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Monday, 11 January 10
THE MARKET IS LIKELY TO BE STEADY - VISTAAR SINGAPORE


COALspot.com (Singapore): The freight market for the first week of the year was quite active and the market especially in the Panamax and Supramax sector was quite firm said, Capt. Radhakrishna Reddy, Managing Director or Vistaar Shipping, Singapore.

BDI Index
The BDI index was at the same level and closed at 3,140 pints. The cape during the week was soft and dropped by 11% and closed at 3,733 points. The panamax and Supramax was almost up by about 10% and closed at 4,218 and 2,418 points respectively.

The handy size index was almost at same levels without much change.

Charter Hire
The average charter hire was at Cape  US$ 34,390 per day, Panamax US$  33,870 per day, Supramax US$ 25,288 per day and Handy size US$ 17,144 per day.

The Supramax index in the Far East (S6 route) quite firm and was almost up by US$ 2,500 per day last week (4-8 January 2010) and was at US$ 20,410 per day. The ECI / China (S7) route was quite hot and was up by almost US$ 5,000 per day and was at US$ 30,833 per day . Short period rates for Supramax was around US$ 23,000 per day for vessels opening Far East / SE Asia.

Supramax charter rates for one year is around US$ 20,000 per day.

Futures
The futures for three years (2010 - 2012) firmed up compared to last week and was at around Cape US$ 31,000 per day, Panamax US$ 20,000 per day, Supramax US$ 17,000 per day, Handy size US$ 12,500 per day.

The market is likely to be steady this week and expect that the far East / SE Asia sector would be firm. The iron ore demand seems to be firm and likely to continue for another week. The market could be softening towards early Feb due to Chinese new year holidays.

Congestion
The congestion at Australian ports in the EC for coal loading was at 121 vessels, with maximum waiting at DBCT about 30 days and Newcastle about 16 days. On the WC Australia  Iron ore vessels waiting were around 17 vessels.

The waiting at Indian ports for coal vessels was considerably improved with maximum of about 5 / 6 days.

Crude
The Brent crude prices moved up sharply this week and was at US$ 81.55 per barrel. The bunker prices during the week was firm and was at US$ 504 pmt (IFO 380 CST) ex. Singapore on Friday 8th Jan.

Freight Forecast
Click here for Vistaar’s forecasted (subject to terms & conditions) spot freight rates for coal & Iron-ore cargo for specific routes(cs)



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