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BULK - Fixtures 21.05.2010 / Cape 65.000* / Pmax 50.000**

29487 fcras 21/5 2010 16:52

Supras win in Atlantic

Capesizes rebounded spectacularly heading into the weekend and not for the first time in recent times it was George Economou's Classic Maritime leading the charge.

Supramaxes saw some explosive figures for US Gulf lifts heading in both directions while some very strong rates in the Atlantic for panamaxes were not enough to stop the sector's index getting dragged down.

Capesizes (BCI 21.05.10 / 44.441 usd)

Classic spent a meaty $65,000 a day on a trip from the UK to South America and China with the 179,000-dwt Quorn (built 1996). The fixture is a relet from Cargill which booked the ship in February last year for two years at $25,000 a day.

Rio Tinto found $36,000 per day for a voyage from Taiwan to Australia and China with the 171,100-dwt Anangel Dynasty (built 1999).

And Richstone spent $31,000 per day taking the 150,600-dwt Eternal Sea (built 1984) from India to the Black Sea and on to China.

Panamaxes (BPI 21.05.10 / 36.728 usd)

A huge $50,000 a day went on a spin from the Baltic to the Med this month with the 75,300-dwt Nordmosel (built 2001), the charterer unknown.

Cargill has the 74,400-dwt FD Gennaro Aurilia (built 2007) for a front haul to China via South America at $46,000.

CTP then spent $44,000 per day plus $900,000 on top for the 73,300-dwt Xin Run (built 1998) to head from the US Gulf to the Far East.

Oldendorff paid $32,000 per day on a pair of fixtures, the 74,100-dwt Primrose (built 2001) going from Southeast Asia to Australia and India and the 73,200-dwt Kronos (built 1996) heading from China to Southeast Asia.

Norden also has the 73,200-dwt Tai Prize (built 2001) for the latter itinerary and also back to the Far East at $34,000 daily.

And U-Ming spent $37,500 a day on the 87,100-dwt Alam Pesona (built 2005) from India to Southeast Asia.

Logistics giant DHL was linked with the 65,400-dwt Hellenic Sea (built 1991) for a year from China in late May at $23,000 a day.

Between eight and 10 months cost Transgrain $38,000 daily with the 73,000-dwt Corviglia (built 1999).

And Norden spent $31,000 a day booking the 75,700-dwt Medi Rotterdam (built 2002) for four to six months from the Far East soon.

Supramaxes (BSI 21.05.10 / 32.364 usd)

The index was down here but some rates were definitely not as Noble forked out a vast $58,000 per day on the 55,500-dwt Anna Barbara (built 2008) from the US Gulf to the Far East.

An unidentified also paid this for the 54,000-dwt Thor Friendship (built 2009) to head from the US Gulf to the Black Sea, Energy getting the 43,000-dwt Blackfin (built 1995) for the same itinerary at $48,500.

But there was weakness away from the Atlantic as Norden spent just $28,500 a day on the 58,500-dwt Captain Andreadis (built 2009) from China to Southeast Asia and India.

A voyage from India to South America and the Far East cost Hudson $29,000 with the 56,100-dwt Ikan Sudip (built 2008).

There was a huge gulf in supramax period rates with Navision spending $44,000 on three months with the 53,500-dwt White Diamond (built 2008) from Europe.

Compare this with the $25,500 a day someone spent on six to eight months with the 52,400-dwt Cos Knight (built 2002) but from China.
By Eoin O'Cinneide in London
Published: 13:39 GMT, 21 May 10 ' updated: 13:39 GMT, 21 May 10


22/5 2010 08:13 fcras 029492


Baltic Dry Index BDI 3844 -85 (-2,16%)

Baltic Capesize Index BCI 4317 -487 (-10,14%)
Baltic Panamax Index BPI 4576 +236 (+5,44%)
Baltic Supramax Index BSI 3095 +19 (+0,62%)
Baltic HandySize Index BHSI 1516 +35 (+2,36%)

May 21st, 2010 / Week 20

Whilst the capesize market managed to improve somewhat today it ended the week down nearly 500 points just shade over 10%. Whilst the other indices managed to improve throughout the week, ending the week marginally upwards, there are signs that the market may be stopping for a breather.

The capesize market reached its peak middle of May with the average daily t/c rate at US$ 50,000. This now stands in the low 40's. It will be interesting to see which way the capesize market will move as we end May. Perhaps the newbuilding deliveries are adding tonnage that the market can not fully absorb, even though demand is still there. Period activity is also very limited for capesizes which may suggest that charterers are waiting to see where the market will stabilize at. In general there is limited long term period activity although a few panamax bulkers have managed to achieve US$26,000 per day for a 17-19 month period.

