Weekly Bulk Report – Week 36, 2020

By
Mfame Editor
-
1956

The Baltic Briefing has released a report about the dry bulk market for the 36th week of shipping activities of this year. The report dated 04th September highlights the plight of the dry bulk market at the on-sight of the 36th week.

Capesize

The Capesize market suffered a technical correction this week, with the timecharter average shedding $1792 to close at $16,252. The catalyst was not isolated to one loading area.

C5 West Australia 

The C5 West Australia round rapidly traded lower on Thursday, dropping from $7.80 to $7.05 in successive trades.

C3 Brazil fronthaul route 

The benchmark C3 Brazil fronthaul route lost $1.505 to close at $16.51 as Vale appeared content to fix ships on the way down from $17.50 to $16.35 for second half September dates. 

Several brokers suggested that a floor had yet to be found on either route, given the prevailing supply/demand dynamic. 

North Atlantic

The North Atlantic, meanwhile, remained short of enquiry, with Glencore covering a 170,000mt Seven Islands fronthaul lifting at a weaker $20.95.

Transatlantic round 

A lone Transatlantic round was fixed at $10.50. When Cosco covered their 170,000mt Drummond/Eren cargo with CCL on the Aquasalwador (2012 180,012) – the market quickly extrapolated the equivalent C7 at $8.75. For many Owners, the short trading week must have offered some small respite.

Panamax

A shortened week and a sell-off in the Panamax market this week with the five timecharter average returning a loss of $1179 to close at $13,260 on Friday’s publishing. 

Something of a stand-off appeared for the most part with a wide bid/offer spread failing to kindle much gravitation in both basins. 

Activity in Atlantic

In the Atlantic, activity from EC South America and the US Gulf was confined to a limited number of fixtures with owners’ resolve tested to the maximum. 

Transatlantic trips

Delivery APS NC South America at $18,000 concluded a couple of times for Transatlantic trips. 

Asia

In Asia, aside from a flurry of fixing midweek ex NoPac, generally at around the $13,500 mark, there appeared little substantial volume elsewhere from the usual loading regions. 

Rates subsequently eased and the market here is in need of a fresh injection in order to avoid further erosion. Period activity included $13,400 being agreed on an 82,000dwt for seven/nine months employment.

Ultramax/Supramax

  • A level week for BSI with mixed signals from both basins. 
  • Period activity was limited but a 55,000-dwt open CJK was fixed for four to six months trading at $10,500. 
  • Brokers described a positional market in the Atlantic with cargo flows and tonnage supply finely balanced. 
  • Good numbers were still seen from the eastern Mediterranean as the grain harvest continued. 
  • There was a 63,300-dwt fixed delivery Canakkale for a trip via Black Sea redelivery south east Asia at $24,500. 
  • East coast South America remained level with Ultramax size seeing around $15,000 plus $500,000 ballast bonus for trips to the Far East. 
  • There was a slight build up of prompt tonnage in parts of Asia with limited fresh enquiry. 
  • However, demand for nickel ore remained with a 61,000-dwt fixing of a south China round voyage via the Philippines at $12,600. 
  • The recent demand from the Indian Ocean and South Africa waned with little being reported.

Handysize

It was overall a relatively slow week with both BHSI and the weighted time charter average having a minor decline after remaining in the positive territory for over a month. 

Continent / Mediterranean 

Market participants suggested the surge from the Continent / Mediterranean was coming to an end by showing softening signs. Little movement was reported from east coast South America, the US Gulf or the Pacific.

Trip to Durban

A 28,000-dwt open Casablanca was fixed for a trip via the Continent to Durban at $10,300. 

Mid-sized Handysize

There was talk of east coast South America coastal runs fixing at $10,000s to $11,000s level on mid-sized Handysize. 

Pacific

In the Pacific, a 38,000-dwt open Manila was fixed for a trip to south China at a rate in the high $7,000s. 

A 45,000-dwt open CJK was fixed for a trip via Indonesia to China at a high $8,000s.

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Source: Baltic Briefing

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