Weekly detailed analysis of world shipping freight markets for all major routes for November 18 – November 25, 2024.
Capesize (Atlantic and Pacific)
At the beginning of the week activity was limited and Capesize rates were under pressure. During the week activity increased substantially, but rather long tonnage lists prevented rates from increasing. 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 7/9 December and 8/10 December, both at $10.45/mt, and the other two with laydays 9/11 December, at $10.00 and $9.95/mt. FMG fixed the MV Cape Australia (187,882 dwt | 2014 built) to load a cargo of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 4/6 December at $10.25/mt. BHP fixed a TBN vessel to load its cargo of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao laydays 9/11 December at $10.30/mt. Starbulk fixed a TBN vessel to load a cargo of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 7/15 December at $10.55/mt. Mingwah fixed a TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from Dampier to Qingdao, laydays 8/16 December at a freight rate around $10.20/mt. In the Atlantic basin, CSN fixed The MV Maran Merchant (179,718 dwt | 2010 built) to load a stem of 180,000mt +/- 10% iron ore from Itaguaí to Qingdao, laydays 16/18 December at $24.40/mt. Sinoafrica fixed the MV Oriental Express (180,211 dwt | 2006 built) to load a cargo of 180,000mt +/- 10% iron ore from Freetown to Qingdao, laydays 6/10 December at $23.30/mt. JSSSC fixed the MV Haralambos (179,922 dwt | 2009 built) to load a cargo of 170,000mt +/- 10% bauxite from Boffa to Huanghua, laydays 15 December onwards, at a freight rate around $24.00/mt. Out of S Africa, TKSE fixed a NYK TBN vessel to load a cargo of 180,000mt +/- 10% iron ore from Saldanha Bay to Rotterdam, laydays 15/24 December at $9.70/mt.
Panamax (Atlantic and Pacific)
The negative trend persisted. There was a huge disproportion between the few cargoes on the market and the very long tonnage list. All the Atlantic routes kept decreasing, by around $1,000/d on P1A_82, and an 82,000 dwt built in 2023 open Tenerife was fixed for a tct via USG redely Morocco at $12,000/d with a major grain house. Rates on P2A_82 dropped the most, around $1,500/d, and an 81,000 dwt with dely W Med was fixed via USG to F East around $15,500/d. P6_82 decreased around $1,100/d, with some overaged units fixed ECSAm fronthaul at $13,000/d + 300,000 gbb and a modern Kamsarmax around $15,500/d + 550,000 gbb. A Post-Panamax built 2005 achieved $12,600/d for an ECSAm RV with dely Skaw/Gib and a non-eco Panamax fixed at $13,000/d on the same route.
Overall demand for trades to China and Japan remained strong. Steady activity with rates ranging from $8,000 to $11,000/d driven by demand for coal and minerals. From EC Australia a non-eco Kamsarmax was fixed at $11,000/d to China while an 86,000 dwt achieved the same rate for a trip from Indonesia to China. In the N Pacific a non-eco Kamsarmax was fixed at $9,500/d for a trip to Spore/Japan. The Indonesian trade was covered between $9,500/10,000/d on noneco Kamsarmax while a 20 years old Panamax achieved $8,000/d. A very modern PostPanamax achieved $10,000/d for a trip from Geraldton to China and a non-eco Kamsarmax was fixed at $10,000/d for a trip from Australia to Vietnam.
Handy (Far East/Pacific)
Handysize in Pacific showed again softer sentiment. A 38,000 dwt was fixed basis dely Indonesia via W Australia to Indonesia with salt at $13,000/d. A slow week for larger units that appeared to have reached a bottom. A 63,000 dwt was fixed basis dely CJK at $12,000/d for a NoPac RV and a 55,000 dwt with dely Spore fixed Indo-China in the mid $10,000s/d.
Handy (North Europe/Black Sea/Mediterranean)
A very active week with many cargoes in the market. Despite the general idea was to avoid trips to Med due to the state of the market there higher rates and managed to convince some owners to fix that direction hoping for a recovery before the next trip. The scrap trade on Handies from ARAG to E Med were fixed in the low/mid-teens aps and a 28,000 dwt was fixed dely aps Continent at $9,500/d, a 34,000 dwt open Gijon with dely APS Rotterdam got $12,000/d and another similar unit was reported at the same level. Towards ECSAm a 38,000 dwt was fixed basis dely Skaw via Baltic at $8,000/d. On Supramax fronthauls from Cont were estimated around $17/18,000/d while scrap to Med was fixing between $14,500/16,000/d.
The area remained stagnant with very few firm cargoes, especially compared to the requests for backing purchase attempts by traders, the market maintained the slight and constant slowdown recorded in recent weeks. 35,000 dwt units remained at $9,000/d CrossMed and Supramax tonnage around $9,500/d. TA trips on Handies remained at $9/9,500/d to USG and around $8,000/d to ECSAm. Supramaxes were fixed around $9,500/d and Ultramax at $10,500/d at best. Fronthaul trades remained slow with Supramaxes at $17/17,500/d and Ultramaxes fixing at $18,000/d. Handies were fixing fronthauls around $13,000/d level depending on destinations.
Handy (USA/N.Atlantic/Lakes/S.America)
Rates fell towards the end of the week with TA levels similar to fronthauls. A trip to Chittagong with grains was fixed on Ultramax at $18,500/d. On the TransAtlantic coal trade to E Med an Ultramax was fixed at $19,000/d and grains to UKC were covered at $18,000/d. On Handies the petcoke trade to Porto Marghera was covered at $16,500/d on a 40,000 dwt while to Spain Med at $12,000/d on a 34,000 dwt. Woodpellets to Cont were fixed on a 38,000 dwt at $14,000/d and grains to Turkey were done at the same level on a 38,000 dwt.
Handysize rate increased during the whole week on the back of increasing demand. On the other hand, rates on larger units heavily dropped. At the beginning of the week a 38,000 dwt built 2023 open Aratu was fixed at $17,500/d basis dely Vila do Conde, redely Norway with alumina. Then a 33,000 built 2015 open Montevideo 28/29 Nov was fixed for a tct with redely China with petcoke for $17,500/d. Fronthauls with dely W Africa via ECSAm to China were assessed around $14,000/d on Supramax.
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