Thursday, January 22, 2009
TNT Dry Freight Review - January 22, 2009
PANAMAX
=======
The Panamax market was little changed today, despite hopes that the upswing in
activity for the Capesize sector would overflow onto Panamaxes. Sources said
there was little new inquiry for trips out and that rates had remained steady
around last dones. Trans-Atlantic rounds also trended sideways, again with not
much new demand for tonnage. In the Pacific there was a definite tick up in
activity as charterers cleared their desks before the start of New Year holidays
this weekend. Pacific rounds have been reported done above $3,000 daily, with
rumours of numbers approaching $4,000 daily, but details have yet to emerge.
Short period business of 4-6 months trading saw a modern vessel agree $6,250
daily. Overall the sentiment was "make hay while the sun shines", with few
prepared to state that the markets upward momentum would continue after the
holidays. The Baltic Panamax index moved up 9 to 513.
From the Atlantic, the 2000-built 73,454 dwt Seajoy has gone to Midtrade with
prompt delivery Rotterdam for a trip (via Boca Grande?) and redelivery on the
Continent at $8,500 daily - but there was some question about the trip port.
Marubeni has the 1999-built 73,700 dwt Jacaranda with February 01-10 delivery in
the US Gulf for a trip with redelivery Japan at $8,000 daily plus an unknown
ballast bonus.
Louis Dreyfus has the 2005-built 76,520 dwt Penda Bulker on subjects with
January 25-30 delivery Aden for a trip via east coast South America and
redelivery in the East at $6,750 daily.
Cetragpa was linked with the 2006-built 82,574 dwt Pascha with February 05-15
delivery aps Hampton Roads for a trip with redelivery UK-Continent at $5,000
daily plus a ballast bonus of $150,000.
Constellation took the 2004-built Bunge-relet Kavo Topaz with February 02-08
loading 60,000 tons 10% coal from Santa Marta to Carboneras at $9.00.
Carboex reportedly fixed a Cargill TBN with February 09-23 loading for the first
of 2 cargoes of 75,000 tons 10% coal from Bolivar to Carboneras at $7.75.
Swiss Marine was the charterer of the 2007-built 82,000 dwt Epson Trader with
February 05-10 delivery Immingham for 11-13 months trading and redelivery
worldwide at $12,500 daily.
The 2001-built 74,133 dwt Gallia Graeca reportedly fixed to Cargill with
February 7 delivery on the Continent for 11-13 months trading and redelivery
worldwide at $11,500 daily.
Pacific Panamax business heard that an unnamed charterer has the 2000-built
73,220 dwt Ocean Senang for geared business with February 01-05 delivery Mumbai
for a trip via west coast India and redelivery China at $9,000 daily.
The 1998-built 73,220 dwt Ghent Max has fixed with Louis Dreyfus for January 19
delivery retro-passing Muscat outbound for a trip with 2 laden legs, first leg
via Tubarao to River Plate, and redelivery Singapore-Japan range at $6,750 daily.
The 2006-built 76,629 dwt Norden-relet Nord Galaxy went to Great Pacific
Navigation with prompt delivery in the Philippines for a trip via Indonesia and
redelivery India at $3,800 daily.
Norden agreed $3,200 daily for the 1993-built 70,740 dwt Birthday, with January
21-25 delivery Donghae for a trip via NoPac and redelivery west coast Australia.
The 2004-built 76,801 dwt Belo Horizonte has gone to CTP with prompt delivery
passing Muscat outbound for a trip via Richards Bay with redelivery Mundra at
$3,000 daily.
BHP Billiton fixed the 1999-built 74,443 dwt EdF-relet Power Steel with February
01-10 delivery east coast Australia for a trip with redelivery Singapore-Japan
range at $2,000 daily plus a ballast bonus of $125,000.
The 2001-built GMI-relet Thalia was said fixed to Kleimar with February 01-15
loading 70,000 tons 10% coal from Dalrymple Bay to Terneuzen and Ghent at $10.20.
GMI took the 2001-built 75,100 dwt Thalia with spot delivery Qingdao for 4-6
months trading and redelivery worldwide at $6,250 daily. The charterer
subsequently relet the ship.
