Uncertainty prevails, directionless, and above all, no clear sign that we have left the worst past-us. However optimism is here as there is some momentum in the Supramax markets and some extra steam in the Capesize markets as more cargoes and more demand are there especially after the second half of week31 went through. It is encouraging also that a slight pickup of the rates is happening now during the cooling-off summer period that most activity usually subdues. We can expect that September onwards some new trades will provide more steam in the dry bulk business. Some useful market underlying fundamentals show that both India and China have adopted new energy producing plants based on thermal coal and the new demand for those new energy businesses will alter the world coal trade whose seaborne trade is expected to reach 1.05billion tones for 2010 as opposed to 0.85billion tones of 2009. The coal trade is expected to partly counter some of the lost momentum that the iron/ore business has not produced over the past 2 months. Most of the trade of coal comes from Indonesia and Latin America, and this is important to note that Indonesia is part of the famous BRIIC 5 country set, that is expected to have a very positive GDP growth of about 6.2% for the second half of 2010.
BALTIC DRY INDEX
The Baltic Dry Index closed on Friday the 6th of August 2010 at 2030 points giving us a weekly gain of 3.20% or 63 points. (Last Friday’s 30th of July 2010 closing value was 1967 points). The monthly average for the BDI is now standing at 1977 points and this is a minor gain from last month’s (July) average which was calculated at 1910 points.
In summary form: (week 30) BDI, gain, 3.20%, BCI, gain, 14.15%, BPI, loss, -1.94%, BSI, loss, -1.65%, BHI, loss, -3.56%
The Baltic Dry Index closed on Friday the 6th of August 2010 at 2030 points giving us a weekly gain of 3.20% or 63 points. (Last Friday’s 30th of July 2010 closing value was 1967 points). The monthly average for the BDI is now standing at 1977 points and this is a minor gain from last month’s (July) average which was calculated at 1910 points.
In summary form: (week 30) BDI, gain, 3.20%, BCI, gain, 14.15%, BPI, loss, -1.94%, BSI, loss, -1.65%, BHI, loss, -3.56%
CAPESIZE MARKET
Unfortunately the Capes had only 2 fixtures on period that of the: M/V ''Epic'', 182000 dwt, built 2010, dely Cape Passero 15/20 Aug, redely world wide approx, $30500, Classic Maritime, for a 11/13 months trading , and the M/V ''Rosco Maple'', 179764 dwt, built 2010, dely China September, redely worldwide, $24500, CTC, for a 4/6 months trading. It is notable that locking for 11 to 13 months at around $30k per day can be seen as an indication that charterers may well have the feeling that the market is going to improve during the forthcoming weeks.
Additionaly the T/C fixtures of M/V ''C Blossom'', 179000 dwt, built 2009, dely Cape Passero 21/25 Aug , redely China, $34000, STX Pan Ocean, for a trip via Brazil, the M/V ''Leo Felicity'', 178564 dwt, built 2010, dely Immingham 11 Aug, redely Skaw-Cape Passero approx, $15000, Hanjin Shipping Co, for a trip via Brazil, the M/V ''Iron Miner'', 177932 dwt, built 2007, dely retro Taicang 28 July , redely Singapore-Japan approx, $15900, Oldendorff, for a trip via Brazil, the M/V ''Cape Ray'', 177853 dwt, built 2007, dely Keman 6/8 Aug , redely Singapore-Japan rge approx, $13750, STX Pan Ocean, for a trip via Richards Bay, the M/V ''A Duckling'', 171199 dwt, built 1999, dely Gibraltar spot, redely PMO approx, $38000, Oldendorff, for a trip via Sept Isles and PG, the M/V ''Rubin Grace'', 166939 dwt, built 1995, dely retro Shanghai 1 Aug , redely India, $15000, Oldendorff, for a trip via Richards Bay, the M/V ''Anangel Solidarity'', 161645 dwt, built 1993, dely Zhoushan 10/15 Aug , redely Taiwan, $7250, CSE, for a STX Pan Ocean relet - trip via West Australia, the M/V ''Fu Yuan'', 152011 dwt, built 1992, dely retro Qingdao 24 July , redely China, $15600, Vista, for a trip via Black Sea , stood out this week.
The daily min/max rate differential as seen in our separate weekly fixtures report for was improved over last week from $7,250 (M/V ''Anangel Solidarity'', 161645 dwt, built 1993, dely Zhoushan 10/15 Aug , redely Taiwan, $7250, CSE, for a STX Pan Ocean relet - trip via West Australia 7250$ improved from last week) up to $38,000 (M/V ''A Duckling'', 171199 dwt, built 1999, dely Gibraltar spot, redely PMO approx, $38000, Oldendorff, for a trip via Sept Isles and PG 38000$ improved from last week). There is a massive fluctuation in the daily freight offered as it ranged from $7,000 to $38,000 per day with the average ranging in the 16-22k region.
