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Thursday, 28 February 13
PANAMAX : MARKET HAS SEEN A GOOD UPTURN OVER THE LAST WEEK - FEARNLEYS


Handy
The Atlantic saw more cargoes than last week and rates ticking upwards. The USG-Feast was at USD 19k and Black Sea-Feast was at USD 11k. The Pacific market got firmed up and more Indo-China cargoes were seen. Indo-India now been reported at healthy levels at USD 7k dop South China however chrtrs holding on for rates to fall. WCI-China and ECI-China was quiet and rates were USD 8k and 6k, respectively. RBCT rounds fixed at USD 9k + 300k BB. Short period rate for large eco Supra was around USD 9500.

Panamax
The Panamax market has seen a good upturn over the last week. Much thanks to the ECSA grain season is soaking up vessels from the east. Owners with ships in position for ECSA started the week by rising their asking levels and now it seems charterers needs to pay what owners want, aps levels are around USD 15k+500k bb on standard vessels. This has helped the Pacific market where ships now get around USD 9k/day for round trips. The short period market has been active the last week. A very well described kamsarmax with delivery Japan got USD 10500 for a period of 4/7 months. In contrast the Atlantic market has not seen the same upswing as the Pacific. The coal trade out of US is very active but did not make a big impression on the rates yet. Atlantic rounds are paying around 8k.

Capesize
Overall a quiet and not very exciting week. In the Pacific, the Tropical Cyclone is still affecting the western Australian ports and there is lack of activity in general. In the Atlantic, there is few front haul cargoes and hardly any coal cargoes (Bolivar still being closed). The Atlantic is indeed under pressure. Not many period fixtures have been concluded, and the gap between spot rates and period rates is increasing.
Source: Fearnleys



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