For sure the next couple of months leading to the summer holidays will be crucial for the market's direction. We are seeing more and more ships entering the market for sale (quite a few from Japan) but at the same time we are also experiencing a "wait-and see" attitude from many buyers, including the Chinese. Yet at the same time demand is still there and the rates are such that provide decent cash flows, even at today's prices.

Few deals to report this week but those that are done are at firm price levels which suggest that there is strong buying interest in the market. Geden has sold their M/V "CAKE" (53,300 dwt / blt 2007 China) for a firm US$ 32 million to Chinese buyers whilst Korean owners have sold the recently delivered Kamsarmax type MV "JIN STAR" (79,800 dwt / blt 2010 China) for US$ 41 million to Greek buyers.

The most noticeable sale in the tanker sector is the MR tanker M/T "PACIFIC SERENITY" (48,000 dwt / blt 2003 Japan) sold to Tanker Pacific for US$ 24.7 million.

The demolition activity remains subdued an Bangladesh is practically absent from the market altogether due to a new court ruling in Chittagong concerning the importation of ships containing hazardous materials. This has scared the banks which are at present very reluctant to open Letters of Credit making purchases virtually impossible. Elsewhere very few deals have been concluded.

- more here:


22/5 2010 08:17 fcras 029493

Port congestion in Australia helping rates China coal import boom to cushion freight rates

Saturday, 22 May 2010

China's record coal imports this year will provide some support to freight rates but growing pressure from fleet oversupply is set to limit gains.

Net coal imports to China, the world's biggest coal producer, could soar 70-100 percent to 170 million tonnes or more in 2010, boosting coal prices globally, if the country's power use boom continues, according to exporters and analysts including the International Energy Agency.

Much of the coal is being transported in smaller panamax vessels, which have a capacity of around 60 000 and 80 000 deadweight tonnes (dwt).

This helped average daily earnings for panamaxes rise this week to over the $35 000 level -- their highest since November last year.

"One of the main freight drivers has been this growth in coal exports to China," Martin Sommerseth Jaer, lead shipping analyst with Arctic Securities, said.

Panamax earnings have averaged around $29 900 a day so far this year from $19 300 a day in 2009.

Drought in south western China has also pushed up demand for coal in recent weeks leading to record high congestion levels at ports in major exporter Australia, already struggling with logistical problems.

"(China's coal demand) has also helped contribute to congestion on the east coast of Australia thereby cutting fleet supply and boosting freight rates," Derek Langston, a director with SSY Consultancy and Research, said.

China's coal appetite is also set to help tonne mile demand -- a key indicator of ship demand -- which measures the volume of cargo transported multiplied by the distance of the voyage.

"It's very beneficial for tonne mile demand as you have the involvement of more long haul voyages to China such as Colombia and some South African coal," Langston said.

"The reduction in export availability of Chinese coal to buyers in Korea and Japan means there is another benefit ... as those buyers have to seek coal from further afield such as Indonesia and Australia."

Listed dry bulk shipping companies with panamaxes among their fleet such as Safe Bulkers, Golden Ocean group and Diana Shipping could also see gains.

"Dry bulk stocks with large panamax or supramax or handymax fleets are the most prone to benefit from this," Arctic Securities' Jaer said.

China's appetite for coal has also meant better sales for exporters from Colombia which is the longest route, which could also help benefit demand for coal capesizes, the largest class of dry bulk vessels with a capacity above 100 000 dwt.

But analysts say growing ship supply will put the brakes on rate gains.

"Over the next couple of years you need more coal trade to China and more coal imports to India to absorb the growing fleet," Jaer said.

"Even the most optimistic scenario on the demand side will likely not be able to bolster rates further as we believe the supply side is simply so overwhelming."

SSY estimated dry bulk net fleet growth rising to 63 million dwt this year from 38 million dwt in 2009.

"Robust Chinese thermal coal imports are expected to continue, even after the drought improves, but this incremental increase in dry bulk demand will not be enough to outpace the record level of new buildings continuing to be delivered," Jeffrey Landsberg, senior analyst with dry bulk consultants Commodore Research, said.

Panamax freight rates are currently around $27 per tonne on most major coal routes and could drop by up to $5 per tonne, but much will depend on how much ship tonnage gets absorbed, coal players said.

"It's very difficult to predict what will happen to freight rates," a major Indian importer said. "I'd like to think rates will come down later in the year but I can't be confident."

Consultants MSI estimated average panamax earnings could reach $24 000 a day by October.

Will Fray, shipping analyst with MSI, said coal imports could drop off once China's hydro power output returned to a proper operating capacity and local coal stocks, depleted by drought, were rebuilt.

"We expect earnings to be on average higher than 2009 for panamax and handymax. The order book still looms heavy, however, and we anticipate earnings to fall across all segments in 2011 even given a rise in Chinese coal imports," he said.

Source: Reuters