Fearnleys Weekly - Dry bulk

Chartering - Supramax

The market has picked up strongly since last week with the Chinese holidays. In the Pacific rates are increasing with some strong number seen especially for the Indo/China coal rounds which by mid week are paying ows around USD 15k del Spore and Ultras around mid-high USD 16k bss Indo delivery. In N.China vessels are achieving over USD 10k on dop bss for nickle ore runs via Philippines back to China. The Atlantic has enjoyed more activity and rates pushing as well although a bit slow start. Seeing more activity an fixtures in USG with vessels getting fixed in the very high teens for trips to Emed while front hauls paying around owners USD 23k. From ECSA vessels are achieving around USD 16k for trips to Cont/Med.

Chartering - Panamax

A relatively active week for the Panamax market with increasing rates in both hemispheres. The Atlantic market keeps its momentum with the north Atlantic being especially firm. We also see a steady pace of cargoes out of USEC, US Gulf and ECSA pushing TA rates at ard 12k’s. Fronthaul’s are being fixed in the 19 to 21k’s depending on duration. The sentiment in Asia also remain very positive with transpacific RVs being fixed at ard 13k’s and the expectations going forward is still positive. The short-term outlook for the Panamax market remain positive all in all and period interest is increasing. As for FFA’s; Nov is priced at high 12k’s, while Q4 is now priced at mid 12k’s on the P4TC index.

Chartering - Capesize

Continued positive spot sentiment for the big ships and average earnings up 8 pct to come in at USD 20k, mainly due to a mix of weather delays in important discharging areas and healthy prompt iron ore flows. Waust/China activity steady in particular, Brazil/Far East volumes modest but fronthaul levels supported by Atlantic coal exports and limited regional fresh tonnage supply. Limited period fixing as FFA levels not justifying long period, being far from matching physical 2018-expectations - notable exceptions being 179000 dwt/built 2016 delivering China prompt to mining major for about 12 months at USD 17k, whilst for shorter duration mediocre 169000 dwt/built 2008 done for 4-6 months at USD 16600 to operators.

Activity level

Capesize Panamax Supramax
Stable Strong Firm

Rates

CAPESIZE (usd/day, usd/tonne) This week Last week Low 2017 High 2017
TCT Cont/Far East (180' dwt) 30,000.00 28,000.00 12,000.00 35,000.00
Tubarao / R.dam (Iron ore) 9.40 8.80 4.00 9.40
Richards Bay/R.dam 8.70 8.40 4.00 8.80
PANAMAX (usd/day, usd/tonne)
Transatlantic RV 12,000.00 9,500.00 5,600.00 14,800.00
TCT Cont / F. East 19,250.00 17,500.00 11,600.00 21,000.00
TCT F. East / Cont 4,800.00 4,200.00 2,500.00 8,600.00
TCT F. East RV 13,000.00 10,500.00 2,500.00 13,500.00
Murmansk b.13-ARA 15/25,000 sc 7.60 6.90 5.00 7.60
SUPRAMAX (usd/day)
Atlantic RV 11,750.00 11,250.00 8,250.00 12,000.00
Pacific RV 10,200.00 9,000.00 3,900.00 11,000.00
TCT Cont / F. East 19,000.00 18,500.00 12,000.00 19,250.00
1 YEAR T/C (usd/day)
Capesize 180,000 dwt 17,000.00 16,500.00 10,250.00 17,000.00
Capesize 170,000 dwt 15,200.00 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 10,750.00 10,400.00 6,600.00 10,750.00
Baltic Dry Index (BDI): 1433 previous week: 1320

Sales and purchases

Vessel Size Built Buyer Price Comm.
Orient Fortune 81 628 2013 Anglo International Shipping 33,00
Orient Hope 81 628 2013
Hephaestus 74 297 2001 Undisclosed 8,30
Nord Angel 55 696 2010 Undisclosed 15,00
Sea Master 48 500 2001 Chinese 7,50
Minas 27 865 1997 Chinese 3,30