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Thursday, 03 January 13
SUPRMAX FREIGHT RATE FROM RED SEA / INDIA IS AROUND MID TEENS - FEARNLEYS


Fearnleys in its weekly report said that, Indian market was very quiet in respect of export of iron ore. For Indo-India trip Supra rate was hovering between US$ 11000/12000 bss passing Singapore and around USD 9000 for short period. Spmx freight rate from Red Sea/India is around mid teens.

Meanwhile,  the panamax market, with Christmas holidays fresh in mind and a couple of days into 2013 the following may summarize the past week, the report said.

The activity has been scarce but some business has been concluded. In the Atlantic; breaching of INL and trading to and from icebound ports has led to some high fixtures. Such trades apart, the TA market is slowly sliding. In the Pacific we see a similar but stronger tendency. Spot ships are forced to start ballasting or drop the anchor to wait for activity. We expect the coming week to be decisive in which direction the market is going, as several countries are still away for holidays.

With most major players physically and mentally on vacation, spot activity has been and is next to none for almost 2 weeks now. For Brazil in particular, prompt cargo stems have been extremely few and far between - with a resultant piling up of early tonnage in S. Africa and elsewhere, along with softening freight levels. With average daily earnings well below USD 5k and the whole Cape fleet already slow-steaming, idling is becoming an ever more realistic alternative. Period fixing has come to a complete halt - but is expected to resume at lower levels or indexed-linked as takers are still ready to pick the right ships and tonnage providers are faced with few alternatives, the Fearnley’s research report said.
Source: Fearnresearch



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