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Thursday, 17 March 11
THE PACIFIC HANDY MARKET IS CURRENTLY STEADY - FEARNBULK


Handy
The Atlantic market is showing signs of recovery and does not seem to be affected by the Japan disaster. The market is very positional and it seems there is a lack of spot / prompt tonnage in the Emed and Cont which is putting pressure on charterers who have 2nd half march liftings. Dymamic Striker was reportedly fixed at 29,500 usd dely swpass to Israel with redel Port Said and a 48,000 dwt grabber was reported to have achieved usd 24,000 aps USG for petcoke to Emed. Nevertheless little short period done.

In the Pacific, the market is currently steady. For Indo-India, rates look firm for spot tonnage and supras in North China are getting close to USD 16,000 for trips via Indonesia to India. Iron ore from India has been quiet with supras ex WCI close to USD 17,000 for trips to China while from ECI we are seeing close to USD 16,000.

On the Richards Bay rounds, supras are seeing about USD 15,000 basis WCI delivery. In the Red Sea, fertilizers on handymax/ supras are being fixed at mid-hi

Panamax
The Panamax market took somewhat of a breather this week after the tragical earthquake and tsunami in Japan. It is still healthy activity in both the spot- and period market but the rates has been slowly sliding down throughout the week, however on Wednesday showing some signs of levelling out. For the short term outlook we believe the tragedy in Japan will have a negative impact to the dry bulk mrkt, as last year Japan was the worlds biggest importer of coal in general, whereas abt 100mt out of abt 180mt was steaming coal.

Now with port facilities shut down, the major part of  these cgos will be cancelled. For the medium to long term affects we believe that we will see more activity due to rebuilding and Japan has already been approaching Russia for increasing coal  production. Tarvs are now getting excess Usd 16,5k while fhauls are at ard Usd 27k.

In the Pacific we see rates  are hovering at ard 17k while backhauls are being paid ard 7k for LME´s.

Capesize
After a week with improving activity and better rates, the tragic incidents in Japan took place, resulting in a wait and see mode in the capesize market.Rates again dropping for west australia / china, to mid 7s and usd 19 pmt has been fixed for tub / qd, compared to usd 20,40 pmt fixed end last week. In the period market, usd 17,000 was fixed for 3 years which is still the lowest so far.

Last done for one year is mid usd 16,000, which still holds for forw dely, whilst spot vsls achieve just below mid teens.
Source: FEARNBULK



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