Baltic Exchange Dry Index (BDI) curve 6 May - 10 May
Capesize The market continued its rollercoaster ride last week opening with negative sentiment, but turning around in dramatic fashion by the week’s end. The BCI 5TC reduced from $11,182 at the end of the previous week to a low of $9,898 on Tuesday, but rebounded to $11,621 by Friday. Reasonable cargo volumes were reported out of West Australia to China with rates for C5 lingering around $6.50-$6.75, whilst time charter rates in the Pacific lifted from low to mid-teens level by Friday. In the Atlantic Basin sentiment was given a much needed boost mid-week, with an influx of fronthaul cargoes fixing at stronger levels. Early in the week it was heard that the Vale Brucutu mine had been ordered to close once again on the authority of a Brazilian high court ruling. The saga continues with no clear resolution date in sight. Closing Singapore iron ore week saw improved sentiment, with rates on an upward tangent.
Baltic Exchange Capesize Index (BCI) curve 6 May - 10 May
Panamax Last week appeared to be one of consolidation. The Atlantic in general was flat with South American front haul remaining around $15,500 plus $550,000 ballast bonus for modern Kamsarmaxes for May dates, whilst the North Continent tonnage supply appeared to tighten, although this hadn’t yet had much influence on rates. Tonnage open in the Mediterranean had fewer options as the Black Sea market remained quiet, but several modern Kamsarmaxes had been reported at $11,000 for North Coast South American grain rounds basis Gibraltar delivery, which was around $500 better than the previous week. The Pacific was very much mineral driven, with a good volume of activity from various loading areas, with coal into India again dominant. Sources suggested this was now the direction of choice, meaning rate levels to remain in the Pacific had come under a little pressure, although so far this remained very positional.
Baltic Exchange Panamax Index (BPI) curve 6 May - 10 May
Ultramax/Supramax On the back of better demand from some areas, the Baltic Supramax Index (BSI) made overall gains last week. Period activity however remained patchy: a 55,000dwt vessel fixing delivery Tianjin for four to seven months trading redelivery worldwide at $6,500 for the first 30 days and $9,500 thereafter. In the Atlantic, East Coast South America, the larger sizes improved. An Ultramax fixed at around $14,000 plus $400,000 for a front haul. However, smaller sizes remained flat. It was also fairly flat elsewhere: a 58,000dwt ship fixed from the US Gulf to Italy with petcoke at around $11,000-$11,500 region. From Southeast Asia the market saw better demand: a 56,000-tonner fixing delivery for a Campha trip via Vietnam, redelivery China, at $9,000, with a 57,000-tonner fixing delivery Samarinda trip to West Coast India at $8,250 plus $80,000 ballast bonus. The Indian Ocean had increased activity, with Ultramax vessel’s fixing at around $12,000 plus $200,000 ballast bonus, delivery South Africa, redelivery Far East.
Baltic Exchange Supramax Index (BSI) curve 6 May - 10 May
Handysize A lacklustre week on the Handysize with many brokers saying the market lacked fresh impetus. Limited period activity surfaced: a 37,000dwt ship being fixed delivery Singapore for four to six months trading redelivery worldwide in the low $8,000s, while a 37,000dwt vessel open Cristobal for four to six months, redelivery Atlantic at low-mid $9,000s. From the Atlantic some said East Coast South America struggled. A 38,000-tonner rumoured fixed delivery Plate, redelivery Peru, in the mid $13,000s. Elsewhere a 31,000dwt ship fixed from the Continent to the East Mediterranean in the low $9,000s and a 37,000dwt vessel also fixed from the Continent for a trip via the Baltic to west Africa in the mid $9,000s. Little surfaced from the Asian basin, but a 37,000-tonner open Weihai was reported being fixed for a trip with steels in the mid $5,000s, however some described this as low. Many are now looking to this week to see if improvements can be made.
Baltic Exchange Handysize Index (BHSI) curve 6 May - 10 May
Tanker market report VLCC
An uninspiring week for owners saw rates flat at WS 37 for 270,000mt from the Middle East Gulf to China. Going west, the market was steady at WS 18 Cape to Cape for 280,000mt to the US Gulf. West Africa to China basis 260,000mt dipped two points to WS 38. Loop to China was fixed at $4.5 million.
Baltic Exchange Dirty Tanker Index (BDTI) curve 6 May - 10 May
Suezmax Owners’ resistance in West Africa bore dividends as a West Africa east run went at WS 80 basis 130,000mt and Cepsa paid WS 65 to Spain, up from WS 60 at end of last week, although there is a slightly softer sentiment in the market. Black Sea rates were hovering between WS 77.5 to 80 region for 135,000mt cargo.
Aframax
In the Mediterranean, a busy week saw rates for 80,000mt from Ceyhan gain over 20 points to WS 105 region, with the Black Sea now fixing at WS 115 compared to WS 80 a week ago. In the Baltic, the market for 100,000mt has been hovering at WS 90, with WS 95 agreed where short options are required. There is now talk of WS 107.5 being done. The 80,000mt cross-North Sea trade firmed from WS 97.5 to WS 115, with WS 125 agreed for Sullom Voe load. The 70,000mt Caribs up coast market held at WS 77.5 level, but with potential to firm.
Baltic Exchange Clean Tanker Index (BCTI) curve 6 May - 10 May
Clean The market for 75,000mt from the Middle East Gulf to Japan held at WS 107.5, with 55,000mt firming 12.5/15 points to close to WS 120 level. Another disappointing week in the 37,000mt Continent/USAC trade saw rates lose around 20 points to WS 115. A more active week in the 38,000mt trade from the US Gulf to the UK-Continent saw rates gain 25 points to WS 97.5.
