Weekly detailed analysis of world shipping freight markets for all major routes for October 7 – October 14, 2024.
Capesize (Atlantic and Pacific)
The week started on a quiet note ending with more activity in both the Atlantic and Pacific basins but with the downward trend continuing, also with the contribution of a drop in freight derivatives. However, stability is expected especially considering the return of Chinese market players from the Golden Week holidays. On the period front, Doun Kisen fixed the MV Princess Eternity (182263 dwt | 2022 built) basis delivery in direct continuation, with the vessel having sailed from Caofeidian on 6 October, for 2 years timecharter at US$28,500 per day. In the Pacific, Rio Tinto fixed two TBN vessels to load its cargoes of 170,000mt +/- 10% iron ore from Dampier to Qingdao, laydays 27/29 October at US$9.70 and US$9.65 per ton. FMG fixed two TBN vessels and the MV Berge Townsend (175588 dwt | 2012 built) to load its cargoes of 160,000 +/- 10% iron ore from Port Hedland to Qingdao, laydays 24/26 October, 25/27 October and 26/27 October, respectively at US$9.65, US$9.60 and US$9.90 per ton. Panocean fixed the MV Shandong Ding Sheng (179959 dwt | 2013 built) to load a cargo of 170,000mt +/- 10% iron ore from West Australia to China, laydays 29/31 October at US$10.25 per ton. Winking fixed a TBN vessel to load a cargo of 175,000mt +/- 10% iron ore from Whyalla to Qingdao, laydays 11/25 November at a freight rate in the very low US$15’s per ton. In the Atlantic basin, the Anglo controlled MV Frontier Niege (182737 dwt | 2011 built) was fixed to lift a stem of 170,000mt +/- 10% iron ore from Tubarão option West Africa to China, laydays 23 November onwards at US$25.40 per ton. Mercuria fixed the MV Xin May (180667 dwt | 2019 built) to load a cargo of 170,000mt +/- 10% iron ore from Tubarão option West Africa to China, laydays 1/5 November at US$25.25 per ton. CSN fixed the MV George Island (181352 dwt | 2011 built) and the MV GH Leveche (179223 dwt | 2009 built) both to load cargoes of 170,000mt +/- 10% iron ore from Itaguaí to Qingdao, laydays 4/6 November and 7/9 November, respectively at US$27.20 and US$26.80 per ton. CSN also fixed an Oldendorff TBN vessel to load a cargo of 180,000mt +/- 10% iron ore from Itaguaí to Qingdao laydays 9/11 November at US$26.35 per ton. Cargill Metals fixed the MV Capricorn One (181319 dwt | 2015 built) to load a cargo of 170,000mt +/- 10% iron ore from Pointe Noire to Qingdao, laydays 1/10 November at US$30.20 per ton. EZDK fixed a NYK TBN vessel to load a cargo of 150,000-160,000mt +/- 10% iron ore from Tubarão to ElDekheila or Sokhna, laydays 29 October/7 November at US$13.00 per ton. TKSE fixed the MV True Nautilus (209190 dwt | 2017 built) to load a stem of 180,000mt +/- 10% iron ore from Itaguaí to Rotterdam, laydays 1/10 November at US$11.70 per ton and a TBN vessel to load a stem of 180,000 mt +/- 10% iron ore from Seven Islands to Rotterdam, laydays 25 October/3 November at US$8.75 per ton. Out of South Africa, KEPCO fixed a KSC TBN vessel to load a stem of 135,000mt +/- 10% coal from Richards Bay to Boryeong, laydays 3/12 November at US$20.50 per ton.
Panamax (Atlantic and Pacific)
Market started in a positive way, we witnessed to a good growth of the rates, but since midweek we have seen a reversal of the trend. P1A_82 rates at the end of the week remained stable. at the beginning of the week an lme ballaster has been reported at $ 15,500 aps ecsa for a tarv with redely skaw-gib. A kmx 2015 built fixed an ecsa/redsea at $ 20,000. P2A_82 rates lost $ 330/d. a 2012 kmx scrubber fitted open continent has been reported for a USEC fh with coal redely India at $19,500 with scrubber benefit to owns. Many of the usg outcomes didn’t materialize due to Chinese receivers' poor commitment. Many fixtures have been reported this week on the P6_82, rates increased by $ 630/d w-o-w. At the beginning of the week a 2012 kmx fixed an ecsa rv with dely malysia at $14,250. A new kmx has been reported aps Ecsa 24/26 october $17,600+$760k.
