Weekly detailed analysis of world shipping freight markets for all major routes for November 4 – November 11, 2024.
Capesize (Atlantic and Pacific)
The Capesize market started the week flat and with limited activity but ended up on a strong finish with an overall positive mode. Physical fundamentals provided additional support to higher rates and positive sentiment together with improved tonnage demand and firmer freight derivative rates. On the period front the Mittal controlled MV AM Kirti (180855 dwt | 2019 built) was refixed with Cosco, basis delivery Dongjiakou 14/16 November for 11-14 months period at a hire rate sub US$26,000 per day. In the Pacific, Rio Tinto was quite active and fixed a few TBN vessels to load its cargoes of 170,000mt +/- 10% iron ore from Dampier to Qingdao. One shipment with laydays 21/23 November at US$9.20 per ton. Four shipments with laydays 22/24 November at rates between US$9.30 and US$9.45 per ton and two shipments with laydays 22/25 November at US$9.55 and US$9.80 per ton, respectively. BHP fixed a TBN vessel to load its cargo of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 26/28 November at US$9.60 per ton. Koch fixed the MV Milos Warrior (179276 dwt | 2011 built) to load a cargo of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 24/26 November at US$9.40 per ton. FMG fixed a TBN vessel to load its stem of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 21/23 November at US$9.30 per ton. In the Atlantic basin Vale fixed five vessels to load its cargoes of 170,000mt +/- 10% iron ore from Tubarão to Qingdao, laydays 25/30 November, all at US$21.00 per ton. The fixtures include two TBN vessels and also the following additional ones: MV CL Baise (208652 dwt | 2021 built), MV ESL Dolphin (179527 dwt | 2011 built) and the MV Avila (180086 dwt | 2010 built). CSN fixed the MV Star United (203137 dwt | 2007 built) to load its cargo of 180,000mt +/- 10% iron ore from Itaguaí to Qingdao, laydays 2/4 December at US$21.95 per ton. Classic fixed the MV New Hydra (179258 dwt | 2011 built) to load a stem of 160,000mt +/- 10% iron ore from Seven Islands to Ijmuiden, laydays 30 November/9 December at undisclosed freight. Out of South Africa, Ore and Metal fixed a Solebay TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from Saldanha Bay to Qingdao, laycan 1/15 December at US$17.40 per ton.
Panamax (Atlantic and Pacific)
The ECSA market remains cargostarved and sluggish. A panamax 75k dwt built in 2013 fixed aps ECSA 15/20 Nov tct redel Skaw/Gib at $14,500/d. Reports indicate that an over-aged Kmx has fixed at $14,000/d plus a $400,000 ballast bonus, equivalent to a P6_82 $8,900 level redelivery Spore/Japan range. With weak demand across South Africa and India, a number of vessels are now choosing to ballast to ECSA and US Gulf so that the activity has picked up slightly. It's heard that a kmx has fixed retro ECI to the US Gulf at around $11,000 and a good kmax 84 dwt built in 2016 Gib 4 Nov fixed tct via US Gulf redel Skaw-Barcelona fixed at $12,000. In the middle of the week a cargo of coal was fixed at £32.30 fio 75/10 from Newport News to Vizag to a be named vessel. We expect the market in the next days should grow a little more, hoping for better levels and more activity in the atlantic basin.
It has been a slow week in the pacific market with a low level of enquiries coming from charterers and significant delays at ports due to the typhoon. Some spot vessels remained in the area were able to fix some prompt cgos, though at very low rates; overage lme reported to be fxd at 9k usd/day for a indo rv bss dely schina. Besides this, most charterers were just sit and looking to mid now dates onw cgos. Australia suffered of a lack mineral cgos, so that the main driver was coal export from the east coast to China and India fixing in the 12k usd/day and 13k usd/day repectively bss kmx with dely cjk. Also in the Nopac area the level of activity has been in the low side, lme opening in Japan reported to be fxd by a grain house in the 11k usd/day.
Handy (Far East/Pacific)
Baltic Supramax Index fell from 1154 on Monday to 1079 on Friday (-75), Handysize Index from 715 to 703 (- 12).
