Weekly detailed analysis of world shipping freight markets for all major routes for October 28 – November 4, 2024.
Capesize (Atlantic and Pacific)
Despite demand slightly improved at the beginning of the week, Capesize rates remained flat. Weather conditions, holidays in Singapore and excess of tonnage in both basins kept sentiment subdued. On period, the SM Gladstone (179,255 dwt | 2010 built) was fixed for 10/12 months, basis delivery China around $24,000/d. In Pacific, Rio Tinto fixed 4-5 TBN vessels to load its cargoes of 170,000mt +/- 10% iron ore from Dampier to Qingdao, laydays 15/17 November and 18/20 November, all at $8.60/mt. BHP fixed a TBN vessel to load its cargo of 160,000mt +/- 10% iron ore from Port Hedland to Qingdao, laydays 17/19 November at $8.60/mt. Oldendorff fixed a TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from Dampier to Qingdao, laydays 18/20 November at $8.60/mt. In the Atlantic basin, Mercuria fixed the MV Cape Gannet (182,027 dwt | 2024 built) to load a cargo of 170,000mt +/- 10% iron ore from Tubarão to China, laydays 21/25 November at $20.35/mt. Trafigura fixed a Vale TBN vessel to load a cargo of 180,000mt +/- 10% iron ore from Sudeste to Qingdao, with laydays from 15 November onwards at a freight in the region of $21.00/mt. Rio Tinto fixed a NYK TBN vessel to load its cargo of 170,000mt +/- 10% iron ore from Seven Islands to Qingdao, laydays 19/25 November at $26.00/mt. Icon Gulf fixed the MV Captain Vangelis (169,044 dwt | 2009 built) to load a cargo of bauxite from Kamsar to China, laydays 10/15 November at $21.70/mt. Cosco fixed a TBN vessel to load a cargo of 170,000mt +/- 10% bauxite from Boffa to China, laydays 21/28 November at $21.00/mt. Oldendorff fixed the MV Mineral Honshu (181,408 dwt | 2012 built) to load a cargo of 170,000mt +/- 10% coal from Drummond to Gijon, laycan 21/30 November at $10.40/mt. Out of South Africa, Solebay fixed a TBN vessel to load a cargo of 170,000mt +/- 10% iron ore from Saldanha Bay to Qingdao, laycan 21/25 November at $15.48/mt.
Panamax (Atlantic and Pacific)
Rates moved sideways in the Atlantic market, a shortage of cargoes in S America pushed ships arriving from Far East to divert to NCSAm or USG, which are more active. P6_82 was down around $800/d. On the back of stronger demand N Atlantic rates increased, TA RV closed the week with a gain of $1,000/d and fixtures around $9,000/d. Demand from the Chinese market increased slightly during the week and the value of P2A_82 remained unchanged, with fixtures from USG to F East done several times at $47/mt net of address commission.
Australia RV and NoPac RV were fixed in the low teens. The week started with a very modern Kamsarmax fixed at $15,000/d basis dely passing Taichung 28 October for a trip via Australia redely Spore/Jpn and ended with a modern unit fixed at $12,000/d basis dely Dangjin 31 October via EC Australia redely S China. Limited activity from Indonesia, which was fixed at lower rates, however a 76,000 dwt was reported $11,000/d basis dely Hong Kong 5/6 November via Indo to S China, then a similar unit got $10,500/d basis dely Fangcheng 6 November via Indo to China.
Handy (Far East/Pacific)
Another slow week for geared tonnage also due also to the holidays. Rates for larger units kept declining due to an oversupplied tonnage list, especially on prompt dates. Supramax on Indo RV were done in the $13,000s/d. An Ultramax was fixed for short period in the mid $13,000s/d. Handysize followed a similar trend with the tonnage list increasing all week. Indonesia RV was done around $11,000/d.
Handy (North Europe/Black Sea/Mediterranean)
Another active week with many fixtures reported. Rates slightly decreased on Handies, while larger units were on a positive trend. A 37,000 dwt was fixed dely Holland for a trip via Baltic to Ireland at $8,900/d dop, another 37,000 dwt was fixed dely Rostock redely N Spain at $10,500/d with grains and a 33,000 dwt open UK was fixed at $12,000/d basis dely Skaw via Rostock to W Med with grains. On larger sizes scrap orders from ARAG were fixed between $18,000/d and $20,000/d and a fronthaul to Bangladesh was reported on a Ultramax with dely Raahe at $21,500/d.
Handies were on an uptrend while rates for larger sizes were slowing. The tonnage list remained long, but, especially for CrossMed, we saw more cargoes and activity, also due to the tender for Algeria that was held recently. 35,000 dwt Handysize were paying $10/10,500/d, most of the Owners were asking $12,500/d, but were not getting fixed unless on specific trades. Supramaxes levels were similar to Handies since the lack of demand affected the sector. TA trips for Handies improved to $8,500/d for trip via Med to S America and to $10,500/d to USG. The improvements were not that big, but we should underline that rates from the other side of the Atlantic were increasing as well. Probably for this reason Supramax rates lost pace and were in the $12,000s/d level for trips to USG and around $10,000/d to ECSAm. Fronthaul stable with Supramax tonnage fixing around $19,000/d, Ultramax around $20,000/d while Handies remained at $13,500/14,000/d.
Handy (USA/N.Atlantic/Lakes/S.America)
Limited fresh demand affected sentiment and the end of the week holidays simply reinforced the decline. Ships were piling up while cargoes were extremely limited: hire rates continued to decline further. A trip to China with Hss was covered at $22,250/d on an Ultramax and grains to Spore/Japan were fixed at $21,500/d on similar sized tonnage. On TransAtlantic, a trip to Turkey with petcoke was done on a Supramax at $19,750/d, coal to Poland from US EC was covered at $21,000/d on an Ultramax and similar tonnage was fixed with woodpellets to Continent at $19,000/d. On Handies a trip to W Med with grains was done at $14,000/d on a 34,000 dwt and petcoke to ECCAm was fixed on a 28,000 dwt at 16,500/d.
Handies recorded little improvements, while on bigger sizes rates were stable at the beginning of the week and started softening at the end. A 32,000 dwt open Santos was fixed at $16,000/d basis dely Santos to Morocco with sugar. Another 32,000 dwt open Fortaleza prompt was fixed for a tct with dely aps Rio Grande to USG with pig iron at $14,000/d. A 37,000 dwt built 2014 open Vitoria prompt was fixed basis dely aps Recalada for a tct with redely Venezuela at $18,000/d. A 37,000 dwt built 2020 was fixed basis dely WWR San Lorenzo prompt for a tct with redely Continent at $19,000/d. Fronthaul was assessed around $16,500/d level basis dely W Africa on Supramax tonnage.
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