CAPESIZE
========
There was a definite upsurge in activity for the Capesize sector today as
charterers sought to fix business before the start of Chinese New Year
festivities this weekend. However, sources said there was a good deal of fixing
and failing going on, and rates have generally been unresponsive to the
increased inquiry. Only spot/prompt business saw firmer numbers as charterers
felt the need for cover. In the Atlatnic, a trans-Atlantic round fixed modern
tonnage at $14,250 daily. In voyage business, BHP Billiton paid $7.95 for a
spot coal cargo from Newcastle to Taiwan. A second-half February iron ore cargo
fixed modern tonnage at $5.55 from Port Hedland to Qingdao. The Baltic Capesize
index jumped 139 to reach 1938 today.
Out of the Atlantic, the 2003-built 175,775 dwt China Steel Responsibility was
said fixed to Cargill with February 01-05 delivery Rouen for a trans-Atlantic
round with redelivery Skaw-Cape Passero at $14,250 daily.
Kumba was said to be the charterer of the 1985-built 140,532 dwt Eurydice D with
spot loading 130,000 tons 10% iron ore from Saldanha Bay to Qingdao at $10.50.
From the Pacific, concluded business which surfaced was dominated by voyage
business. BHP Billiton was active again today, taking at least 4 vessels. The
charterer was reported to have fixed on subjects the 1992-built 149,532 dwt Bulk
Leher with spot loading 150,000 tons 10% coal from Newcastle to Taiwan at $7.95.
The charterer also has the 1995-built 161,192 dwt Sanko Oasis with spot loading
160,000 tons 10% coal from Hay Point to Fangcheng at about $7.10.
The 1995-built Star Angel was also linked with BHP Billiton for February 05-15
loading 160,000 tons 10% ore from Port Hedland to Qingdao at $5.50.
The same charterer agreed $5.55 for the 2001-built Nisshin Trader with February
15-23 loading 160,000 tons 10% ore from Port Hedland to Qingdao.
HANDY/SUPRAMAX
==============
A steady stream of activity was reported for the Atlantic Handy sector today,
although once again rates were steady around last dones. East coast South
America saw the bulk of the fresh inquiry with a number of vessels fixed from
the area. There was little heard from US Gulf, according to sources. A trip
out from Canakkale via the Black Sea to the Far East saw a Supramax fix at
$4,500 daily. In the Pacific basin, there was very little concluded business
heard done. A trip back to West Africa made a decent $5,000 daily, while from
the Indian Ocean, a WC India/China run was said done at $6,000 daily. The
Baltic Supramax index edged up 4 to 436, while the Handysize index lost 1 to 281.
Atlantic Handy business included reports that Cargill fixed the 1998-built
29,952 dwt Genco Sugar with spot delivery Fazendinha for a trip via Itacoatiara
with redelivery in the Far East at $7,000 daily.
The 1988-built 42,304 dwt Ace Glory went to an undisclosed charterer with
January 23-29 delivery Belem for a trip with redelivery southeast Asia at $5,750
daily. There had been earlier reports the business was done at $7,750 daily,
but this proved incorrect.
The charterer was also linked with the 1986-built 28,418 dwt Katarina with spot
delivery Lome for a trip via east coast South America and redelivery in the
Mediterranean at $4,000 daily.
The 1984-built 26,616 dwt Marquise reportedly fixed with Unicargo for February
05-09 delivery in the Turkish Mediterranean for a trip with redelivery West
Africa at $5,000 daily.
Western Bulk Carriers has taken the 2000-built 46,634 dwt Expander with February
01-05 delivery passing Canakkale for a trip via the Black Sea and redelivery
Singapore-Japan range at $4,500 daily.
The 1998-built 24,072 dwt UBC Bremen has gone to Clipper with spot delivery
north Continent for a trip with redelivery in the US Gulf at $2,250 daily.
*** It emerged that the 2005-built 27,112 dwt Privlaka fixed to The Rice Company
yesterday with February 05-15 loading 23,500 tons 10% agriproducts stowing 55ft
from Up River to Lorient at $22.00, basis, 7,000t load/10,000t shex disch.
For Pacific Handy business, a Chinese charterer has reportedly taken the
1999-built 46,680 dwt Cos Glory with spot delivery passing Muscat outbound for a
trip via west coast India and redelivery China at $6,000 daily.
The 1997-built 42,717 dwt Ljubljana fixed to a Far Eastern charterer with spot
delivery dlosp Shanghai for a trip with redelivery West Africa at $5,000 daily.
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