Weekly detailed analysis of world shipping freight markets for all major routes for July 8– July 15, 2024.
Capesize (Atlantic and Pacific)
Last week started with a significant increase of activity in both basins which lasted throughout the week. N Atlantic was particularly supported by fronthaul cargoes and the week ended with a positive sentiment overall. In Pacific, Rio Tinto fixed 3 x TBN vessels to load 170,000mt +/- 10% iron ore from Dampier to Qingdao, one with laydays 26/28 July and two with laydays 28/30 July, respectively at freight rates of $9.90, $10.00 and $10.05/mt. FMG fixed a TBN vessel to load of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 22/23 July at $10.00/mt. Mercuria fixed a Newcastlemax to load 190,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 25/27 July, at a rate slightly below $10.00/mt. Vale fixed a TBN vessel to load a stem of 170,000mt +/- 10% iron ore from Teluk Rubiah to Qingdao, laydays 18/20 July at $7.60/mt. LSS fixed a TBN vessel to lift a cargo of 150,000mt +/- 10% coal from Abbot Point to Krishnapatnam, laydays 1/10 August at a rate in the low $11.00's/mt. Winking fixed a TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from Whyalla to Qingdao, laydays 18 August/5 September at $15.50/mt. In the Atlantic basin, the MV Stella Alice (180157 dwt | 2010 built) with an ETA Tubarão on the 12th August, fixed a C3 cargo at $26.50/mt. The MV Nord Argentum (209,301 dwt | 2021 built) was fixed to load a cargo of 190,000mt +/- 10% iron ore from Tubarão to Qingdao, laycan from 4 August onwards in the low/mid $27.00's/mt. Costamare fixed a Mercuria TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from Tubarão to Qingdao, laydays 8/15 August at $27.25/mt. Solebay fixed the MV Goliath (209,537 dwt | 2015 built) to lift a cargo of 185,000mt +/- 10% iron ore from West Africa to Qingdao, laycan from 4 August onwards at $27.50/mt. EZDK fixed a TBN vessel built 2011 to load its cargo of 160,000mt +/- 10% iron ore from Narvik to El Dekheila, laydays 23/30 July at $10.25/mt. Vale fixed a NYK Newcastlemax TBN to load its cargo of 200,000mt +/- 10% iron ore from Tubarão to Rotterdam, laydays 25 July/3 August at $10.35/mt. Rio Tinto fixed a TBN vessel to lift a cargo of 170,000mt +/- 10% iron ore from Seven Islands to Qingdao, laydays 29 July/4 August at $38.65/mt. The MV Edward N (176,216 l 2011) delivery Rotterdam in end July was said to have fixed last night for a fronthaul trip at $59,000 but no further information was confirmed. Out of South Africa, cargoes were limited, and no fixtures reported.
Panamax (Atlantic and Pacific)
After weeks of depressed market, the Panamax Atlantic market took a U turn and finally rates started increasing again led by strong grain/mineral activity from both ECSAm and N Atlantic. N Atlantic rates increased also because the number of ballasters was decreasing and S American countries were pushing to sell cargoes with a stronger Real vs USD recovering from the losses of the previous weeks. The beginning of the week saw rates flatting around mid $15,000s/d BKI P6E, then we finally saw several players trading vessels around $16,500/d. Offers ranged from high $16,000/d to mid $17,000/d for the hottest vessels to fix.
NoPac and Australia RVs were in the mid-teens and a large Kamsarmax was fixed at $16,500/d basis dely Japan 9/10 July for an Australia RV and another Kamsarmax was on subjects at $14,000/d basis dely N China 17 July on the same route. Indo RV was a lot lower with a fixture on a large 2010 built Panamax at $10,000/d dop Son Duong. Indian destinations were in the low teens for Panamaxes open S China.
