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BULK - Week 21 / BDI +6,09% / Weekly Report

29731 fcras 29/5 2010 07:04


Baltic Dry Index 4078 +234 (+6,09%)

Baltic Capesize 5217 +900 (+20,85%)
Baltic Panamax 4247 -329 (-7,19%)
Baltic Supramax 2982 -113 (-3,65%)
Baltic Handysize 1477 -39 (-2,57%)


May 28th, 2010 / Week 21

It was all about the Capesize market this week.

Despite showing some signs of weakness towards the end of the week, Monday's and Tuesday's near 1,000 point gain kept the BCI well in positive territory adding 900 points week-on-week and ending the week over 5,200 points (up nearly 21%). The rest of the indices ended in the red with the panamax BPI being the hardest hit loosing over 3000 points or 7% for the week.

The capesize market is a key indicator to the market's overall direction and is therefore natural for this segment to have the highest attention. The supply of capes in 2009 added 100 ships to the market representing 66% of what should have been delivered. In the same period the capesize averaged US$ 43,000 per day. So far this year nearly 45 capes were delivered in the 1st quarter suggesting that at this rate there will be around 180 capers delivered within 2010. Yet, at this point the capers are averaging shade over US$ 48,000 per day.

Despite this week's volatility in the capesize market we believe that this segment will one again outperform the other indices, at least in the short-term. The demand for thermal coal in China is expected to remain strong as the country is entering the peak summer demand season and the economy continues to expand at a rapid pace. At the same time the rapidly approaching Indian monsoon season will almost certainly result in China needing to import more iron ore from Australia and Brazil thus increasing the average tonne miles, which will provide additional support to the capesize freight rates.

The monsoon season decreases India's iron ore exports (typically carried on supramax and panamax bulkers) and this may suggest that these segments may lose out in the 3rd quarter however, we expect that this loss in demand will be offset by an increase in Chinese grain imports.

Overall, although the dry bulk cargo demand seems to be taking a break, we are seeing good overall thermal coal and grain demand as well as solid iron ore demand.

So, although we have witnessed another week with few deals reported we expect that prices will remain firm even though we have an ever increasing supply of ships for sale in the market. Every deal that is being concluded is done at higher price levels and some at prices that one month ago would have been difficult to digest. The perfect example being the sale of the handymax "GRIFFON" (46,635 dwt / blt 1995 Japan) which has been sold for almost US$ 22 million. This can be compared with the sale of the one year older "Pindos" (48,000 dwt / blt1994 Den) which was committed earlier on in May at US$ 17 million !!!

The news-breaker of the week is once again Navios, this time is disclosed togetherwith their 1st quarter financial results that they purchased a resale 180,000 dwt caper to be delivered Jan/2011 in Korea for a price of US$ 54 million. At the same time the vessel has been chartered out for ten years at US$ 24,674 net per day.

- more here:



29/5 2010 07:16 fcras 029732

BDI fredag 28.05.2010 __

BDI -78/4078 pkt.

BCI -87/5217 pkt. = -1261/57.095 usd

BPI -113/4247 pkt. = -910/34.083 usd

BSI -33/2982 pkt. = -350/31.176 usd

BHSI -15/1477 pkt = -211/21.408 usd


Fixtures fredag 28.05.2010

Capes still falling
The capesize index continued to dip even though voyage rates were once again very strong with Atlantic and front-haul itineraries fetching $75,000 a day or above.

The panamax market was still slowly heading down with rates in the Pacific hovering around the $30,000 mark.



Bunge has splashed a giant $76,000 per day on a spin from the Med to South American and Taiwan with the 170,100-dwt Ce-Duke (built 2001). There is even an option to go to China instead for $2,000 a day more.

SK Shipping spent $75,000 per day booking the 180,200-dwt Cape Frontier (built 2006) from Europe to South America and back in mid June.

MOL has the 177,000-dwt Houston (built 2009) from China to Australia and Japan for a strong $50,000 per day.



After so much period activity earlier in the week, the market was very quiet with Oldendorff nipping in for the 83,700-dwt Erica (built 2009) for four to five months at $46,000 per day.

The only voyage charter getting nears this was from Atlantic Bulk & Coal's $43,000-a-day deal for a trip from the Baltic to the UK with the 73,400-dwt Maritime Queen (built 1994).

Cargill has the 70,300-dwt Gerasimos (built 1996) from the Med to the US Gulf and back at $40,500.

Elsewhere a roundtrip from the Far East to Australia cost Norden $33,000 daily with the 76,000-dwt Grand Victoria (built 2002) whereas SK Shipping is taking the 83,200-dwt Global Star (built 2010) from China to Australia and India for $31,500 a day.

Raffles spent $29,000 daily on the 73,900-dwt Lian Hua Feng (built 2002) from China to South America and back to the Far East.

A roundtrip from the Far East in the North Pacific cost someone $25,000 a day with the 68,900-dwt Sea Venus (built 1990).



This market was pretty dull but in the period market someone fixed the 50,400-dwt Christina L (built 2003) for a year from the Med at $25,000.

Oldendorff continues to fix tonnage and returned for the 55,800-dwt Maritime Newanda (built 2005) from China to Southeast Asia and India at $29,750.

The 57,000-dwt newbuilding Porthoswas taken from Japan to the Indian Ocean for $27,000 a day.

By Eoin O'Cinneide in London
Published: 12:36 GMT, 28 May 10 ' updated: 12:36 GMT, 28 May 10