- The week noticed a significant fall in the dry freight time charter rates for Supramaxes.
- The reason for the rates falling down has been attributed to a fierce competition between shipowners for scarcely available cargoes.
- The grains assessment closed at a 19-month low of $35.25/mt and the time charters rates have been modified with $5,000/day for Supramax dry freight.
This week saw a significant fall in the dry freight time charter rates for Supramaxes sailing from the US Gulf Coast.
Reason for fall?
The reason for fall has been attributed to a fierce competition between shipowners for scarcely available cargoes that has driven the voyage rates down.
After falling more than $3,000/day last week, Supramax and Ultramax front-haul grains time charter rates were heard fixed in the market at $5,000/day lower than last done. On January 16, Oldendorff fixed the MV Seaboni for a grains cargo sailing from the USGC to Japan at $20,000/day.
However, on January 17, a Bunge-owned grains cargo sailing from the USGC to East Asia was heard being rated by shipowners at between $15,000-$16,000/day, with one ship operator predicting the rate would be as low as $13,000/day.
Grain assessment on a 19-month low
On January 17, S&P Global Platts’ New Orleans to Kashima, 50,000 mt grains assessment closed at a 19-month low of $35.25/mt.
In the trans-Atlantic market, the MV Atlantic Elm was heard fixed by Centurion for a petcoke cargo from Pascagoula, Mississippi to Tarragona, Spain for January 21 onwards at $10,000/day, where similar fixtures in early December commanded time charter rates of around $21,000-22,000/day.
Trans-Atlantic petcoke freight has fallen $8.25/mt since early December, with Platts’ New Orleans to Iskenderun, 50,000 mt petcoke route assessed $2.50 a lower day on the day at $18/mt.
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Source: SPGlobal
