TNT Dry Freight Review - 5 January 2009

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PANAMAX
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Atlantic Panamax business shone in comparison to the troubles seen in
the East today.  While there were relatively few reports of concluded
business, rates appeared to have steadied and there was said to be new
business on offer for trips out.  Modern tonnage can now expect to see
rates in the range of 8,250 daily for a trip to the East.  In the
Pacific basin there are still too many ships and many owners willing
to take just about anything to move their ships.  This means rates in
the Pacific will likely not improve for the foreseeable unless there
is a sudden and sustained influx of new business.  The Baltic Panamax
index dropped 15 to 525.
For Atlantic Panamax business, Uniwell was linked with the 2000-built
74,716 dwt Cinzia D'Amato  with prompt delivery Jorf Lasfar for a trip
via Orinoco and redelivery China at $8,000 daily.
NNC took the 2004-built 76,801 dwt Bahia with prompt delivery aps
north France for a trip via Egypt with redelivery Cape Passero at
$7,000 daily plus a ballast bonus of  $15,000.
Cargill reportedly fixed on subjects the 1999-built 72,891 dwt Morgan
Stanley-relet Deep Seas with January 14-17 delivery Mississippi River
for a trip with redelivery in the East at about $8,000 daily plus a
ballast bonus of about $150,000.
It emerged that Noble was the charterer of the 2006-built 76,807 dwt
Lowlands Camellia last week with January 06-08 delivery Amsterdam for
a trip via the U.S. east coast and redelivery India at about $8,250
daily.
The 1996-built 73,087 dwt Drin went to NYG last week with prompt
delivery Skaw for a trip via the US Gulf and redelivery Japan at
$7,750 daily.
The 2000-built 74,027 dwt Tian Yang Feng reportedly fixed on subjects
with January 07-10 delivery Cape Passero for a trip with redelivery in
the East at about $8,250 daily.  The charterer remained unnamed.
In period business, the 2006-built 75,580 dwt Yasa Unity has
reportedly fixed on subjects to Swiss Marine with January 15-18
delivery Cape Passero for 12-months trading and redelivery worldwide
at $12,500 daily.
Out of the Pacific, the 2005-built 76,194 dwt Red Gardenia was fixed
to Cobelfret with end-December early January delivery north China for
a trip via New South Wales and redelivery Japan at $2,250 daily.
Last week, Cargill was the charterer of the 2001-built 75,928 dwt
Pepito with January 08-10 delivery Pagbiliao for a trip via Indonesia
and redelivery Skaw-Cape Passero at a low $1,700 daily.
Hanjin fixed and failed with the 1996-built 72,394 dwt Shekou Sea for
January 01-03 delivery Mawan on a trip via India and redelivery China
at $2,300 daily.
CAPESIZE
========
Capesize business started the week on an even keel, with rates said to
be holding at or near last done's and more activity noted.  Reports
last Friday that capesize rates had firmed slightly allowed the market
to seize on the more hopeful tone to stabilize rates.  The Associated
Press reported late last week that rates for capesize vessels had
managed a gain of 1.2% to around $8,997 daily.  The report quoted
Dahlman Rose analyst Omar Notka as saying that the gains were due to
more stable steel prices - one of the main cargoes for capesize ships.
The Baltic Capesize index moved up 25 today to 1386.
>From the Atlantic, the 2006-built 174,204 dwt Fernandina was said
fixed to Swiss Marine late last week with January 01-05 delivery
Amsterdam for a trans-Atlantic round (including a trip via Richards
Bay) with redelivery Skaw-Cape Passero at $6,000 daily.
Swiss Marine was also linked with the 2005-built 170,012 dwt Cape
Pioneer with January 04-06 delivery Hunterston for a trans-Atlantic
round with redelivery Skaw-Cape Passero at $6,500 daily.
In the Pacific, Cargill has reportedly fixed on subjects the
2006-built 176,303 dwt Great Navigator with January 15-20 loading
160,000 tons 10% ore from west Australia to China at $5.50.
It emerged that BHP Billiton fixed the 2006-built Caladium  2006 late
last week with January 10-15 loading 160,000 tons 10% ore from Port
Hedland to Qingdao at $5.50.
HANDY/SUPRAMAX
==============
Atlantic business remains hampered by the volume of available tonnage
and a lack of fresh inquiry.  Pacific Handy business started the New
Year struggling to improve on the very low rates and seeing little
success thus far.  The Baltic Supramax index edged down 8 to 403,
while the Handysize index was off 3 at 276.
>From the Atlantic, the Rice Company took the 1991-built 22,174 dwt
Dominator with prompt delivery aps Recife for a trip with redelivery
Venezuela at $5,750 daily.
Pacific Handy business heard that SK Resources has take the 2001-built
52,036 dwt Bianco Bulker with January 14-17 delivery Haldia for a trip
with redelivery China at about $11,000 daily.
A Chinese charterer reportedly fixed the 2004-built 52,036 dwt
Clementine with early-January delivery aps west coast India for a trip
with redelivery China at about $8,250 daily.
The 2002-built 52,433 dwt Ocean Prelate was said fixed to Nasco
Singapore with January 06-07 delivery north China for a trip via
south-east Asia and redelivery Singapore at $3,000 daily.
The same charterer also took the 2003-built 52,341 dwt Cos Lucky with
spot delivery Xingang for a trip via south-east Asia and redelivery
Singapore at only $2,500 daily.
The 2003-built 51,196 dwt Capitan Vassilis was said fixed to Cargill
with spot delivery Jintang for a trip via west Australia and
redelivery USG/USEC at $2,500 daily.
The 2002-built 56,358 dwt Song Lin Wan has reportedly fixed to Xi
Chuan Shipping with January 01-10 delivery in the East for 1-years
trading and redelivery worldwide at a bareboat equivalent of about
$19,000 daily.
China Shipping Development took the 1986-built 51,565 dwt Da Qing 88
with end-December/early-January delivery in the East for 1-years
trading and redelivery worldwide at $8,270 daily.