Fearnleys Weekly - Dry bulk

Chartering - Supramax

There has been quite some activity in the Atlantic basin this week, rates out of USG are still firm, trips to Emed gone through at low/mid USD 20.000. There was also done some period activcity, 4-6mos was done at high USD 15.000 redly Atlantic. Black sea have also seen a bit more activity but little concluded, fronhaul getting fixed ard USD 17k. In the Pacific Nickel ore fixing via Phils to China at USD 8000. Clinker to China at mid USD 10000, trips from China to India fixing at mid USD 8000.

Chartering - Panamax

It has been an active week in the Panamax market. After a period with decreasing rates and low activity the sentiment has changed significantly and the market is very strong in both hemispheres, but especially within the Atlantic region. Less tonnage and more cargoes in the north Atlantic has pushed the rates upwards and the TA market is priced at 15k’s right now, while FH are being fixed in the 19 to 21k’s depending on duration. The activity out of the US Gulf has been a key feature to keep the momentum. More activity in the Pacific has pushed the rates for a transpacific RV to ard 11k’s. A booming cape market has led to cape splits both in the Atlantic and Pacific which is a positive factor going forward.

Chartering - Capesize

The freight market for Capesize vessels continues up in line with firming iron ore prices. Most of the activity and the market benchmark is the west Australia to China route, where the Australian miners are again in need of spot tonnage. Weather delays in part of China have created delays for vessels heading for West Australia. Freight levels hit the USD 10 pmt mark, before stabilizing in the high USD 9's. Brazil to China route also firm, though with more sporadic fixing, levels hovering just above the USD 20 pmt mark. The timecharter market in the Pacific is now estimated at USD 28,000. Despite entering December month, so far no sign of the usual pre-Christmas slowdown.

Activity level

Capesize Kamsarmax Ultramax
Firm Strong Stable

Rates

CAPESIZE (usd/day, usd/tonne) This week Last week Low 2017 High 2017
TCT Cont/Far East (180' dwt) 41,500.00 36,500.00 12,000.00 41,500.00
Tubarao / R.dam (Iron ore) 13.00 12.30 4.00 13.00
Richards Bay/R.dam 12.00 11.30 4.00 12.00
PANAMAX (usd/day, usd/tonne)
Transatlantic RV 15,000.00 12,000.00 5,600.00 15,000.00
TCT Cont / F. East 19,500.00 17,500.00 11,600.00 21,000.00
TCT F. East / Cont 5,000.00 4,600.00 2,500.00 8,600.00
TCT F. East RV 11,000.00 10,000.00 2,500.00 14,000.00
Murmansk b.13-ARA 15/25,000 sc 8.70 7.90 5.00 8.70
SUPRAMAX (usd/day)
Atlantic RV 13,000.00 13,000.00 8,250.00 13,000.00
Pacific RV 9,250.00 9,250.00 3,900.00 11,000.00
TCT Cont / F. East 16,000.00 16,000.00 12,000.00 20,000.00
1 YEAR T/C (usd/day)
Capesize 180,000 dwt 17,250.00 17,250.00 10,250.00 17,250.00
Capesize 170,000 dwt 15,250.00 15,000.00 8,650.00 15,500.00
Panamax 75,000 dwt 11,500.00 11,000.00 7,250.00 12,400.00
Supramax 53,000 dwt 10,000.00 10,000.00 6,600.00 10,750.00
Baltic Dry Index (BDI): 1670 previous week: 1536

Sales and purchases

Vessel Size Built Buyer Price Comm.
CPO Europe 179 448 2010 C-P Offen 23,80
King Robert 169 676 2008 Greek 17,00
UBC Ottawa 118 000 2011 Oldendorff 20,00 Bank Sale
UBC Odessa 118 000 2011 20,00
UBC Olimbus 118 000 2011 20,00
UBC Oristano 118 000 2011 20,00
Afovos 74 297 2001 Chinese 9,00
Zagora 73 435 2001 8,80
Orient Orchid 56 200 2011 DryLog 17,40 Exercised option
Orient Jasmine 5 600 2011 17,60
Theoxenia 42 648 1997 Undisclosed 2,50 Auction sale
Long Cheer 37 300 2013 Undisclosed 20,00
Long Lucky 37 300 2012
Lazeez 31 561 2000 Undisclosed 5,80
Judi Merey 28 458 1995 Lebanese High 3's
Morning Orchid 28 310 2009 Undisclosed Undisclosed
Lake Deer 28 225 2011 Undisclosed 9,20
Sunroad Mtoya 23 186 2011 European 8,50