Fearnleys Weekly - Dry bulk

Chartering - Supramax

Slow week with little light for improving rates. ECSA to Far East still around 15k + bb and same to Med ca 14k. More balanced cargo/tonnage supply from Cont. Scrap run from Cont to Med gone around 14-15k. Ice restrictions disappearing in Baltic hence more tonnage available for those chrts and vice versa. Grains from B Sea to Se Asia levels back to February i.e ca 17k.The market is still slow in the Pacific, however some fixtures has been concluded. Supras have fixed mid USD 11k for an Indo rv to S.China delivery Philippines, while CIS coal trips are paying around mid USD 9k. Nickle ore trips from Philippines to China are paying Supras around mid USD 12k, while Seasia to Bangladesh is paying around mid USD 14k.

Chartering - Panamax

Another uneventful week with falling rates in both hemispheres. After a holiday-disrupted week with little new fresh cargoes in the market the rates have been under pressure again and a very weak paper market has given little support physical. TA rates has dropped to low 10’s, while the FH rates is in the range of 17k’s. The activity in the east has also been slow in accordance with the Atlantic market and has been more depressive compared to the TA and FH market. Transpacific RV is now priced in the range low 10k’s. The expectations about renewed activity from South America is much needed to lift the current rate levels in both basins. FFA’s, May is priced at mid 12k’s, while Q2 is at low 12k’s on the P4TC index.

Chartering - Capesize

After a relatively long period of time with falling rates, things have finally improved. This was mainly in the Pacific, with c5 moving upto USD 6 level early in the week. This positiveness created a better sentiment, however other main routes like iron ore out of Brazil and Atlantic activity remain inactive. This has resulted in a bigger level of spot ships in and towards the Atlantic as well as ships ballasting towards Brazil.

Activity level

Capesize Kamsarmax Ultramax
Firmer Mixed Slow

Rates

CAPESIZE (usd/day, usd/tonne) This week Last week Low 2018 High 2018
TCT Cont/Far East (180' dwt) 18,200.00 18,000.00 18,000.00 37,000.00
Tubarao / R.dam (Iron ore) 5.30 5.30 5.30 10.00
Richards Bay/R.dam 5.50 5.40 5.40 10.00
PANAMAX (usd/day, usd/tonne)
Transatlantic RV 10,250.00 10,750.00 9,500.00 13,750.00
TCT Cont / F. East 17,500.00 18,000.00 16,500.00 19,500.00
TCT F. East / Cont 4,500.00 4,800.00 4,300.00 5,200.00
TCT F. East RV 10,250.00 11,000.00 9,000.00 13,750.00
Murmansk b.13-ARA 15/25,000 sc 7.80 7.90 7.35 8.55
SUPRAMAX (usd/day)
Atlantic RV 11,500.00 12,000.00 11,500.00 16,000.00
Pacific RV 10,500.00 10,500.00 8,000.00 11,250.00
TCT Cont / F. East 18,000.00 18,500.00 16,000.00 20,500.00
1 YEAR T/C (usd/day)
Capesize 180,000 dwt 18,000.00 18,000.00 17,000.00 19,500.00
Capesize 170,000 dwt 16,500.00 16,500.00 16,000.00 17,100.00
Panamax 75,000 dwt 11,750.00 12,000.00 11,250.00 14,000.00
Supramax 58,000 dwt 12,250.00 12,250.00 10,000.00 13,000.00
Baltic Dry Index (BDI): 979 previous week: 977

Sales and purchases

Vessel Size Built Buyer Price Comm.
Ocean Commander 174 142 2007 Goodbulk 21,50
Elliot Bay 32 216 2009 Taylor Maritime 11,70
SSI Spring 32 576 2007 Hong Kong based 10,50