Weekly detailed analysis of world shipping freight markets for all major routes for November 11 – November 18, 2024.
Capesize (Atlantic and Pacific)
Rates increased significantly. Optimism is due to increased cargo requirements, which provided physical support and market confidence, following a significant continued rise in derivatives, which added positive sentiment overall. In the Pacific, Rio Tinto fixed four TBN vessels to load its cargoes of 170,000mt +/- 10% iron ore from Dampier to Qingdao. Two with laydays 27/29 November and 28/30 November, respectively at $10.30 and $10.15 /mt, one 29 November/1 December at $10.25 and another 1/3 December at $11.00 /mt. Oldendorff fixed the MV Berge Gasherbrum (182,202 dwt | 2022 built) for a cargo of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 2/3 December at $11.25 /mt. Panocean fixed the MV Flag Thenia (176,532 dwt | 2013 built) for a cargo of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 29 November/9 December at $11.45 /mt. Vale fixed the MV Anna (181,000 dwt | 2016 built) to lift its stem of 170,000mt +/- 10% iron ore from TRMT to Qingdao, laydays 25/27 November at $9.50 /mt. In the Atlantic basin, Costamare fixed the MV Eastern Xanthina (175,401 dwt | 2010 built) to load a cargo of 170,000mt +/- 10% iron ore from Tubarão to Qingdao, laydays 5/10 December at $23.95 /mt. Polaris fixed the MV Cape Horn (181,725 dwt | 2010 built) for a stem of 170,000mt +/- 10% iron ore from Tubarão to Qingdao, laydays 3 December onwards at $26.00 /mt. RWE fixed a Koch TBN vessel to load a cargo of 180,000mt +/- 10% iron ore from Tubarão option West Africa to Qingdao, laydays 6/11 December at $24.65 /mt. CSN fixed the MV Andros Glory (176,882 dwt | 2006 built) to load a cargo of 180,000mt +/- 10% iron ore from Itaguaí to Qingdao, laydays 8 /10 December at a freight in the low $25’s /mt. TKSE fixed a Oldendorff TBN vessel to lift a stem of 180,000mt +/- 10% iron ore from Seven Islands to Rotterdam, laydays 6/15 December at $9.40 /mt. Erdemir fixed a TBN vessel to load a cargo of 150,000mt +/- 10% iron ore from Narvik to Erdemir, laydays 1/10 December at $12.90 /mt. Out of South Africa, Anglo American fixed a TBN vessel to lift a cargo of 170,000mt +/- 10% iron ore from Saldanha Bay to Qingdao, laydays 1- 10 December at a freight around low-mid $18’s /mt. Ore and Metal fixed a Ultrabulk TBN vessel to lift a stem of 170,000mt +/- 10% iron ore from Saldanha Bay to Qingdao, laydays 9/13 December at $18.45 /mt.
Panamax (Atlantic and Pacific)
Another very negative week with rates that kept falling. The lack of cargoes from ECSAm pushed ballasters from Pacific to NCSAm and USG. P6_82 saw little activity at levels below BKI. An 82,000 dwt built in 2021 was fixed aps to Spore/Jpn at $14,500/d + 450,000 gbb. From USG an 81,000 dwt built in 2013 was fixed to Skaw/Barcellona at $9,500/d and a similar unit to F East got $18,250/d.
The market increased in Pacific. S Pacific cargoes were affected by the typhoon, but overall the market was balanced and bids for prompt cargoes increased significantly. Indo RV with dely S China was fixed between $9/11,000/d on overaged Panamax tonnage, ECO ships were fixed up to $12,500/d levels. At the beginning of the week EC Australia RV was fixed on a very modern unit at $15,000/d basis dely S Korea to Japan, then an eco unit 2015 built achieved $14,000/d basis dely Hong Kong to S China. Towards the end of the week another very modern unit got $14,500/d basis S China dely/redely, and a 2011 Panamax got $10,500/d basis dely mid China to S China. NoPac activity increased as well with fixtures around $12/12,500/d at the end of the week.
