The chartering market is looking very promising which many players are confident will last for the remainder of this year. Panamaxes are dominating with charterers struggling to find them. Sentiment from the Continent remains largely bullish. Tonnage of 38,000 dwt was fixed to Brazil at US$ 15,250 per day with delivery Norway. Rates from North France to the West Mediterranean on 33,000 dwt tonnage have risen to US$ 16,000 daily, which is catapulting the Rouen/Algeria voyage to around US$ 24/mt. And for a trip to the Far East with delivery in the Bal­tic, charterers are bidding a 27,000 dwt US$ 18,000 daily. British Steel took a 35,000 dwt from St. Law­rence via Narvik to the Continent at US$ 11,000, which is a fixture that is self-explanatory of the dire situation facing charterers in the North Atlantic.

From the Black Sea area, tonnage of 79,000 dwt has been taken at US$ 31,500 daily for a trip to Indones­ia, whilst a similar sized vessel got US$ 30,750 daily for a trip to Japan. Handysize tonnage of 35-37,000 dwt has been traded at around US$ 12,500 daily for a trip with a long duration to the US Gulf, for which tonnage of 35,000 dwt should be worth something around US$ 10-11,000 for a 30-day trip to the area.

For inter-Med trading, rates for 38,000 dwt tonnage are hovering at around US$ 14,000 daily for Black Sea to Mediterranean trading. From the West Med, an Ultramax ship was booked to the US Gulf at US$ 14,500 daily. Tonnage of 34,000 dwt has been bid US$ 15,500 daily for a trip to the USEC. Rates from North France into the West Med on 33,000 dwt tonnage have risen to US$ 16,000 daily, which is catapulting Rouen/Algeria to around US$ 24/mt. The dramatically difficult ECSA market is best re­flected by one charterer’s move: instead of fixing a Supramax at an unaffordable rate from North Brazil into the US Gulf, ballasting his 33,000 dwt vessel from the USEC to perform this cargo after having re­arranged the cargo size to fit the smaller vessel. From Plate, major charterers are rating a 38,000 dwt at beyond US$ 20,000 for a trip to the Continent. Basically, owners are holding out for huge numbers, whilst it remains to be seen how far they will get.

In the East, the larger vessels are faring better than the smaller brethren with a 57,000 dwt traded for a NoPac round voyage at around US$ 12,000 daily. A 33,000 dwt was rated at US$ 6,000 daily by charter­ers for a trip to West Africa and US$ 9,000 daily aft­er 55 days. ECI looks okay with 36,000 dwt tonnage seeing US$7,250 for a trip to the S’pore-Japan range. The WC India-PG trade area remains lively with the owners of a 37,000 dwt vessel talking US$ 14,000 daily for a trip to the East. Fertilizer charterers have been struggling to fix tonnage of 37,000 dwt below US$ 13,000 daily for a trip to the Singapore area.

To get exclusive and intelligent shipbroking analysis like this each and every morning, simply subscribe to the BMTI Daily Report.