PANAMAX MARKET
The Baltic Panamax Index (BPI) was the first of all size segments that showed some early signs nearly 4 weeks ago that initiated the dry bulk market rebound and so it did. It was the only index presently showing steady upward direction and that unfortunately was reversed this week. It closed on Friday the 6th of August 2010 above the 2,500 point mark at 2581 which represents a small weekly loss of -1.94% or -51 points compared to 2632 points which was last Friday the 30th July 2010 closing. We counted 16 consecutive days that the BPI was positive and 4 this week negative. The monthly average for July for the BPI is calculated at 2627 points and that is still up from July’s average of 2241 while the Yearly average of the BPI currently stands at 3494 points.
This week we had a good number of period fixtures with 23 ships being “locked” in medium duration periods of 4-6 months and 3-5 months. (last week we had 31 vsls on period charters) and this week the time-charter period fixtures that were most notable in the Kamsarmax range were that of the: M/V ''Alam Padu'', 87052 dwt, built 2005, dely US Gulf 17/19 Aug, redely Continent, $23000, Cargill, for a 600000 bb - 2 laden legs 1st Mobile/Brazil, the M/V ''Beijing 2008'', 82561 dwt, built 2007, dely Pagbiliao 5/7 Aug , redely Singapore-Japn rge, $21000, Cargill, for a trip via Indonesia, the M/V ''Rosco Poplar'', 82331 dwt, built 2008, dely CJK 15/20 Aug, redely Singapore-Japan, $18250, Clipper, for a trip via Australia, the M/V ''Iron Bill'', 82191 dwt, built 2006, dely Passero 12/14 Aug, redely Passero, $30500, Chart Not Rep, for a trip via St Lawrence & Sudan, the M/V ''Maverick Gunner'', 81000 dwt, built 2010, dely ex yard STX Jinhae 15/20 Oct, redely worldwide, $24000, Farenco, for a 11/13 mos trading, and the M/V ''Sadan K'', 80306 dwt, built 2010, dely Japan 7/9 Aug , redely PMO, $19500, GIEX, for a trip via NoPac & PG.
In the other Panamax smaller than then Kamsarmax size we had the following period fixtures for durations of 3-5 and 4-6 months: the M/V ''Hao Ying'', 76634 dwt, built 2002, dely Shekou 20/25 Aug, redely worldwide, $21500, Chart Not Rep, for a 4/7 months trading, the M/V ''Sorrento'', 76633 dwt, built 2004, dely Passero 12/15 Aug, redely worldwide, $28250, Aquavita, for a 6/8 months trading, the M/V ''Lady Marite'', 76500 dwt, built 2009, dely retro Chiba 27 July, redely worldwide, $23750, GMI, for a 3/5 months trading, the M/V ''Mining Star'', 76225 dwt, built 2005, dely Kosichang 8/12 Aug, redely worldwide, $25600, Glencore, for a 3/5 mos trading, the M/V ''Libertas'', 75511 dwt, built 2007, dely Yokkaichi 4/6 Aug, redely worldwide, $22000, Glencore, for a 3/5 mos trading, the M/V ''Ever Leader'', 74001 dwt, built 1999, dely Huangpu 4/8 Aug, redely worldwide, $24500, North China Shipping, for a 4/6 mos trading, the M/V ''Ju Da'', 73600 dwt, built 2005, dely Qingdao 7/10 Aug, redely worldwide, $24250, GMI, for a 4/6 mos trading, the M/V ''Hua Heng'', 73000 dwt, built 1997, dely Fangcheng 20/30 Aug, redely worldwide, $24500, Vitol, for a 4/6 mos trading.
Panamax T/C average rate as calculated by N. Cotzias Shipping Consultants went up by 7.42% to $21,095 from $19,638 which was last week’s Panamax T/C av. We had some decent period term charters this week with just few worth noting. A good number of sixtyeight (68) Panamax vessels compared to a record number of 77 fixtures of last week, were being chartered during week 31 on Period and T/C’s. The daily rates as seen in our separate fixtures report for Panamaxes this week, with improved differential levels from low to high, compared to last week and ranged from $9,000 (M/V ''East Sunrise 8'', 69737 dwt, built 1981, dely Hong Kong ppt , redely China, $9000, Chart Not Rep, for a trip via Indonesia -4000$ reduced from last week) up to $32,000 for the (M/V ''Sea of Graecia'', 76015 dwt, built 2003, dely Flushing 12/16 Aug , redely Singapore-Japan rge, $32000, Chart Not Rep, for a trip via Baltic 500$ improved from last week)
Out of these we pick as indicative of the present market, are the fixture of the M/V ''Serenata'', 76561 dwt, built 2006, dely Poland 10/12 Aug , redely UKC, $29000, Oldendorff, for a trip via Baltic, the M/V ''Great Wisdom'', 74293 dwt, built 2000, dely Tilbury 4/8 Aug , redely UKC, $26000, Swiss Marine, for a trip via Murmansk , the M/V ''Merian'', 74717 dwt, built 2000, dely retro Singapore 3 Aug , redely China, $25500, Pacific Bulk, for a trip via Dalrymple Bay, the M/V ''Ecosand G.O'', 75149 dwt, built 2008, dely Taiwan 13/20 Aug , redely Japan, $20000, Shinwa, for a trip via Indonesia, the M/V ''Sea of Harmony'', 76397 dwt, built 2001, dely Fangcheng 11/12 Aug , redely China, $18000, Noble, for a trip via Indonesia, the M/V ''Joyous Society'', 69274 dwt, built 1994, dely Kunsan spot , redely PM0, $17500, Oldendorff, for a trip via Australia & PG, the M/V ''Ju Da'', 73000 dwt, built 2005, dely N.China 8/10 Aug , redely Sweden, $12000, BHP Billiton, for a daily 1st 60 days balance on BPI route 1a - GMI relet - trip via EC Australia, the M/V ''Reborn'', 74063 dwt, built 1999, dely Tianjin spot , redely Skaw-Cape Passero, $10500, Swiss Marine, for a Phaethon relet - trip via Indonesia.
