Monday, January 19, 2009
For Atlantic Panamax business, the week got off to a very quiet start. The
influx of cargoes for trips out appears to have evaporated and rates are just
holding near last dones. If there is no fresh inquiry tomorrow, rates will
rapidly drop again, according to sources. Trips out from the Continent ranged
between the high-$8,000's-$9,000 daily. A trans-Atlantic round is said to be
earning about $4,000-$4,500 daily, depending on the vessel and delivery.
Atlantic period business saw 5-7 months trading fixed at $7,000 daily. There
was word of a better number paid, but confirmation was not forthcoming. Pacific
Panamax business started the week with another slide down in rates. PMO/China
business via India will earn about $5,500 daily, while a Far East round saw
modern tonnage fix at just $2,250 daily. A 1989-built vessel did
Indonesia/China via India at $1,600 daily. Period business saw 11-13 months
trading take $10,250 daily, while shorter periods of 3-5 and 4-6 months trading
earned $7,000 daily. In other news, Atlas Iron Ore limited announced that a 2nd
cargo of iron ore from its Pardoo Project has been loaded aboard the 2003-built
76,610 dwt YM Virture for west Australia/China delivery to a Chinese steel mill.
The Baltic Panamax index was off 4 today at 492.
In the Atlantic, Uniwell was said to be the charterer of the 2006-built 75,726
dwt Nord Neptune with January 18-20 delivery Amsterdam for a trip via Orinoco
and redelivery China at $9,000 daily.
TMT has the 2001-built 74,750 dwt Angelic Peace with January 17-20 delivery
Liverpool for a trip via the US Gulf and redelivery Japan at $8,750 daily.
The 1997-built 73,048 dwt Maikiki has fixed to Energy with spot delivery Montoir
for a trip via Prodeco with redelivery Hamburg-Cape Passero range at $4,250
Swiss Marine was linked with the 2001-built 76,623 dwt Botafogo with February
01-10 delivery Richards Bay for a trip with redelivery on the Continent at just
$1,200 daily plus a ballast bonus of $100,000.
For Atlantic period business, there was word that Swiss Marine fixed the
2000-built 74,275 dwt Tian Song Feng with January 25-26 delivery Aughinish for
4-6 months trading and redelivery worldwide at $8,500 daily - but confirmation
The 1989-built 69,406 dwt Annoula has reportedly fixed on subjects to Transgrain
with January 28-February 05 delivery Cape Passero for 5-7 months trading and
redelivery worldwide at $7,000 daily.
From the Pacific, the 1999-built 75,265 dwt Giovanni Battista Bottiglieri was
said fixed to Brownstone with January 20 delivery passing Muscat outbound for a
trip via India and redelivery China at about $5,500 daily.
The same charterer was said to have taken the 2002-built 75,658 dwt Pina Cafiero
with January 19-21 delivery Taiwan for a trip via India and redelivery China at
Jaldhi fixed the 1995-built 73,095 dwt Armada-relet C Journey with January 15-25
delivery Paradip for a trip via east coast India and redelivery China at $4,000
The 2001-built 74,382 dwt Yong Tong went to an unnamed charterer with January
20-30 delivery Aden for a trip via Richards Bay and redelivery Skaw-Cape Passero
at $1,500 daily.
SST was linked with the 2006-built 74,259 dwt Yuan Hui Hai with January 20-25
delivery Geraldton for a trip with redelivery China at $1,900 daily plus a
ballast bonus of $90,000.
The 1989-built 73,815 dwt Grand Lagia was reported fixed to a Chinese charterer
with spot delivery Samarinda for a trip via India with redelivery China at
Pacific period business heard that the 1999-built 74,747 dwt Great Century fixed
to a Far Eastern charterer with prompt delivery South Korea for 11-13 months
trading, and redelivery worldwide at $10,250 daily.
The 2009-built 78,000 dwt newbuilding Lake Dahlia has gone to AC Toepfer with
January 20-25 delivery ex-yard Sanoyasu for 4-6 months trading with redelivery
worldwide at $7,000 daily.
