The Baltic Exchange, the world’s independent source of maritime market data, has issued its report for the last week, 24-28th April 2023, to provide information of the bulk market performance.
After the surge of activity in the middle of the week, the Capesize market calmed on Friday to welcome the long weekend approaching in most of the countries in both basins. The time charter average settled at $19,080, rising $2,810 week-on-week. The Brazil to China and west Australia to China both further improved compared with the beginning of the week, to $22.728 and $9.043 respectively.
The backhaul route also finally came back to positive territory after a long wandering in the negative. In the North Atlantic, there was talk of tonnage supply tightening. On the period front, the Boston (177,827 2007) delivery Zhenjiang 4/14 May was fixed for 14/17 months at $17,000.
Overall, the Panamax market returned a lacklustre week. The North Atlantic market looked tonnage heavy from the get-go, with Transatlantic trips few and far between. The front haul trips saw decent demand overall with rates easing only slightly. An 82,000-dwt delivery Gibraltar fixed midweek a fronthaul trip via NC South America redelivery Singapore-Japan at $24,500. However, the mean average rate for route P2A on the week hovered just below this. Asia, by contrast, had limited support on some of the longer round trips.
However, route P3A lost ground only slightly week-on-week. Rates on the shorter Indonesian round trips held steady week-on-week with reports of various 76,000-dwt types giving delivery China rates around the $12,000 mark for the Indonesian coal rounds. Period news was mostly thin. There were several reports of various 82,000-dwt tonnage agreeing rates of between $17,500 and $17,750 for short period up to one year.
A rather positional week overall for the sector. Whilst the Atlantic at the beginning of the week remained optimistic as it progressed, lower demand was seen from the US Gulf which led to a lower rate of expectations. The South Atlantic had reasonable volume – although again this seemed to be waning. With the upcoming widespread holiday, it was unsettled in the Asian arena with owners looking to take a discount before the holiday period. Limited fresh enquiry from Indonesia didn’t help overall sentiment.
In the Atlantic, a 55,000-dwt was fixed delivery US Gulf for trip to South Korea with petcoke at $23,00. Elsewhere, a 56,000-dwt fixed a scrap run from the North Continent to the East Mediterranean in the upper $18,000s. From Asia, a Supramax open South China fixed a trip via Philippines redelivery China with nickel ore at $11,500. More action surfaced from the Indian Ocean, with a 53,000-dwt open Kuwait fixing a trip via Salalah to Southeast Asia around $9,500 – $10,000.
With Holidays looming, it was also a lacklustre week of activity across the Asia Markets which saw levels soften. A 38,000-dwt open in Newcastle was fixed for a trip via Eastern Australia to China with an intended cargo of grains at $14,500. Meanwhile, a 38,000-dwt open in Koh Si Chang was fixed via Western Australia to China with concentrates at $9,500. A 37,000-dwt open in South Korea was fixed for two laden legs at $15,000.
The Atlantic had showed some signs of continued positivity, but activity had reduced in East Coast South America after a recent spike. A 37,000-dwt was rumoured to have been fixed for a trip from Mucuripe to Singapore-Japan range at $19,500. The US Gulf had remained buoyant with a 38,000-dwt fixing from Havana via Cape Henry to Venezuela at $14,000. A 37,000-dwt open in Bejaia with end of April dates was fixed for a short period in the region of $15,000.
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