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Thursday, 18 February 10
THE INDIAN MARKET IS FIRMING A BIT, DUE TO LACK OF TONNAGE IN THE REGION


HANDY
The  BSI  still  decline  as  holidays  around  the  world  have  reduced  trading.

Nevertheless  we  see  a  bit  more  activity  today  in  the  Atl.  T/A  rounds  pay mid  20´s.  Hmaxes  open  in  USG  to  Med/Cont  got  low  30´s,  mid  30´s  to WCCA,  and  41k  to  FEast.  Nueva  Fortuna  was  rumoured  chartered  by  ABT at  usd  29.5k  basis  dely  Miss  River  via  NCSA  to  the  Cont.  Reduced  short period  activity.  The  outlook  is  firmer  markets  in  the  Atl.  as  the  grain  season is  fast  approaching.  The  FEast  market  was  stable  and  very  quiet  due  to holidays  in  the  east.  Owners  with  open  positions  holding  firm  and  wait  until some  of  the  markets  open  again.  For  Pac  rounds  Supras  can  get  high  10´s, for  Indo / India  coal  around  low  10´s,  and  backhauls  in  the  very  low  teens.

The  period  market  was  still  firm,  for  short  period  Supras  trading  low  20´s.

The  Indian  market  is  firming  a  bit,  due  to  lack  of  tonnage  in  the  region.  Supras with  i.ore  from  WCI  to  China  fixed  in  the  low  30´s  and  for  Rich.Bay  rounds back  to  India  in  the  low  20´s.

PANAMAX
Slow  week  with  a  low  fixing  volume  in  both  basins.  Market  rates  have  been stand  still  for  about  a  week,  but  now  the  Chinese  holidays  are  coming  to  an end  and  the  expectations  of  a  rise  in  the  market  rates  are  evident  with  more cargo  possibilities  and  a  stronger  period  and  paper  market.  The  Panamax Baltic  average  index  was  down  7  (3087  to  3080).  TA´s  fixed  around  USD 24500,  with  a  small  premium  for  breaching  IWL  and  fronthauls  paid  in  the USD  34000  region.  In  the  Pacific,  rv´s  concluded  tick  below  USD  24000, and  backhauls  done  at  USD  16000.  4/6  months  fixed  27000  with  Japan delivery.

CAPESIZE
As  expected  the  week  started  and  has  remained  relatively  slow  in  the  wake Chinese  New  Year  and  Brazilian  Carnival  celebrations.  Few  fixtures  have been  reported,  but  what  has  been  reported  has  shown  an  upward  tendency. The  fronthaul  was  concluded  at  higher  levels  with  prompt  charterers  offering closer  the  usd  30  pmt  mark. 

With  Brazil  closed  no-one  has  been  able  to  get shippers  approval  of  nominations  and  this  might  prompt  a  flurry  of  activity once  they  are  back  at  work  potentially  driving  the  rates  upwards.  On  the West  Australia  route  a  little  improvement  has  been  seen,  but  this  only  on  the time  charter  trip  rates,  voyage  rates  are  still  lagging.  One  notable  short period  fixture  has  been  concluded  at  usd  37,000  daily  which  is  a considerable  improvement  and  indicates  that  some  believe  the  market  will rebound  with  the  Chinese  are  back  at  work.
Source: FEARNRESEARCH



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