Hard graft for Panamax owners in Dry Cargo #Shipping markets. report Nov 9By james tweed • Nov 9th, 2012 • Category: Dry Cargo
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Thanks for downloading the dry cargo market report from Coracle Online and the Baltic Exchange for November 9th 2012. This report looks at the Capesize and Panamax and Supra markets.
We start with the Capesize sector where there was some negative sentiment at the beginning of the week. Despite that, the market seems to have recovered. In the Atlantic there was more visible enquiry both transatlantic and to the East, with the last Tubarao/China ore cargo being reported fixed for early December at $21.25. In the Pacific the conference route from West Australia to China has seem some downs and ups starting at the end of last week fixing around the $9.70 mark, dipping down to a tick under $9 and then recovering to around the mid 9s. It is all very positional.
For the Panamax sector and it’s been hard graft for owners in the Atlantic as rates continued to ease against a backdrop of thin transatlantic enquiry. As the weekend approaches there is a feeling that although the market is flat and that sentiment may have turned for more forward positions. Short trips in the north Continent succumbed with modern types fixing around $3,000 daily for a trip via the Baltic. Fronthaul also came under pressure: a two year old 75,000-dwt open Morocco agreed $13,000 daily for a trip via the US Gulf to the East, and a similar size ship agreed $13,500 daily plus $350,000 ballast bonus for a trip Brazil to the East only to fail on subjects.
In the East and we have to ask, where would the Asian market be without Indonesia? Enquiry from this area has remained solid with owners prepared to go to India able to command a premium. At the end of the week however there do appear to be more minerals from the Pacific west coast and also Australia. A 76,000-dwt ship open Hong Kong went at $9,000 daily for a trip via Indonesia to West, option East coast India and an 82,000-dwt Kamsarmax, open south China, obtained $10,500 daily for a similar trip to ECIndia.
Lastly we look at the Supra and Handymaxes and the market in the Atlantic showed little sign of life, although there was a possibility that the situation in the US Gulf may have reached a floor as a number of vessels obtained cover. A Tess 58 type was reportedly booked for a trip from the US Gulf to the East Med at about $11,250 daily. A Japanese built 53,000 dwt unit obtained a respectable $16,000 daily for a trip to Singapore-Japan range, also from the US Gulf, basis end of November delivery. Further south however the lack of enquiry meant that owners continued to struggle. In the East it was the south-east Asian mineral enquiry that continued to prop up the market, with rates for the unfavoured Indian Ocean destinations offering some hope for owners.
Thanks for listening