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BULK - Week 14 / BDI -2,61% / Wekly Market Report

28070 fcras 10/4 2010 08:57


Baltic Dry Index 2913 -78 (-2,61%)

Baltic Capesize 2984 -445 (-12,98%)
Baltic Panamax 3952 +244 (+6,58%)
Baltic Supramax 2490 +81 (+3,36%)
Baltic Handysize 1355 -5 (-0,37%)

April 9th, 2010 / Week 14

The BDI remained practically unchanged shedding around 80 points or 3% for the week. Whilst the BCI fell nearly 13% the BPI increased 6.5% so it helped to limit the fall of the Baltic Index.

Whilst we are getting mixed signals from the indices, the market remains strong with very good rates being paid for spot trips or short/medium time charters. However, expectations are high and with an anticipated increase in the freight rates many buyers are trying to place themselves with tonnage with early charter free deliveries so that they can fix and lock into the decent freights and profits that can be made.

The panamax market is very strong, especially in the Pacific as there is increasing demand. In addition, Australian port congestion is also taking ships out of the Pacific market - last week port congestion in Australian ports alone took nearly 225 ships off the market !!!

We are reporting some very interesting panamax deals which are showing exactly how the market is moving in this segment. Five Stars of India have added another two ships in their fleet. Last week they purchased the ?ARABELLA? (76k/2001 Japan) for US$ 33.75 million whilst this week they committed the ?MARIGO P? (73k/2002 Japan) for a firm US$ 36 million. Greek buyers have also purchased the ?IORANA? (75k/2009 China) for US$ 41 million.

Keeping a close eye on the supply side, dry bulk newbuilding deliveries hit a record high of 190 vessels in the 1st quarter of the year, representing 13% of the total newbuidling orderbook for 2010 which stands at 1,400 drybulk ships. This is equivalent to two ships entering the market per day. However, these 190 ships suggest that only around 50-55% of the newbuilding orderbook will actually be delivered in 2010.

Despite the strong activity in the dry bulk market, the news of the week comes from the tanker sector with the surprised move by Navios (through its Navios Maritime Acquisition) to enter the tanker sector with US$ 458 million as a total amount to be spent for 13 tankers (2 x 25,000 dwt chem/prod tankers and 11 MR's and LR-1's).
We understand that US$ 123 million will come from existing funds whilst the remaining US$ 335 million is to become available from debt financing.

- more here:

10/4 2010 10:07 fcras 028071