Having been pretty excited about the markets general performance, signs of a drawback are emerging. From ECSA grainhouses in all likelihood will use own tonnage to cover August cargoes. Also in the Pacific a downward correction for forward business is already obvious. The owners approach to business is always an indicator of imminent changes, in as much that dropping a trade because of charterers’ low rates, to which the owners return after they failed repeatedly elsewhere, and then being told that the business had gone. Coal shipments from India to China have almost disappeared since China has reached the quota. The next program is not expected before second half August.

As far as ECSA es concerned Ultra owners stand no chance to get any near towards US$ 15,000 daily plus 500,000ls for a fronthaul run, and given that demand is slowing rates will drop as a result. TA was done from North Brazil to Cont/Med at US$ 13,250 daily. Coastal charterers took a 28,000 dwt at US$ 7,750 daily. A 62,000 dwt was booked for a 3-5 months period at US$ 10,500 daily with redelivery Gib/Skaw range.

For shipbroking insights like this each day, subscribe to the BMTI Daily Report.