shipping Corp of India announced that SCI has postponed their

planned purchase of four capesize vessels as they expect the value of assets

will continue to drop over the next six months - not good news for owners!

In another example of trying to offset costs: Bloomberg.com reported today that

Fortescue Metals Group has changed its shipping contracts to require their

customers to make their own freight arrangements.  The company explained its

intention was to "ensure that their customers continue to get ore delivered at

competitive rates".

Atlantic Capesize business heard that Vale fixed an NCS TBN with December 20-30

loading 160,000 tons 10% ore from Ponta da Madeira to Constanza at $5.25.

For Pacific Capesize business, Rio Tinto Shipping reportedly fixed the

1990-built Brilliance with December 10-15 loading 130,000 tons 10% ore from

Newcastle to Map Ta Phut at $5.00.

The 1991-built Front Breaker has gone to Sesagoa with December 20-30 loading

130,000 tons 10% ore from Goa to Qingdao at $5.10.

HANDY/SUPRAMAX

==============

Owners with ships in the Atlantic breathed a sigh of relief as the Supramax

market closed out a poor week of declining rates and little inquiry.  Neither

the larger or smaller sizes were able to make any headway - there are just too

many ships and not enough business out there.  Spot rates have been very hard

hit, and a trans-Atlantic run from the Continent to the US Gulf/US Atlantic has

seen a Supramax agree a very poor $2,250 daily. The Baltic Supramax index was

down 16 today at 548, while the Handysize index lost 5 to 300.

Out of the Atlantic, the 1983-built 34,900 dwt Ernest has gone to Cargill with

December 12-18 delivery Santos for a trip with redelivery in the Mediterranean,

Black Sea or Morocco at $5,000 daily.

Clipper agreed $2,250 daily for the 2003-built 48,104 dwt Armeria with spot

delivery on the Continent for a trip with redelivery in the US Gulf/US Atlantic

coast.

For Pacific Handy business, the 2007-built 55,400 dwt Jin Yuan reportedly fixed

to Uniwell with December 10-20 delivery Chennai for a trip with redelivery China

at $10,000 daily.

An unnamed charterer is said to have taken the 2005-built 55,695 dwt POS Freedom

with December 10-14 delivery Dalien for a Pacific round voyage with redelivery

Singapore-Japan range at $5,000 daily.

The 1995-built 42,850 dwt Dubai Fortune went to Norden with spot delivery Japan

for a trip via NoPac and redelivery Singapore-Japan range at $4,250 daily.

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