- Continent and Baltic Sea spot rates under flattish mode
- Scrap volumes to Turkey drop 65% on the week
The Supramax segment in the Continent and Baltic Sea regions endured a trading week that remained firm, mainly caused by limited new activity that led to low levels for the week of Aug. 12-16, reports SP Global.
Sluggish market
The market experienced sluggish activity for the week, and prices seemed to stay level.
The scrap market lacked fresh impetus and stayed quiet, although a charterer source noted expectations of improved levels of fresh inquiries from the Western Mediterranean in the week.
The latest figures showed a slow mode in the continent, with 74 laden ships and 37 ballastings, S&P Global Commodities at Sea data showed.
The spread has decreased since week 32, which was at 45, and now sits at 38 in week 33.
Time charter equivalent (TCE) rates for the Rotterdam-Aliaga 40,000 mt ferrous scrap route, for both 0.5% sulfur marine fuels and scrubber-fitted ships, showed a very small increase throughout the week as marine fuel prices mainly drove them.
Platts, part of S&P Global Commodity Insights, last assessed the Rotterdam-Aliaga 40,000 mt ferrous scrap TCE rates for 0.5% sulfur marine fuels at $13,014/d on Aug. 20, marginally up 2% week on week.
Platts last assessed the Rotterdam-Aliaga 40,000 mt ferrous scrap TCE rate for scrubber-fitted ships at $13,854/d on Aug. 20, unchanged week on week, Commodity Insights data showed.
In the North Atlantic, the US East Coast trans-Atlantic tonnage supply remained balanced, with no activity reported. However, spot rates started to soften due to the overall weakening momentum observed in both North Atlantic and trans-Atlantic trades.
The latest figures showed a supply balance at a spread of 10 more laden Supramax ships than ballasters in Week 33, with CAS data showing 21 laden ships against 11 ballasting ships.
Platts last assessed the 40,000 mt Rotterdam-Aliaga scrap route at $17.75/t on Aug. 20, unchanged week on week.
Platts also last assessed the 40,000 mt New Jersey to Aliaga trans-Atlantic scrap route at $26.75/t on Aug. 20, down 4% week on week, according to data from Commodity Insights.
Shipments of scrap cargoes and steel products via Supramax-Ultramax ships from Northwest Europe, the Baltic Sea, and the Russian Baltic regions to Turkey and Turkish ports saw much more pressure during week 33, with 29,986 metric tons delivered and 41,766 metric tons in transit, decreasing 65% week on week, according to CAS data.
Did you subscribe to our daily Newsletter?
It’s Free! Click here to Subscribe
Source: S&P Global