Ultramax/Supramax: Another slow week for the sector with no encouragement for Owners as prompt tonnage remained healthy and downward trend still on with an even slower end to the week due to Hamburg shipping event. Sentiment remained negative with limited fresh enquiry in both the North and South Atlantic. Supramax open South Korea heard fixed for a NoPac round in the low $10,000s. 63,000-dwt fixing from Indonesia to China at $16,000. Handysize: Also in this sector rates in the Pacific regions continuing to face downward pressure. Market also remained under pressure with rates lower than previous levels.
Handy (North Europe/Black Sea/Mediterranean)
Last week activity has been a slightly decreasing one due to advent of Eisbein in Hamburg. Most of the activity was concentrated in the first half of the week and less in the second half. Fixing rates from Cont were in line with what we experienced during the last weeks. On handies a 38,000 dwt open Amsterdam fixed dely dop for trip via Murmansk to Brazil $13,000/d while a 33,000 dwt open Aveiro fixed dely aps Continent to ECSA with fertilizer $,9,000/d. On supras, scrap to the Med was fixed on a 56,000 open Cont at $17,000/d dop, a 58,000 dwt open UK fixed $21,000/d aps via N Spain to Turk Med with coal and a 57,000 dwt fixed $20,500/d dely Antwerp for trip via Russ Baltic to ECI via COGH. On ultras a 63,000 open Ireland fixed $16,000 dop for grains ex Baltic to W Africa. $18,000/d and $20,000/d and a fronthaul to Bangladesh was reported on a Ultramax with dely Raahe at $21,500/d.
This week the Mediterranean and Black Sea market is going through a period of evident decline, generally on all routes. The few firm cargoes that are seen are essentially from Ukraine and although many shipowners prefer not to go there, the tonnage offer has increased. The year is coming to an end and essentially it saw charterers cover themselves in advance and much less on spot dates, which has probably forced some shipowners who work on the spot to lower their freights on voyage bases. In any case, although an increase in volumes is expected for the next few weeks, as often happens between November and December, for the moment it has not been felt. The 35.000 dwt handysize vessels are now getting usd 9.500 for intermeds or trip to continent The Supramaxes level again this week is close to the handies and stabilizing around usd 10.500 level The transatlantic trips for handies had a dual speed: the route to Us Gulf improved slightly, to abt usd 10.500/10.750, mainly because the Usg Market is not very attractive anymore these days but on the other side, the trip to East Coast South American countries losing pace and fixing ard usd 8.000. The Front-haul slowing as well, the Supramaxes are now at usd 18.000, if not less, and the Ultramaxes are fixing usd 19.000. For the handies, still difficult to understand the trend since not many cargoes going East, but we think they remaining in low/mid teens.
Handy (USA/N.Atlantic/Lakes/S.America)
The market in US Gulf remained fairly stable but it started to fall further towards the end of the week due to an increasing of vessels, especially Ultramaxes, and a decreasing of fresh stems in area. A trip to China with petcoke was fixed on a big Ultramax at $21,000/d. The grain trade to Egypt was covered on Supramax ar $15,750/d and on Ultramax at $19,000/d. A trip to Morocco with coal was done at $14,750/d on a little Supramax while petcoke to Spain Med was fixed at $20,500/d on Ultramax. On Handies the grain trade to Egypt was covered on a 39,000 dwt at $16,500/d while to EcMexico was don eat $14,000/d.
Not a good week for the ECSA market since rates dropped on both handies and bigger vessels during the whole week without any improvement. A 29000 dwt built 2012 was fixed aps Barcarena to WAF with grains at $14,500/d A 32000 dwt built 2001 open Rio de Janeiro was fixed for Tct with dely aps Recalada to WAFR with grains at $14,500/d A 36000 dwt built 2013 open Paraganua was fixed for Tct basis del aps Recalada to South Africa with grains at $17,000/d a 61000 dwt built 2011 was fixed for a Tct dely aps Recalada to WCSA at $18,000 /d At the moment a FH from WAFR via ECSA pays around $ 15,500/d on Supras.
Banchero Costa and Co Spa
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