STX Pan Ocean agreed $7,000 daily for the 2002-built 74,133 dwt Africa Graeca
with spot delivery Singapore for 3-5 months trading and redelivery worldwide at
Capesize business appears to have lost the head of steam which allowed it to
power through (relatively speaking) the last couple of weeks. Sources reported
a much quieter market at the start of this week, pointing to the approaching
Chinese New Year as part of the problem with some traders said to be already
winding down to the weekend. In the Atlantic, there has been some ballasting
which has redressed the shortage of tonnage in the region, pressuring rates. In
the Pacific, the closing of the gap between contracted iron ore and spot prices
has taken a good bit of business out of the market, sending rates down sharply
starting last Friday. Ore cargoes from west Australia to China were done below
$6.00 at the end of last week and no improvement was seen today. Rio Tinto was
reported to have taken at least four vessels today, although details surfaced
for only three. Rates for Rio Tinto's ore cargoes were said between
$5.40-$5.60. Period business remains attractive, with 2-years trading said to
be in the $21,00-$22,000 daily range, while a longer period of 3-years trading
can fetch $25,000-$26,000 daily. However, owners are said to be resistant to
tying themselves down for long-terms at those levels. Lloyd's List quoted Barry
Rogliano Salles in a report today in which they estimated that around 215
capesize vessels will be delivered from shipyards this year - a truly
"depressing" factor for rates. Scrapping and orderbook cancellations/delays are
unlikely to be enough to offset the weight of the new tonnage on the market
according to the report. A further 700 capesizes are expected to enter the
market in 2010-2011. The Baltic Capesize index fell again today, down 51 to
From the Atlantic, the 2005-built 173,806 dwt Cargill-relet Mineral Belgium went
to a Chinese charterer with January 24-25 delivery Flushing for a trip via
Brazil and redelivery China at $23,250 daily.
Atlantic voyage business saw Vale take the 2005-built China Venture with
February 15-25 loading 160,000 tons 10% ore from Tubarao to Qingdao at $13.90.
The same charterer fixed the 1995-built Bet Prince with March 05-15 loading
160,000 tons 10% ore from Tubarao to Qingdao at $13.75.
Vale also has the 1990-built York with March 05-15 loading 150,000 tons 10% iron
ore from Tubarao to Qingdao at $13.75. The business was previously reported as
The 2008-built Grande Progresso has reportedly fixed to Vale with February 20-28
loading 280,000 tons 10% iron ore for 3 consecutive voyages from Tubarao to
Qingdao at $11.75.
Out of the Pacific, the 1989-built 152,065 dwt Agility was reported fixed to
Vale with spot delivery Rizhao for a trip via Brazil and redelivery China at
For voyage business, Rio Tinto Shipping fixed the 1996-built Rubin Ace with
February 10-20 loading 150,000 tons 10% coal from Dalrymple Bay to Bayuquan at
The 1996-built 151,279 dwt Rubin Ace was said fixed to Rio Tinto with February
01-10 loading 150,000 tons 10% ore from Dampier to Qingdao at $5.60.
The charterer has taken the 2008-built Malindi with February 01-10 loading
160,000 tons 10% ore from Dampier to Qingdao at $5.40.
A poor start to the week for the Handy sector, with sources reporting a general
lack of inquiry. Rates from ECSA are expected to have a little staying power as
there is only a limited amount of spot/prompt tonnage available. In the
Atlantic, rates are still holding at last dones, with interest in period tonnage
still noted. Trans-Atlantic runs are said to be seeing about $8,000 daily for
older tonnage. Period business has seen a couple of Handies fixed for 4-7 and
3-5 months trading at $5,500 and $5,300 respectively. In the Pacific,
Chittagong/China business via EC India fixed a Supramax at $7,000 daily.
Another Supramax fixed period business of about 1-year at $8,500 daily. The
Baltic Supramax index moved up 6 to 424, while the Handysize index managed to
gain 3 at 285.
Atlantic Handy business included reports that the 1995-built 45,621 dwt Union
Ranger went to Cargill with spot delivery Canakkale for a trip via the Black Sea
and redelivery PMO-India range at $5,550 daily.
For period business, Progress Bulk Carriers took the 1995-built 28,381 dwt Odin
Pacific with January 16 delivery Canakkale for 4-7 months trading and redelivery
in the Atlantic at $5,500 daily.
The 2000-built 28,385 dwt Molat fixed to Progress Bulk Carriers with January
17-18 delivery Djen-Djen for 3-5 months trading and redelivery worldwide at
Out of the Pacific basin came word that a Chinese charterer took the 2001-built
47,314 dwt Ocean King with spot delivery Chittagong for a trip via east coast
India and redelivery China at $7,000 daily.
Seawin fixed the 1996-built 45,300 dwt Getaldic with January 29-February 04
delivery passing Singapore for a trip via east coast India and redelivery China
at $4,800 daily.
The charterer also took the 1999-built 32,509 dwt Great Blossom with January
25-30 delivery dop Tuticorin for a trip via east coast India and redelivery
China at $3,000 daily.
For Pacific period business, an unnamed charterer has taken the 2003-built
50,209 dwt Tern on subjects with January 23-25 delivery Jintang for 1-years
trading at $8,500 daily.