TNT Dry Freight Review - February 02, 2009

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PANAMAX
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Atlantic business opened the week very quietly, with rates holding at last dones.  Owners are still looking for a premium to take their ships east as the market there remains dicey.  Inter-Atlantic business cooled at the start of the week with rumours, but concluded business stayed private.  Owners are hoping that capesize charterers will continue splitting cargoes for ECSA/China business.  A trip out Morocco/Far East via the US Gulf fixed an LME at a good $14,000 daily.  Spot period business took a 10-year old vessel for 7-9 months trading at a steady $13,500 daily.  From the Pacific, a modern Kamsarmax fixed India/China business at a steady $8,200 daily.  Backhaul business remained very poor, with an LME fixed Far East/Sout Africa at just $2,100 daily.  Pacific period business appeared a tad firmer today with 4-6 months reported done at $8,500 daily, against $8,250 last Friday.  The Baltic Panamax index rose 47 today to 842.
From the Atlantic, an unnamed charterer has fixed the 2008-built 77,000 dwt RBD Fiuggi with January 30-31 delivery Jorf Lasfar for a trip via the US Gulf and redelivery Singapore-Japan range at $14,000 daily.
Noble reportedly took the 1993-built 71,761 dwt Go Public with February 02-05 delivery Dunkirk for a trip via the US Gulf and Saudi Arabia, with redelivery Aden-PMO range at $12,250 daily.
Libra has a TBN with February 10-19 loading 60,000 tons 10% coal from Richards Bay to Mundra at $7.50.
Atlantic period business heard that Glencore took the 1999-built 75,592 dwt Louis Dreyfus-relet Ellivita with spot delivery Damietta for 7-9 months trading and redelivery worldwide at $13,500 daily.
In the Pacific, Jaldhi has fixed the 2006-built 82,962 dwt Orange Truth with February 01-05 delivery Ennore for a trip via Haldia and redelivery China at $8,200 daily.
Louis Dreyfus was the charterer of the 2006-built 77,000 dwt Bellatrix with January 30 delivery retro-passing Muscat outbound for a trip via east coast South America and redelivery in the Far East at $9,500 daily.
The 2002-built 74,269 dwt Freia has reportedly fixed to BHP Billiton with February 09-11 delivery Shanghai for a trip via Bunbury and redelivery South Africa at $2,100 daily.
In period business, the 2001-built 74,427 dwt Alpha Afovos has gone to STX Pan Ocean with spot delivery Shanghai for 4-6 months trading and redelivery worldwide at $8,500 daily.
CAPESIZE
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Capesize business held steady last week in spite of Chinese New Year holidays, although activity was severely curtailed.  In the Atlantic, tighter tonnage availability should help rates pick up this week.  Voyage business ended last week with the Tubarao/China route taking around $16.40/ton, while Tubarao/Rotterdam saw rates just under $8.00 or about $7.90/ton.  For the Pacific basin, sources said it was a quiet day as traders came back to their desks and were mostly interested in "testing" the market. Voyage rates which made some small gains, last week, opened today virtually unchanged, with West Australia/China runs still earning about $5.90/ton.  According to a report from Steel News, Simpson Spence & Young are still taking a dim view of market conditions with one analyst saying, " Upward momentum will not continue in the near term unless we see more chartering activity out of the Far East".  Sources were not optimistic about more forward dates, saying that the advent of new tonnage in the market in the 2nd half of the year will likely dampen all upward momentum.  The long-term view is also quite downbeat as analysts expect 100% capacity growth over the next 3 years.  The Baltic Capesize index was up 23 at 2004.
From the East, the 1995-built 151,053 dwt C March has fixed to Deiulemar with early-March delivery China for 1-years trading and redelivery worldwide at $22,700 daily.
It emerged that BHP Billiton fixed the 2005-built 173,000 dwt Jean LD with February 13-20 loading 160,000 tons 10% ore from Port Hedland to Qingdao at about $5.90.
HANDY/SUPRAMAX
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Despite the return of traders to the market after New Year holidays in the East, both the Atlantic and Pacific basins got off to a slow start this week.  After seeing some gains last week, rates for business as disclosed today appeared to be holding around last dones.  The Baltic Supramax index moved up 21 to 533 today, while Handysize business managed to rise 7 to 307.
Out of the Atlantic, Oldendorff was linked with the 2002-built 53,800 dwt Sara V with spot delivery Santos for a trip via north Brazil and redelivery Singapore-Japan range at a steady $10,600 daily.
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