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Reading: Dry Bulk Market: Capesize Market Down This Week
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OOLP Maritime World News > Shipping news > Dry Bulk Market: Capesize Market Down This Week
Shipping news

Dry Bulk Market: Capesize Market Down This Week

Last updated: 2023/03/26 at 6:00 PM
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Capesize

The Capesize market declined early in the week without much support from either of the basins. The timecharter average, however, started to pick up midweek reaching over $15,000. The direction of the Brazil to Qingdao run changed after the force majeure was lifted, which was declared after the landslide incident last week. This helped the demand out of Brazil with few ballasters to make the second half of April loading, but a wide spread between bids and offers remained. In the Pacific, the West Australia to Qingdao run was priced between mid $8s to the low $9s during the week, with the transpacific round voyage sitting above $17,000 before the weekend approached.

Panamax

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Overall a week of slow erosion for the Panamax market. This is despite some resistance and a midweek push on FFAs. Again, the North Atlantic returned a distinct lack of mineral requirements. This continued to undermine the market here and there were few Transatlantic grain deals of note. An 82,000-dwt achieved $13,250 for a trip via NC South America back to Skaw-Barcelona. Front haul volumes from the Americas were lacking with limited reports and an 82,000-dwt agreed close to mid $16,000s plus mid $600,000s ballast bonus delivery EC South America. Asia returned a mixed week with varying degrees of rates fixed for the route P3A round trips. Rates achieved for BPI82 types ranged from sub $10,000, for the sub index type and early date tonnage, to $17,000 for nice grain clean types. With this in mind, the true market value was hard to pinpoint. There was limited period activity, although a 95,000-dwt delivery Japan agreed to $17,000 for four to six months period.

Ultramax/Supramax

It was a rather patchy week for the sector. Overall sentiment remained fairly healthy in the Atlantic with sustained interest from the US Gulf and Mediterranean regions. Some felt that from South America fresh demand remained fairly flat, but tonnage supply was a little limited. From Asia, limited fresh enquiry was seen in the south putting downward pressure on rates. From the north, there was again limited fresh enquiry. Some commented that the market from here was finely balanced and fairly positional. From the Atlantic, a 61,000-dwt was heard fixed delivery Poland for a trip via the Baltic to India at $18,250. Elsewhere, a 58,000-dwt was heard fixed delivery West Africa for a trip to East Coast India at $17,000. From Asia, a 61,000-dwt was fixed delivery Kohsichang via Indonesia redelivery Japan at $17,000. From the Indian Ocean, a little more activity surfaced. A 53,000-dwt open Dahej end March fixed a trip via West Coast India redelivery Vietnam at $16,000. Meanwhile, a 63,000-dwt open Mombasa fixed around $18,000 plus $170,000 ballast bonus for a South Africa to Pakistan run.

Handysize

After an unbroken positive run since February 15, the BHSI made its first downward move this week as the Asia basin showed signs of negative moves. A 28,000-dwt was rumoured to have been fixed for a trip from Indonesia to East Coast India with an intended cargo of steels at $9,000. Meanwhile, a 38,000-dwt open in Thailand was rumoured to have been fixed for a trip to the Arabian Gulf at $12,500. From the Atlantic, East Coast South America saw a 38,000-dwt fix basis delivery when where ready San Nicolas for a trip to Dakar with an intended cargo of grains at around $17,000. There had been more activity in the Mediterranean, with a 37,000-dwt fixing basis delivery in the Sea of Marmara via Constanta to Tunisia with an intended cargo of grains at $12,500. Off the Continent, a 34,000-dwt was fixed from Hamburg to North Coast South America at $11,000.
Source: The Baltic Exchange



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