Fearnleys Dry Bulk Report – Week 35, 2022

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Fearnpulse publishes the dry bulk report for the 35th week of the year.

Capesize

The average 5tc Capesize rates have dropped fifty percent from last week, to even worse and disappointingly low levels. The opportunities are few and returns are poor for ship owners and many ships are presently idle, waiting for better times. C3 is down from 19 to sub USD 18, which at best gives a 0 return coming from China. Period interest remains, but there are less deals to be made, considering rates are so low.

Panamax

Little sign so far of any signs of recovery in the market, particularly in the Atlantic with little fresh demand of note and extremely low APS levels being agreed for some transatlantic runs. Asia saw modest rest bite for some of the higher spec units on the longer rounds but elsewhere the recent decline showed little signs of abating.

Some representative fixtures this week:

  • Castellani (82,050 2014) (scrubber) aps ECSA beg Sep tct redel Spore-Japan $16,000+$600,000 cnr.
  • Super Luna (81,458 2016) aps ECSA 10 Sep tct redel Spore-Japan $15,000+$500,000 – Cofco.
  • Yasa Neslihan (82,849 2005) aps ECSA 21/25 Sep rmrd fxd tct via AG redel PMO $14,750+$475,000 – Al Ghurair.
  • Pampero (93,275 2011) Pohang 4/5 Sep tct via WC Aussie redel Spore – Japan $10,000 – cnr.
  • Swift Suzhou (81,458 2015) Zhanjiang 1 Sep tct via Tanjung Bara redel Hong Kong $12,000 – Norden.

Supramax

Atlantic market suffering from negative sentiment, rates falling rapidly daily.
Continued under pressure as spot and prompt tonnage building up. Supramax open Germany was rumored to be fixed TCT to USG at USD 20,000 pd.

Mediterranean market shows a slight resistant in light of Ukrainian grain export. Owners asking above USD 20,000 pd for TCT to West Africa while charterers bidding for same business below USD 20,000 pd. Tonnage list for vessels open in East Med and West Med getting longer, thus we expect that market to fall as well.

MV Nikitis, 57,000 dwt, dely West Africa end Aug fixed with minerals to Cont at USD 22,000 pd.

ECSA and USG has good activity level however rates keep sliding south. FH from USG paying USD 22,000 pd and TA trips USD 18,000 pd.

Pacific market is overall negative and “last done” rates are not available anymore. Bearish view suggests that rates will go further down.

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Source: Fearnpulse

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