Monday, January 12, 2009
TNT Dry Freight Review - January 12, 2009
PANAMAX
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The Atlantic Panamax market remained the choice of owners today. Trips out are
still seeing decent money, with $9,000 daily reported paid for a 1996-built
ship. A trans-Atlantic round heard an LME went Cont/Egypt via the US Gulf at
$5,000 daily. Short period business of 4-6 months trading was done at $8,250
daily. Out of the Pacific, north China/India business via Indonesia paid only
$2,200 daily for an LME - and that a Kamsarmax! A trip back to the Atlantic
made $2,000 daily plus a ballast bonus of $110,000. Voyage business from west
Australia to China paid $8.10 for an ore cargo. The Baltic Panamax index
dropped 5 to 529.
In Atlantic Panamax business, Cargill was linked with the 2002-built 74,350 dwt
Poseidon with spot delivery Rotterdam for a trip via the US Gulf and Egypt, with
redelivery Cape Passero at $5,000 daily.
Atlantic period business heard that Cobelfret reportedly fixed the 1996-built
72,394 dwt Giovanni with January 14-15 delivery Porto Torres for 4-6 months
trading with redelivery worldwide at $8,250 daily.
For Pacific business, Armada was said to be the charterer of the 2008-built
83,610 dwt Star of Emirates with January 14-18 delivery north China for a trip
via Indonesia and redelivery India at a weak $2,200 daily.
BHP Billiton reportedly fixed the 1994-built 71,535 dwt TPC Arirang with prompt
delivery Taiwan for a trip via Bunbury and redelivery South Africa at $2,100
daily.
The charterer also has the 1997-built 73,242 dwt GMI-relet Great Bright with
January 20-25 delivery aps Bunbury for a trip with redelivery South Africa at
$2,000 daily plus a ballast bonus of $110,000.
The 1994-built Navios Gemini S was said fixed to Pan World Logistics with
January 14-18 loading 60,000 tons 10% ore from Geraldton to Qingdao at $8.10.
Pacific period business included word that Cargill took the 2005-built 73,691
dwt Clio with January delivery passing Muscat outbound in dc for 11-14 months
trading and redelivery worldwide at $6,000 daily for the first 30 days, and
$11,000 daily for the balance.
The 1997-built 73,242 dwt Great Bright went to GMI with January 07 delivery
retro-Yantai for 3-5 months trading with redelivery worldwide at $5,500 daily.
The charterer then relet the ship to BHP Billiton.
CAPESIZE
========
Although Capesize business got off to a slow start, there was an optimistic feel
to the market. Rates firmed by 20% last Friday, and up by 50% on the week,
according to Dahlman Rose analyst Omar Notka, in a report by Forbes.com. In the
Atlantic there is a very limited amount of available tonnage, and with
continuing inquiry for cargoes ECSA/Far East, rates have moved up to the $20,000
daily range. Charterer's had some reservations, saying the market had not
fundamentally improved and that owners would likely see rates fall back in the
second half of the month. The Pacific basin was steady at the open, with rates
for a west Australia round still around $6.00. There remains some demand for
period tonnage, with periods of about 1-year seeing $17,000 daily. The Baltic
Capesize index opened the week up 60 to 1788.
In the Atlantic, the 2004-built 171,000 dwt Ocean Queen went to an unnamed
charterer with January 12-16 delivery Hunterston for a trip via Brazil and
redelivery China at $20,000 daily.
Also unnamed was the charterer of the 2001-built 171,509 dwt SA Altius, who took
the vessel with January 16-18 delivery Le Havre for a trip via Brazil and
redelivery in the Far East at $20,000 daily.
Bunge has a Vitol TBN with February 14-28 loading 150,000 tons 10% coal from
Richards Bay to Rotterdam at $7.65.
Out of the Pacific, period business heard that the 1994-built 149,782 dwt Martha
has fixed to Swiss Marine with January 20-30 delivery Singapore for 12-months
trading and redelivery worldwide at $17,000.
HANDY/SUPRAMAX
==============
There was little to report from the Handy sector today, but sources said rates
in the Atlantic seemed steady, despite the large amount of spot tonnage looking
for cover. In the Pacific, rates appeared a touch weaker, especially in the
Indian Ocean where owners have seen rates plummet over the last few weeks. The
recent Indian truckers strike was called off today, according to a report from
Fairplay, so we may see some improvement in rates as exports pick up again. The
Baltic Supramax index edged up 3 to 397, while the Handysize index was off 1 at
268.
From the Atlantic, the 2006-built 55,924 dwt Yasa Ozcan has reportedly gone to
STX Pan Ocean with end-January delivery aps Mississippi River for a trip with
redelivery Singapore-Japan range at $8,650 daily.
The charterer also fixed the 1999-built 46,689 dwt Cos Fair with January 15-20
delivery aps SW Pass for a trip with redelivery Singapore-Japan range at $8,500
daily.
The 2001-built 50,777 dwt Jin Fu went to an undisclosed charterer with spot
delivery Gemlik for a trip with redelivery India at $6,500 daily.
In Pacific business, the 2001-built 52,407 dwt Yasa H Mehmet fixed to Uniwell
with January 15-17 delivery Tuticorin for a trip via west coast India with
redelivery Singapore-Japan range at $7,000 daily.
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