Tuesday, November 04, 2008
There was a slight release of tension in the Panamax market today as the Baltic
Exchange reported a very small upward movement in its BPI index and brokers saw
somewhat more activity in the market. In the Atlantic, UK/Cont-Med business
fixed an old lady at $4,500 daily, while a trans-Atlantic round took a 199-built
vessel at $4,100 daily. There was renewed interest in period business, with
1-years trading done at $11,000 daily. Pacific Panamax business saw very modern
tonnage fix a NoPac round at $6,650 daily. A Far East round via east coast
Australia took a 2002-built 73,000-tonner at $4,000 daily. Period business was
considerably more active today, with demand for short periods up-to about
1-years trading. The Baltic Panamax index managed to gain 17 today to end at 679.
Atlantic Panamax business included reports that the 2002-built 74,100 dwt
Scythia Graeca went to Bunge with November 05-08 delivery Jorf Lasfar for a trip
with redelivery in the East at $12,000 daily.
Glencore fixed the 1983-built 66,894 dwt Sun with spot delivery Stade for a trip
via the Continent and redelivery in the Egyptian Mediterranean at $4,500 daily.
The 2004-built 76,801 dwt Atlas Bulk Shipping-relet Bahia was said fixed to
United with November 14-18 delivery Gijon for a trip via Kamsar and redelivery
Skaw-Cape Passero at $4,500 daily.
Cargill agreed $4,000 daily for the 1999-built 73,798 dwt Angela Star with
October 31 delivery retro-Piombino for a trip via east coast South America and
redelivery Skaw-Cape Passero range.
A Glory Wealth TBN was said fixed to Richstone with November 05-12 loading
70,000 tons 10% ore from Yuzhny to Zhanjiang at $15.50.
The 2000-built Clipper Emperor has fixed to Pioneer Navigation with November
20-30 loading 75,000 tons 10% coal from Hampton Roads to ARA-range at $8.00.
For Atlantic period business, the 1997-built 73,192 dwt Great Jade was linked
with Armada for spot/prompt delivery Hamburg for 1-years trading and redelivery
worldwide at $11,000 daily.
From the Pacific came word that Noble has fully fixed the 2008-built 78,819 dwt
Giant Sky with early-November delivery Shibushi for a trip via NoPac and
redelivery Singapore-Japan range at $6,650 daily.
The 2002-built 73,983 dwt Shen Nong Feng went to Hanjin with November 07-09
delivery CJK for a trip via Abbots Point and redelivery South Korea at $4,000
Pacific period business heard that the 2006-built 82,787 dwt Yasa Pioneer went
to Armada with November 13-17 delivery Shanghai for 1-years trading and
redelivery worldwide at $5,000 daily for the first 45 days, and $13,000 daily
for the balance.
EDF has fixed the 2006-built 76,500 dwt Chris with end-November/early-December
delivery in the Far East for 9-12 months trading and redelivery worldwide at
The charterer also has the 2005-built 76,629 dwt Marinicki with November 15-25
delivery north China for 12 months trading and redelivery worldwide at a rate
linked to the BPI timecharter average over the year.
Cosco Tianjin has taken the 1998-built 72,400 dwt Ocean Favour with November
09-13 delivery Shanghaigian for 11-13 months trading and redelivery worldwide at
The 2005-built 76,600 dwt Bison reportedly went to an unnamed charterer with
mid-November delivery Rotterdam for 4-6 months trading and redelivery worldwide
at $9,500 daily.
Capesize business remained extremely scarce today and sources reported that
rates continue to fall. While there were rumours of some business done, details
of concluded business were withheld. Star Bulk Carriers announced a correction
to the fixture of its 1993-built vessel Star Beta reported on October 27th. The
vessel was fixed to Vale for 2-4 months trading at $15,500 daily for the 1st 50
days and $25,000 daily for the balance, plus a repositioning ballast bonus of
$525,000, which had not previously been mentioned. The Baltic Capesize index
dropped again, down 22 at 1211.
Atlantic business heard that BHP Billiton fixed the 1997-built Channel Navigator
with November 15-30 loading 160,000 tons 10% coal from Richards Bay to Rotterdam
The 1997-built 157,991 dwt Aeolian Glory went to Kepco with December 01-15
loading 130,000 tons 10% coal from Richards Bay to South Korea at $7.15.
Atlantic Handy business was very dull today, with rates still under some
pressure, but details of concluded business were hard to pin down. Voyage rates
for grain cargoes from ECSA/Morocco were talked at about $21.00, but no
confirmation as yet. Pacific business was very quiet, but modern tonnage fixed
for about 1-years trading at $6,000 daily for the first 50 days and $10,250 on
the balance. Although definite evidence was lacking for the smaller sizes,
there was talk that a Far East round could have modern tonnage at about $3,000
daily. The Baltic Supramax index fell 28 to 531. The Baltic Handysize index
was off 6 at 312.
From the Atlantic, Armada has taken the 1997-built 43,210 dwt Pacific Royal with
November 13-17 delivery US Gulf for a trip with redelivery east coast Mexico at
It emerged that the 1982-built 38,110 dwt Bulk Crusader recently fixed to
Oldendorff with prompt delivery Jamaica for a trip with redelivery Norway at
Pacific period business heard that Armada fixed the 2002-built 52,475 dwt Ocean
Prince with November 07-10 delivery south China for 12-months trading and
redelivery worldwide at $6,000 daily for the first 50 days, and $10,250 daily
for the balance.