Slow but steady gains in western Panamaxes
Modest upgrades shift Atlantic Panamax rates ever higher, albeit at a snail’s pace, with perhaps US$ 300-500 added to average trans-Atlantic rates in the past week and TARV rates into the range of US$ 11,000 daily. Front hauls, meanwhile, climb over US$ 14,000 on 72-76,000 dwt ships. Pacific Panamax business has been flat with freights unmoved but NoPac rounds have concluded just below US$ 8,000 daily. (p. 1)
Pockets of optimism in RBCT trips to the Continent
Trade from South Africa has been slowing down. Rates have come off by around 15% from their December levels. Supras are being fixed at rates of US$ 11,000 daily for front haul runs. Handy rates have been surprisingly strong with 32-35,000 dwt tonnage commanding US$ 7-8,000 daily for a trip to Continent-Med. Freights have sharply fallen in the PG area with owners very often deciding to ballast their ships direction South Africa since the East has been utterly unattractive for the owners. (p. 2)
Southeast Asia redel remains eastern driver
Far East Supramax rates have drifted by as much as US$ 500 week-on-week with the larger Handymax ships getting Pacific rounds fixed in the low US$ 4,000s, compared to the mid-high US$ 4,000s of a week earlier. Southbound business from China to Southeast Asia has been fairly frequent with APS trips from North China fixing up to US$ 4,000 daily on Supramaxes. Mineral rounds via Indonesia seem to have tailed off as China/Southeast Asia coal can fix low freights within the low US$ 4,000s daily although pressure is rising on owners to relent to rates in the high US$ 3,000s for the same business Handysize rates have also been heading downhill in the past week as NoPac rounds remain in the very high US$ 4,000s daily, down from low US$ 5,000s a week ago. (p. 2)
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