Limited activity across dry bulk shipping

Capesize

Towards the latter part of the week, the Pacific benefited from an uptick in coal cargoes from Indonesia and East Coast Australia, and operator activity, driving freight rates higher, as a result the C5 index rose by US$1.15, closing at US$11.135. Early in the week, activity in the Atlantic was limited, but a tightening of tonnage was noted in the North. Midweek saw positive sentiment bolstered by increased fresh cargoes and strong fronthaul fixtures from East Coast Canada to China, leading to substantial gains in the C9 index, which climbed US$3129 on the week, closing at US$48 563. The South Brazil and West Africa to China routes experienced downward pressure due to an abundance of ballasting vessels, however, towards the end of the week some marginal gains were made. The week concluded positively, with the BCI 5TC increasing by US$581 to close at US$23 389.

Panamax

It proved to be a negative week for the panamax market with rates easing across the board. The Atlantic remained predominantly fronthaul led with a steady grain cargo flow ex NC South America, continuing the recent theme of decent mineral demand ex US east coast to India, reports circulated mid-week of an 81 000 DWT delivery Gibraltar at US$25 100 for said run. However, with an easing trans-Atlantic market the plentiful ships available in the North came under pressure with reduced rates appearing, with no obvious signs of any floor. In Asia, sound volume of mineral demand ex Australia along with NoPac grains kept rates steady, but with South America not offering much support seeds of doubt were experienced across the basin. An 82 000 DWT delivery South Korea was able to achieve US$17 250 for a trip via Australia redelivery China, whilst ex Indonesia an 81 500 DWT delivery Thailand agreed a shade below US$18 000 for a trip via Indonesia redelivery South Korea.

Ultramax/supramax

Another rather lackluster week as many areas saw little fresh enquiry compounding a rather dull market. The Atlantic saw limited opportunities from the Continent-Mediterranean, elsewhere the South Atlantic similarly saw little action. Despite little fixing information emerging some felt that a bottom may have been reached from the US Gulf as the week closed. A similar story from the Asian arena with lower cargo flows also affecting timecharter rates. In the Atlantic, A 51 000 DWT open Ireland was fixed for a trip via Russian Baltic to South Brazil at US$14 000. Otherwise, a 61 000 DWT fixed delivery Recalada for a trip to West Africa at US$18 000. In Asia, a 55 000 DWT open South China fixed a trip via Indonesia redelivery EC India in the low US$15 000s and a 58 000 DWT open Taiwan fixed a trip via Indonesia to China in the low US$16 000s. The Indian Ocean remained active although again sentiment remained poor, a 61 000 DWT fixed delivery Port Elizabeth trip to China at US$21 000 plus US$210 000 ballast bonus.

Handysize

In a week of limited visible activity, a feeling of positivity was seen in sections of the handy sector. The South Atlantic began in a positive fashion, with adequate cargo availability, with a 38 000 DWT fixing from Recalada to Denmark with an intended cargo of grains at US$19 250 but as the week progressed, levels of fresh enquiry slowed and numbers were said to have stabilised. The Continent and Mediterranean continued to struggle for cargo availability, and a 33 000 DWT fixed for a trip from North France to West Africa intention Abidjan with an intended cargo of grains at US$8 750. The Pacific markets remained positive with fresh enquiry visible from Australia, Indonesia, China and the Pacific North West. A 38 000 DWT opening in Manzanillo was fixed for a trip to Singapore-Japan in the mid teens whilst a 37 000 DWT was fixed from Chile to Singapore-Japan at around US$17 000 but further details had yet to surface.

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