Dry cargo shipping markets report Feb 17. Word of the week, disappointing…By james tweed • Feb 17th, 2012 • Category: Dry Cargo
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Thank you for downloading the dry cargo market report from Coracle Online and the Baltic Exchange for February 17th 2012. This report looks at the Capesize and Panamax, Supra and Handymax markets.
We start with the Capesize sector in a week which has been extremely flat. A little spark on Monday was quickly extinguished and the BCI settled only four points higher than this time last week. The Atlantic has been particularly inactive and in spite of some ore activity from West Australia, the index has remained at around the $7.60 mark all week.
Looking at the Panamaxes and the week started with a degree of optimism in the Atlantic. However with ballasters from the East spot in the US Gulf and South America and fronthaul activity serviced by ships coming from the Indian Ocean and Asia, the week has finished rather forlornly. A 78,000 tonner, having ballasted from Korea, fixed a trip from the Gulf to China at around $18,000 daily plus a bonus of about $410,000. Fronthaul activity from South America included a four year old 75,000 tonner agreeing $13,250 daily with a bonus of $425,000 delivery passing Cape of Good Hope for a trip Far East. Little transatlantic activity has been seen although some mineral stems have been covered at meagre levels.
In the Pacific there has been activity from the Nopac with a number of owners being prepared to ballast southbound. A 75,000-tonner built 2000 open south Japan was fixed for a round voyage via Nopac at $9,000 daily.
For the smaller ships it was another disappointing week for owners with tonnage in the Atlantic. With the present rates on offer and prevailing bunker prices, owners with tonnage on the European side found it almost impossible to consider the ballast option. There were however a few cargoes that allowed owners to cover port costs and bunkers, as reports emerged of a 2011 built 56,000 dwt vessel being fixed for delivery Morocco for a trip to the US Gulf at $2,000 daily. Coming back the other way, a Tess 52 type was booked for a trip delivery US Gulf end February to Turkey at $9,500 daily.
It was a slightly better story in the East where owners with tonnage in the right place at the right time at least stood a chance of covering operating expenses. A spot 52,000 dwt vessel in Japan was reported to have been fixed for a trip via Nopac to south-east Asia at a better $8,000 daily. There was a reasonable amount of mineral business from Indonesia which helped to give the market a bit of substance, but as the week closed, the jury was out as to where the market was heading next week.
Thanks for listening