It is reported that still a good boost of fresh cargoes entering the market. Vessels in Black Sea with GOA clearance and Baltic positions are fetching tick above USD 23,000 per day to India-F East range. Same experienced with vessels open US Gulf trading back to Cont fixed in the mid/high twenties.
Pacific market seeing more activity but charterers and owners being apart on rates and hence charters holding off. For Indo-India and Thai rounds spot Feast tonnage was tight and could see owners rating USD 14,000 for North China positions and charters at 11,000.
Indian iron ore market getting active with fresh enquiries from WCI and Supras fixing around USD 13,000 for WCI-China. RBCT India round rates around USD 12,000. Red Sea fertilizers to India are fixed around mid 20s. Short period rates are around 15,000 for large Supras.
1. Panamax
The Panamax market experienced a softening in rates this week, especially in the Far East. The typical NoPac rounds were fixed at around USD 14,000 last week and mid-week we now see owners asking well below USD 12,000 for same. We see more ships ending up spot in the east and owners have to lower their asking rates in order to secure employment. In the Atlantic basin we see more activity and signs for rates to increase.
More coal is being exported from US ports and the grain cargoes from US Gulf is starting to enter the October market. TA is being fixed in the region of low USD 14,000 while the fhauls are fetching low/mid 20. The period market has been less active this week but still some shorter periods have been fixed at around USD 14,000 for delivery Feast.
2. Capesize
At the end of last week the market showed more than signs of correcting. Rates had begun to fall significantly and West Australia was being fixed at USD 10.20 level down from upper USD 11. The same could be said for the front haul market which got concluded at USD 25.50 down from USD 28. There were however indications that this was sentiment driven and that the underlying demand was still healthy. This has proven to be right and led but the strength in the Atlantic the market has turned upwards again. Today the West Australia market is in the mid USD 10 front haul is back up in the USD 27 and the TA market is back at USD 28k daily.
With the market uncertainty there has been little period fixing, though reports of a vessel being fixed for 4-6 months at USD 19,500 have emerged.
(Sourced from FEARNBULK)
