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Baltic Exchange Freight market round up
CAPESIZES
---------
A fast moving market, but still shy in some respects of the record set
in late 2004. The four-timecharter average has yet to hit $100,000
daily and the record was over $105,000 daily in late 2004. The round
voyage rates in the East were still short of $100,000 daily, but
charterers appetite for period appeared insatiable. Short period rates
went to $93,500 daily for a 177,000-tonner, although the ship involved
has now been fixed four times in just over a week without yet taking a
cargo. The one-year rate hovered around the very low $80,000 daily
range for east delivery and there was talk of an Imabari fixed for
March-April 2008 for five years at a hefty $53,000 daily. A
161,000-tonner fixed for a trip to the Atlantic at $65,000 daily with
rates also moving up sharply from Richards Bay to Rotterdam.
The action in the past few days has focussed on the East with volume
limited in the Atlantic. Rates reported there remained at very solid
levels with the front haul rate still around $114,000 to $115,000
daily for a BCI type. A 194,000-tonner was said to have gone on voyage
from Tubarao to Qingdao at $48.00 possibly for full intake 180,000 or
190,000 tonnes 10 per cent.
PANAMAXES
---------
Period trading once again underpinned the market with charterers
active in the Atlantic and the East, brokers said. Short period rates
in the Atlantic were close to $47,000 daily and in the East were
moving towards the mid $40,000 daily range. As the week drew to a
close a strong rumour circulated of a 76,000-tonner fixed for three
years around $30,000 daily. The Atlantic saw increased mineral and
grain demand and single trip rates nudged towards $50,000 daily for
BPI types from the Continent-Mediterranean via east coast South
America to the East and around the mid $40,000 daily range for round
voyages. The pace quickened for single trips in the East with round
voyage rates hovering near $45,000 daily for round voyages and near
$40,000 daily for trips to the Atlantic.
HANDY/SUPRAMAXES
----------------
Although the week started relatively slowly in the Atlantic, the tone
was soon set as reports circulated of the 1984-built 37,740 dwt
Achilles 1 booked for four to six months trading at $30,700 daily,
delivery Nigeria end April. The smaller handysizes soon joined in the
party when it emerged that Bunge booked the 2006 built 30,634-dwt
Clipper Target also with Nigeria delivery for a trip via east coast
South America to the Continent at a healthy $31,000 daily.
In the East, it was once again a story of period business dominating
the market with ever improving levels paid. The newbuilding 55,400 dwt
Jin Xing was booked by Farenco delivery ex-yard Japan August 2007 for
12 months at a strong $34,500 daily. Korea Line took the newbuilding
55,000 dwt Jin Yao for two years delivery ex yard Oshima within July
2007 at $32,000 daily. Smaller handysizes were in demand for shorter
periods with reports of the 1998 built 27,140 dwt Great Gain giving
spot delivery in Japan for five to seven months at a strong $26,000
daily.
CAPESIZES
---------
A fast moving market, but still shy in some respects of the record set
in late 2004. The four-timecharter average has yet to hit $100,000
daily and the record was over $105,000 daily in late 2004. The round
voyage rates in the East were still short of $100,000 daily, but
charterers appetite for period appeared insatiable. Short period rates
went to $93,500 daily for a 177,000-tonner, although the ship involved
has now been fixed four times in just over a week without yet taking a
cargo. The one-year rate hovered around the very low $80,000 daily
range for east delivery and there was talk of an Imabari fixed for
March-April 2008 for five years at a hefty $53,000 daily. A
161,000-tonner fixed for a trip to the Atlantic at $65,000 daily with
rates also moving up sharply from Richards Bay to Rotterdam.
The action in the past few days has focussed on the East with volume
limited in the Atlantic. Rates reported there remained at very solid
levels with the front haul rate still around $114,000 to $115,000
daily for a BCI type. A 194,000-tonner was said to have gone on voyage
from Tubarao to Qingdao at $48.00 possibly for full intake 180,000 or
190,000 tonnes 10 per cent.
PANAMAXES
---------
Period trading once again underpinned the market with charterers
active in the Atlantic and the East, brokers said. Short period rates
in the Atlantic were close to $47,000 daily and in the East were
moving towards the mid $40,000 daily range. As the week drew to a
close a strong rumour circulated of a 76,000-tonner fixed for three
years around $30,000 daily. The Atlantic saw increased mineral and
grain demand and single trip rates nudged towards $50,000 daily for
BPI types from the Continent-Mediterranean via east coast South
America to the East and around the mid $40,000 daily range for round
voyages. The pace quickened for single trips in the East with round
voyage rates hovering near $45,000 daily for round voyages and near
$40,000 daily for trips to the Atlantic.
HANDY/SUPRAMAXES
----------------
Although the week started relatively slowly in the Atlantic, the tone
was soon set as reports circulated of the 1984-built 37,740 dwt
Achilles 1 booked for four to six months trading at $30,700 daily,
delivery Nigeria end April. The smaller handysizes soon joined in the
party when it emerged that Bunge booked the 2006 built 30,634-dwt
Clipper Target also with Nigeria delivery for a trip via east coast
South America to the Continent at a healthy $31,000 daily.
In the East, it was once again a story of period business dominating
the market with ever improving levels paid. The newbuilding 55,400 dwt
Jin Xing was booked by Farenco delivery ex-yard Japan August 2007 for
12 months at a strong $34,500 daily. Korea Line took the newbuilding
55,000 dwt Jin Yao for two years delivery ex yard Oshima within July
2007 at $32,000 daily. Smaller handysizes were in demand for shorter
periods with reports of the 1998 built 27,140 dwt Great Gain giving
spot delivery in Japan for five to seven months at a strong $26,000
daily.
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