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Saturday, 05 September 09
THE ECI / CHINA (S7) ROUTE SOFTENED BY ALMOST 12% AND THE CHARTER HIRE WAS AT US$ 16,346 PER DAY - VISTAAR


COALspot.com (Singapore): The dry bulk market continued to be stable with the BDI almost same as last week at 2,415 points.

The Panamax index went up by 15 pct and closed at 2,486 points. The Cape / Supramax  / Handysize was almost same and closed at 3,651 / 1,742 / 867 respectively. The average charter rates were at Cape / US$ 34,647 , Panamax / US$ 19,921, Supramax / US$ 18,221 and handysize / US$ 12,358.

"It appears that next week also would be soft and the BDI likely to be around 2,500 points"  said, Capt. Reddy, Managing Director of
Vistaar Shipping Singapore, an experinced ship operator in Singapore.

The supramax index in the far-east (S6 route) dropped only by about 3 pct  and the charter hire was at US$ 11,040 per day. The ECI / China (S7) route softened by almost 12 pct and the  charter hire was at US$ 16,346 per day.

This India / Far-east region could be weak until iron ore imports by china increases. Quite a few ships were reported ballasting from India towards South America.

There were quite a few period charter reported on Panamax vessels. One year Panamax charter hire is around US$ 19,000 / day. One year charter rates for Supramax was at around US$ 16,000 / day and short period rates for vessels opening Far-east / SE Asia was around US$ 15,500 / day.

According to Vistaar Singapore, the futures for three years for 2010-2012 is around Cape - US$ 26,000 / day, Panamax - US$ 15,500 / day, Supramax - US$ 14,000 / day and Handysize -  US$ 10,000 / day.

The congestion in China is easing off and this could result in more availability of vessels. Congesting in Australia remained at almost same levels at about 122 coal vessels waiting EC Australia and 22 iron ore vessels waiting WC Australia.  The congestion in EC India Paradip and Visakhapatnam continues to be high.

The crude prices were under pressure and brent crude was soft at US$  67 per barrel and the bunker prices was around US$ 427 pmt for IFO(380 cst) prices ex Singapore.

Click here
for Vistaar's forecasted (terms & conditions apply) spot freight rates for coal & Iron-ore cargo for 11 specific routes.(cs)



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