November 21 -25, 2016 Weekly market report. Banchero Costa

giovedì, 01 dicembre 2016 22:36:14 (GMT+3)   |   Brescia
       

Capesize (Atlantic and Pacific)

Capesize market registered a negative week with rates dropping in all basins. The standard route from West Australia to China showed rates droppinh from low $7's to $6.5/mt whilst, on timecharter basis, the Pacific RV was agreed at $14,000/d. Cargoes from Saldanha Bay to China were fixed in the very low $10's. On the East Coast South American side, the activity out of Brazil was characterized by a lack of prompt ballasters able to agree cargoes in the first half of December. This shortage of prompt vessels for the first two weeks of December, pushed rates to the very high $12/13's, whilst the second half of the month was agreed around mid $12's. In the Atlantic basin almost absent fresh cargoes pushed rates down with the TransAtlantic RV agreed below $20,000/d and fronthaul paid in the low $20,000/d. Some activity was reported on the short period, with a 6/8 months period basis delivery China for early December dates agreed at a still good $12,000/d.

Panamax (Atlantic and Pacific)

Panamax market remained strong throughout the week, mainly driven by a good activity from the Atlantic and by limited tonnage availability for prompt cargoes especially in the N Atlantic area. Quick coal RV via Baltic and via Murmansk showed high fixtures, between $22,000/d and $25,000/d level, for Kamsarmax and Post-Panamax, while longer TA RV were paid around $17,500/d for 30/40 days duration and around $15,500/d for 45/55 days duration. A good activity was reported also on bauxite cargoes, with the route from Kamsar to S.Ciprian done at $10.25/mt and Trombetas/Aughinish agreed in the low/mid $20's, giving strong TCE rates. Most of the owners were preferring to fix their ships for the longest possible employment in order to get at least a part of the Q1 2017 covered at present market levels. 3/5 months duration with redely Atlantic were done at $12,500/d on a 76,000 dwt bss dely Gibraltar and prompt dates. Fronthaul carrying grains remained strong both in ECSA and in USG, with ships fixing ECSA in excess of $10,000/d+$500,000 bb aps, while$11,000/d was agreed basis dely retro India/Singapore and USG paid $13,000/d + $500,000 bb for eco ships. Lower activity was registered in Indian Ocean, mainly due to several ships sailing from India and Singapore towards ECSA. The iron ore route from India to China didn't showed much activity, with owners asking between $12,000/d and $14,000/d but no charterer ready to reach this level. A Post-Panamax was fixed at $9,000/d bss dely Spore for TCT via S Africa to F East with minerals, while coal activity from Richards Bay was limited. Pacific market remained active throughout the week, but the levels slightly decreased with vessels fixing between $8,000/d and $9,000/d for NoPac RV. Period was not active both for the short and the long period.

Handy (Far East/Pacific)

The rates on these trades remained at very unexciting levels for owners and, as a consequence, most of the Supramax were reported fixed on the usual short local trips at levels similar to previous week. Coal cargoes from Indo were done with 56/57,000 dwt vessels at rates between $6,500/$7,000/d, similar sized tonnage came back from China to SE Asia at rates in the low $5,000's. From the same area a 55,000 unit fixed petcoke to EC India at $6,750/d, an Ultramax was agreed at $7,500/d with dely Philippines to load Nickel ore from New Caledonia to China and a slightly larger newbuilding was booked for 7/11 mos period at $7,700/d with dely ex yard Japan.

Handy (North Europe/Mediterranean)

The market from the B Sea showed firmer activity with a 57,000 dwt fixed $9,750/d for trip to the Egypt, while similar levels were said to have been agreed on slightly larger and more efficient vessel for a trip to N Europe. A Handysize carrying grain from the B Sea to Yemen was fixed at $8,000/d bss dely Marmara and redely Port Said. In Med an Ultramax with dely Egypt was booked at $13,200/d to carry petcoke from Spain to India. Stronger demand and higher rates were registered in N Europe where charterers were also looking at short period deals. An Ultramax with dely Netherlands did $15,000/d for a trip with scrap to Turkey, another one dely Finland booked 6/8 mos period at $11,000/d and redely Atlantic, and a 58,000 dwt with dely Portugal and redely WW agreed $11,000/d for 4 to 7 mos duration. A 37,000 dwt got $12,400/d for a trip from Belguim to Marmara and a similar size dely UK performed a trip via Baltic to ECSA at $7,100/d for the first 50 days and $8,000/d for the balance, while a 34,000 dwt was done at $8,000/d with similar dely for 4/6 mos and redely Atlantic.

Handy (USA/N.Atlantic/Lakes/S.America)

A further increase on the demand in connection with less available tonnage pushed strongly the rates from the USAC range and a similar trend was showed from the ECSA. Two Supramaxes where booked for scrap cargoes from the USEC to Europe at $20,000/d and $22,000/d respectively, another one was take with delivery Bejaya for a USG RV at $10,500/d and, for a similar trip with delivery bss aps, a 43,000 dwt fixed $15,250/d with redely Morocco. A 37,000 dwt got $15,750/d from EC Mexico to Morocco and a 47,000 dwt delivering at the Mississippi entrance carrying grains to WCC America at $21,000/d and redely Cristobal. The firm demand from S America allowed owners to fix their tonnage basis dely W Africa at strong rates, on this basis an Ultra got $12,000/d via N Brazil to E Med, a standard 55,000 dwt fixed $11,600/d via Brazil to F East abs, and a similar unit was agreed at $12,000/d for two laden legs redely Atlantic. At the end of the week a 56,000 dwt delivering Brazil fixed 3/6 months Atlantic trading at $10,000/d and a 38,000 size got an excellent $15,000/d for a trip from Brazil to F East.

Handy (Indian Ocean/South Africa)

Some chartering activity was reported from these waters and rates remained at levels similar to the previous with small exceptions connected to positional reason. An attractive $10,500/d was paid to a fancy 58,000 dwt delivering at Pakistan to perform a trip from MEG to EC India, followed by a 53,000 size done for a similar trip at $7,500/d with aps delivery. A similar vessel booked 4/7 months period charter at $6,750/d and a Handysize did a trip to R Sea $7,150/d. Two standard Supramax were fixed at $5,200/d and $5,500/d respectively to carry iron ore from EC India to China with delivery dop Bangladesh, and a third one agreed $5,500/d with delivery aps India. A similar type of vessel was fixed delivery aps S Africa for trip to Japan at $13,750/d.

Banchero Costa and Co Spa 
Email: research@bancosta.it 
Internet: www.bancosta.it


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