Capesize: A more positive start of the New Year than expected for the big ships – Fearnleys
A more positive start of the new year than expected for the big ships, with average gains of US$ 500/day posted on the first trading day said Fearnleys in its weekly report.
Fearnleys research teams further said, seen over the holiday period, however, overall spot values have softened by 10 pct during the last 2 weeks, to come in at some US$ 15500/day. Front haul activity has been negligible and partly to blame for the drop, but signals are of volumes about to pick up and values to follow. The west Australia/China Iron ore base trade has been and remains steady although moderate in volume, values presently hovering around US$ 14500/day, which represents a 23 pct-discount to pre-Christmas levels. Period activity limited to committed units, but expected to pick up moving further into month.
Commenting on Panamax, Fearnleys says, after a quiet holiday-period, the market starts the year in red, as both hemispheres show declining rates. Most of the reduction is perceived to be linked with owners trying to cover their vessels before years end. The Atlantic has taken the bigger hit, as a transatlantic round voyage down almost US$ 500 from Christmas Eve, currently paying around US$ 11,500. The Oslo based broker further said, A short front haul from the continent yield about US$ 19,000. In the Pacific basin, a transpacific round voyage pays ship owners around US$ 10,000. The 4TC BPI Index is down 30 points since December 24th, currently at 1391points.
Rates in Atlantic are sliding in most of the areas, specially USG. Majority of the spot tonnage seems to be covered more or less in Cont/Baltic said Fearnleys. Also with Russians starting their holidays there are lack of fresh cargoes from Baltic/ B Sea now. Tick more activity from Pacific basin. Pacific round voyage have been fixed at ca US$ 9000. On period front a 56 dwt vessel was fixed at ca US$ 11k for 3-6 mos.