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Wednesday, 02 June 21
INDONESIA RV WAS DOWN TO LOW/MID $20,000S DAY FOR PANAMAX/KAMSARMAX WITH DELIVERY S CHINA - BANCHERO COSTA
PanamaxPanamax
A softening week in the Pacific basin with rates under a downward pressure mainly caused by the oversupply of tonnage in the area, said Banchero Costa in its latest report. The report further noted that, in the Northern range, NoPac was in the mid $20,000s/d level depending on vessels’ description, while CIS was assessed in the very low $20,000/d.
 
There were reports of fixtures in the high $20,000s/d for Australian exports on standard RV, while India was still paying a premium and fixing in the low $30,000s/d.
 
According to Banchero Costa, Indonesia RV was down to low/mid $20,000s/d for Panamax/Kamsarmax with dely S China. In the Atlantic, the ECSAm market lost more than a dollar on the Santos Qingdao route from the end of the previous week and spot rates on Kamsarmaxes were giving an equivalent of about $54/mt. This is probably due to a slightly longer tonnage list and a relative scarce quantity of cargoes for the second half of June. In general, the vibes for the upcoming month are positive, and it appears that most Owners are taking a cautious approach, preferring to wait until the following week to move.

The report further said, a week of significant loss in N Atlantic too, showing decreased rates especially for quick Baltic RV and with more tonnage opening Continent looking for cargoes out of ECSAm and NCSAm.

A standard LME was fixed around $14,000/d basis delivery Continent via Baltic back to Continent while a big premium was paid to those vessels keen to trade India like an 81,000 dwt dely early June Hamburg fixed at $37,000/d or another Kamsarmax open Cont fixed at a slightly lower rate, $36,000/d for a longer trip to F East. Black Sea was quiet with only a rumour of a Kamsarmax fixed on a long fronthaul to F East around $35/36,000/d basis dely E Med, some spot cargoes are waiting next
week.


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