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Thursday, 25 July 13
SUMMER LULL CHIPPING AWAY RECENT GAINS IN DRY BULK FREIGHT RATES - NIKOS ROUSSANOGLOU, HELLENIC SHIPPING NEWS


In what seems to be establishing as a permanent trend, at least for the time being, the dry bulk market kept on retreating yesterday, even if this reduction is marginal. Traditional summer lull is thought to be the main reason for the fact that freight rates have been losing ground in the past couple of weeks, even if this fall is bit by bit. Yesterday, the Baltic Dry Index (BDI) was down 10 points, to 1,117. The fall was more obvious in the larger ship classes, with the Capesize Index losing 20 points and the Panamax one another 14 points.

According to the latest weekly report from shipbroker Fearnleys, in the Capesize market, "the general theme in both the Pacific and Atlantic is that rates are holding steady. Slightly lower numbers, around the USD 14k mark, have been fixed on T/A, which are sure to come under pressure due to the mining strike at Drummond in Columbia. The fronthaul market continues to be actively fixed, with the C3 index Tubarao/Qingdao now marked at USD 20 PMT. West Australia holds steady at USD 7.75 PMT - however in general, time charter rates in the Pacific have come off, due to a squeeze on the current coal prices. Short period numbers remain healthy – with close to USD 14k obtainable for periods of 10 months and over", Fearnleys noted in its report.

On the Panamax market, the shipbroker commented that "last week we experienced an upturn in rates in both hemispheres. This came to an end on Monday when the market all of a sudden turned quiet again. We have seen little activity although some deals are concluded and the levels are about USD 100 down w-o-w. In the Pacific we still get a steady push with coal cargoes from Aussie and rounds are being concluded in region of USD 7k while the Atlantic rounds are fixing around the 11-12k mark. Period activity has been next to non-existing, however takers are there for wide spread periods with optionality. We feel the summer lull is all over us and believe rates will continue to slide slowly throughout the week".

Finally, in the Handy front, it noted that "the Far East market remains quiet even if some Indo coal trip orders were fed in the market at early this week. Prompt ships passing Singapore fixed around USD 11k for trip to India while rate for Indo/China is only slightly below. There were some short period fixtures reported at around low/mid USD 9k levels for 3-5 months. In the Indian Ocean vessels were fixed for trips via S.Africa to Feast at around USD 9k + 300 gbb. Also more cargo from Iran to China is in the market, trading between USD 11-12k", Fearnleys concluded.

Meanwhile, in the ever so important field of demolition activity, Golden Destiny noted in its latest weekly report that "the monsoon season and the depreciation in Indian rupee are persisting to depress scrap price levels, while in Bangladesh the onset of Ramadan period keeps the momentum weak with silent scrapping business", said the Piraeus-based shipbroker. In total, 25 vessels were sold for demolition over the past week, equalling a deadweight of 1,377,479 tons. Out of these ships, eight of them were dry bulk carriers. In terms of the number of transactions, demolition activity was up by 39% week-on-week. The largest activity is recorded in the bulk carrier and liner segments by holding 32% share each of this week’s activity against 12% share from tankers. In terms of deadweight sent for scrap, there has been 114% weekly increase with 2 VLCC tankers sent for disposal and 1 very large ore capesize bulker.

According to the report, "India is reportedly to have won 10 of the 25 demolition transactions, Bangladesh 4, China 4, Turkey 3, 4 demolition transactions are reported at no revealed destination. Benchmark scrap prices in the Indian subcontinent region: $380-$385/ldt for dry and $410-$415/ldt for wet cargo. Scrap prices in China have increased by $10/ldt at $320/ldt for dry and $330/ldt for wet cargo", the report concluded.
Source: Nikos Roussanoglou, Hellenic Shipping News



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