Handy (Far East/Pacific)
Stable market in the area. A 61,000 dwt with dely Philippines was reported at $18,000/d for a trip via Indonesia to China, a 53,000 dwt with same dely was done at $14,500/d for the same trip with coal and a 61,000 dwt with dely midChina took $16,000/d for a trip via EC Australia to Philippines. A 61,000 dwt with dely N China was fixed at $13,000/d for a trip via China to WCI with fertilizers, a 59,000 dwt with dely S China got $13,250/d for a trip to WCI with coal and a 56,000 dwt with dely N China was rumored at $17,000/d for a trip to Red Sea with limestone.
Handy (North Europe/Black Sea/Mediterranean)
A very slow week with a lengthening tonnage list and a lack of fresh cargoes. On Handysize a 37,000 dwt open Sweden was fixed at $11,500/d with fertilizers to Brazil. On Supramax, a 56,000 dwt open Bothnian Bay was fixed at $13,500/d passing Skaw via Cont and redely E Med int Scrap showing consistent levels with the fixtures of the last 2 weeks.
The area recorded fluctuating rates, at the beginning rates were higher than those recorded the previous week, but in general it cannot be said that the market improved significantly because, although the forward numbers are always healthy, the spot market showed very little movement. In an optimistic view we can consider the market lightly positive. Handies CrossMed trips remained around $10,000/d, however a couple of negotiations were done at $12,000/d level. Supramaxes showed a more positive trend $11/12,000/d level. The last dones on TA trips on Supramax were fixed at $11,000/d to USG, Handies at $11,500/d, but USG destinations were increasing quickly. Fronthaul started slow, but at the end of the week Supramaxes were fixing $22,000/d to China, the same level of the previous week, while Handies were fixing around $16,500/d.
Handy (USA/N.Atlantic/Lakes/S.America)
The week started with the market pushing higher, but it quickly dropped with many vessels ballasting to USG from Med. At the beginning of the week, the grain trade to Spore/Jpn range was covered at $32,000/d on Ultramax, at the end of the week rates dropped to $28,000/d on Ultramax and at $26,000/d on Supramax. TransAtlantic rates remained fairly stable: a trip to Lebanon with grains was fixed at $20,000/d on a Supramax, petcoke to Cotonou was done at $25,000/d on Supramax and woodpellets to Continent were covered at $20,500/d. On Handies a trip to Morocco with grains was fixed at $17,500/d on a 37,000 dwt, petcoke to Italiy was done at $16,500/d on a 40,000 dwt and a trip to Cont with clean cargo was covered at $20,000/d on a 37,000 dwt.
Stable market in the region for Supramax and Ultramax while Handies were firmer during the last part of the week. In general, rates decreased slightly compared to the previous weeks. A nice 38,000 dwt was assessed around $16,200/d basis dely aps ECSAm for a tct to Skaw/Passero while fronthaul with grains was around $20,000/d aps. On Supramax/Ultramax, a 56,000 dwt was rumored from S Brazil to MEG with grains intention Iraq on voyage basis at the equivalent of $20,000/d basis dely aps ECSAm, it seemed quite low. No fixtures officially reported for trips to Cont/Med, but a stem from Rio Grande to EC Mexico was evaluated around $17,000/d on Ultramax and $15,000/d on Supramax.
Handy (Indian Ocean/South Africa)
Rates remained flat for yet another week with sufficient tonnage and cargoes balancing out. An Imabari63 was heard around $17,000/d basis dely Fujairah for a trip to WCI. Another eco 63,000 dwt open MEG was fixed at $16,500/d for a trip to Bangladesh with limestone. Another 61,000 dwt was rumoured at $20,000/d basis dely Fujairah for a trip to Bangladesh with aggregates. A 53,000 dwt open Bangladesh was rumoured around $11,000/d for a trip to China with iron ore in bulk via ECI. On period, a 63,000 dwt open Tuticorin was fixed for 3/5 months at $15,000/d. A 61,000 dwt via S Africa to ECI was fixed at $20,250/d + 225,000 gbb. A 58,000 dwt got $20,500/d + 205,000 gbb for a trip to India via Saldanha Bay.
Banchero Costa and Co Spa
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