Ship Chartering: TNT Dry Freight Review

Monday, December 01, 2008

PANAMAX

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Despite hopes of a recovery after the American Thanksgiving weekend, the week

started very slowly. There were a few ships fixing for low $3000 daily for

trips east to atlantic. There was even comments and talk of some charterers

abandoning old contracts to refix in the new buyer's market.

The Ariana, 2001 76631 dwt, went to Brownstone for $6200 daily, for a trip to

China via GOA.

Cargil took three ships, the Yong Jia, 2001 74823 dwt for a trip via Pulau to

Ploce for $3000 daily. They paid $4200 for the Garv Prem, 74500dwt, trip Praia

to Skaw - Cape Passero. And last week they took the Big Sky, 1994 69189 dwt for

a trip US Atlantic to Skaw - Cape Passero for $3100.

Finally, the Salandi, 1999 74100 dwt, went to Noble for $3000 daily, for trip

from China to Spain via Indonesia.

CAPESIZE

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The BCI slipped another 5 points today, which is less than 1%. But considering

that it's fallen for 42 consecutive reported days, and off by over 90% since

less than a year ago, one is left to wonder if it could possibly go any lower.

Too many ships fighting for not much business is leaving shipowners scrambling,

banks pressuring them to cancel their shipbuilding contracts, and shipyards

struggling to fill their order books. There is no easy answer in sight as the

global economy is weighing down on the whole industry.

The lack of real movement in the BCI may be due to the fact that no judgements

can be made because no actual business is being fixed.

HANDY/SUPRAMAX

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It was another slow start to the another overall slow week.

The Pamakaristos, 1986 38398 dwt, went to Bunge for a December trip from north

Brazil to the Mediterranean for $8000.

Ship Chartering