Handy (Far East/Pacific)
Despite the rebound in the Atlantic basin the market in F East remained quite poor with 63,000 dwt tonnage fixing in the mid $13,000s/d on IndoChina and in the low $10,000s/d to SE Asia basis dely S Korea. 58,000 dwt was fixed at $9,000/d basis dely SE Asia on a NoPac RV and a 52,000 dwt agreed $8,000/d on the same trade with redely India. The Handysize sector remained poor with only few fixtures reported. A 37,000 dwt open Spore was fixed to MEG at $13,000/d, a 34,000 dwt open China got $13,000/d for a tct to ECI and a 28,000 dwt with dely SE Asia got $8,0007d to F East.
Handy (North Europe/Black Sea/Mediterranean)
Activity increased in Continent/Baltic area with a fresh injection of cargoes. On Handies many fixtures were reported on the scrap trade to Med: a 28,000 dwt fixed dop Waterford for a trip via UK to Türkiye at $9,000/d, a 34,000 dwt open Gijon was fixed dely aps Rotterdam redely E Med at $12,000/d and a 38,000 dwt passing Skaw via Finland at $15,000/d. Towards ECSAm Handy rates were reported around $7/8,000/d. On larger units, the scrap trade to Med was fixed between $17,500/19,000/d and fronthaul trips to Asia between $21,500/23,000/d.
Softer rates in Med, again. The lack of firm cargoes was certainly worrying. There are continuous requests for freights by charterers that rarely materialize despite levels were already quite discounted. Evidently there are difficulties in concluding business, especially for what concerns the grain market. Shipowners most of the times wait until their tonnage is very spot before offering their ideas in order to avoid pushing the market even softer. On the other side, Operators appear unwilling take cargoes for the fear of a sudden market rise with expectations predicting it at the end of the month/beginning of December, but of which there is no trace for now. All the above has been pushing the market towards a slow and inexorable decline. Rates for 35,000 dwt units CrossMed and to Cont softened to $9,000/d level, maybe even less. Supramaxes were facing the same negative trend, even worst sometimes fixing at Handy levels. Trades to W Africa were down to $10/11,000/d. TA trips on Handies, which last week were at least improving towards USG, were losing pace, and fixing around $9,000/d or around $8,000/d to ECSAm. Supramaxes were at $9,500/d while Ultramaxes were not going higher than $10,500/d.
Handy (USA/N.Atlantic/Lakes/S.America)
Rates increased slightly due to a steady flow of additional stems. A trip to Bangladesh with grains was covered on an Ultramax at $22,000/d, the same rate achieved for a trip to Japan on similar tonnage. On TransAtlantic a trip to UKC with woodpellets on Ultramax was agreed in the low 20's, petcoke to E Med was covered at $23,500/d on an Ultramax and a trip to WCS Am with grains was done on a Supramax at $19,000/d. On Handies a trip to Morocco with coal was fixed at $15,000/d on a 39,000 dwt, alumina to Norway was covered on a 35,000 dwt at $13,000/d and petcoke to Denmark was done at $15,250/d on a 38,000 dwt.
Handysize rates dropped for most of the week, then on Friday rebounded. Rates for larger units moved sideways and, in the end, showed a little upside. A 37,000 dwt built 2010 was fixed at $15,000/d basis dely Santos for a tct to Cont with grains, then a 36000dwt built 2013 open Paranagua 10 Nov was fixed at $13,000/d aps basis dely Upriver to N Brazil with grains. A 63,500 dwt built 2021 open Sao Francisco do Sul 21 November was fixed at $18,000/d basis dely Santos via Aqaba redely Port Said with sugar. An eco 61,000 dwt was fixed at $17,000/d basis dely Recalada to UK with grains and a 56,000 dwt built 2012 achieved $17,000/d basis dely Recalada redely WCSAm. Fronthaul trades with dely W Africa to China were assessed around $14,500/d on Supramax tonnage, lower than the previous week.
Banchero Costa and Co Spa
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