Australia RV were fixed in the midteens and a PostPanamax built 2010 basis dely Chiba redely Spore/Jpn range achieved $16,000/d. NoPac RV was in the low-teens with a fixed on a 2013 Panamax at $13,000/d basis dely Longkou 12/14 October and a 2011 Kamsarmax with dely 8/9 October at $12,000/d. Repositioning trips were done in the very low teens.
Handy (Far East/Pacific)
The market softened compared to the previous week. On the Indo-China trade, a 55,000 dwt open Spore was rumored at $14,500/d to CJK and a 61,000 dwt open Vinh Thai was fixed via Indo to China at low $15,000s/d. A 61,000 dwt open Fangcheng 12/14 Oct was fixed for a trip to WCI at $16,000/d and a Supramax open Tianjin was reported for a trip to WCI at $15,500/d. On the period side, an Imabari 63,000 dwt built 2021 open F East early October was rumored at $16,000/d for 1 year and a Mitsui56 built 2008 open China prompt got $13,500/d for 3/5 months redely MEG/Japan range. On backhaul, a 52,000 dwt open Rizhao 19/20 Oct was fixed for a trip to Red Sea at $16,250/d.
Handy (North Europe/Black Sea/Mediterranean)
A slightly quieter week with few cargoes available against an increasing tonnage list. Spot vessels were considering Canada loadings in order to get higher rates. On Handies dop rates from Continent were around $11/12,000/d and around $17/18,000/d aps from Canada. A 33,000 dwt open Netherlands was fixed basis dely Skaw via Riga to W Africa with grains at $12,750 /d showing a little decrease compared to last week. From ARAG a 32,000 dwt was fixed for a trip via Rouen redely Atlantic Columbia at $9,000/d dop. On Supramax a 56,000 dwt open W Med was fixed basis passing Ushant via ARAG to E Med with scrap at $16,250/d.
Rates were fairly stable, the tonnage list increased slightly, but there was also a decent injection of fresh cargoes, albeit for slightly forward dates. Shipowners were asking a premium of $1/$2,000/d for late November dates, but early November dates were still very similar to spot. Currently Shipowners are generally avoiding cargoes from Ukraine due to the worsening risk in the area, while Russia did not seem to have lost its appeal for the time being. On 35,000 dwt tonnage CrossMed was around $11/11,500/d, slightly less than last week. Supramaxes levels remained at $13/13,500/d. TA trips were fixed at $10,500/d on Supramax tonnage and $11,500/d on Ultramax towards USG and still $8,000/9,000/d to S America. Handies followed the same slightly positive trend fixing at $8,000/d to ECSAm and $10,500/d to USG. Fronthaul on Supramax tonnage was assessed around $19,500/d, on Ultramax was to $20,500/d, while Handies were at $13,500/d, slowing a little compared to the previous week.
Handy (USA/N.Atlantic/Lakes/S.America)
The market remained fairly stable on Handies and larger units. The tonnage list, sizewise, remained pretty much unchanged compared to the previous week, while the number of cargoes was slightly higher. At the beginning of the week, a trip to Spore/Japan range with grains was fixed at $25,000/d on an Ultramax. On TransAtlantic, rates remained fairly stable and the petcoke trade to E Med was covered at $24,000/d on an Ultramax and a trip to Egypt was fixed at $18,500/d on a Supramax. On Handies a trip to Dominican Republic from Barranquilla with coal was fixed at $14,000/d on a 34,000 dwt, and a FrontHaul from Fairless Hills was fixed at $20,000/d on a 39,000 dwt.
Rates were a bit weaker on Handies and Supramaxes. A 28,000 dwt was fixed basis dely Recalada for a tct to US EC with grains at $11,000/d. A 37,000 dwt built 2021 was fixed basis dely aps Recalada for a trip to US EC at $12,500/d with sugar. A 36,000 dwt was reported on a TCT to Continent basis dely Maceio with sugar at $13,500/d. A 61,000 dwt was estimated below $15,000/d basis dely aps Santos for a tct to Algeria.
Handy (Indian Ocean/South Africa)
Supramax and Ultramax tonnage from S Africa kept its slow uptrend with more cargoes in the market after the holidays. Ultramax were fixing around $16,000/d + 160,000 gbb to Pakistan and WCI, while China was fixed at $18,500/d + 185,000 gbb on an Ultramax.
Banchero Costa and Co Spa
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