SUPRAMAX MARKET
The Baltic Supramax Index (BSI), closed on Friday the 6st of August 2010, at 1731 points with a mere loss of -1.65% or -29 points based on the previous 1760 points we had last Friday the 30th July 2010 closing. The BSI seemed to be recovering but it looks rather flat…!! The softening of last week that started during the second half of week 30, continued this week too. The yearly average for the BSI currently stands slightly down at 2392 points while the monthly average for August is slightly down from July’s and stands at 1743 points. For this week the Supramax Time Charter average rate calculated by NCSC is up at $20,938 or by 4.36% based on $20,064 which was last week’s Supramax average.
This week we had only 2 period charters and that were the M/V ''Lorentzos'', 53668 dwt, built 2005, dely West Africa 10/15 August, redely worldwide approx, $21000, TMT, for a 12 months trading, and the M/V ''Anassa Ioanna'', 53125 dwt, built 2003, dely EC India spot about, redely worldwide, $20500, Oldendorff, for a 3/5 mos trading .
Some representative period fixtures for Supramaxes for this week were the: M/V ''Medi Firenze'', 58722 dwt, built 2008, dely Itagai 18/25 August , redely Singapore-Japan approx, $26000, Cargill, for a 325000 bb – trip, the M/V ''Bittern'', 58000 dwt, built 2010, dely North Spain spot, redely Atlantic approx, $21500, Komrowski, for a 2 laden legs, the M/V ''Banos A'', 57000 dwt, built 2010, dely 57000 dwt retro Lagos 25 July , redely Cont-Med, $21000, Bunge, for a trip via East Coast South America , the M/V ''Anna-Elisabeth'', 55518 dwt, built 2008, dely South Brazil early August , redely Port Said, $26000, Greig Star, for a trip via Jeddah, the M/V ''Yuan Shun Hai'', 56955 dwt, built 2009, dely Jintang spot , redely West Africa intention clinker, $12000, Oldendorff, for a trip, the M/V ''Lake Dynasty'', 56000 dwt, built 2009, dely Yosu spot , redely Bangladesh intention clinker, $19250, JK Shipping, for a trip via North China, the M/V ''E.R.Bergamo'', 55783 dwt, built 2009, dely USGulf 10/15 August , redely West Africa, $28000, ABC, for a trip .
Demand for Supra’s is not showing the momentum we expected, with seventeen (17) Supramaxes that were on T/C this week as opposed to 16 last week and the daily rates (differential of Highest – Lowest weekly T/C figure) in the fixtures reported this week, for Supramaxes was reduced over last week and ranged from $12,000 (M/V ''Yuan Shun Hai'', 56955 dwt, built 2009, dely Jintang spot , redely West Africa intention clinker, $12000, Oldendorff, for a trip -1000$ reduced from last week) up to $28,000 (M/V ''E.R.Bergamo'', 55783 dwt, built 2009, dely USGulf 10/15 August , redely West Africa, $28000, ABC, for a trip -1000$ reduced from last week).
HANDYSIZE MARKET
The Baltic Handysize index (BHI) closed on Friday the 6st of August 2010 down at 974 points and this represents a percentage loss of -3.56% or a loss of -36 points over last week’s closing of Friday the 23rd of July 2010 which stood at 1010 points. The BHI has tried to regain some of its losses, but the week pushed it down again. The BHI yearly average for the index currently stands at 1239 points with the monthly average to be at 990 points.
Only two period or time charter fixtures of Handymaxes were reported this week: the M/V ''Jin Qiang'', 46807 dwt, built 1996, dely USGulf 7/9 August , redely Mediterranean, $24000, STX Pan Ocean, for a trip and the M/V ''Oriental'', 43917 dwt, built 1997, dely South Brazil early August , redely West Med approx, $26000, Vitol, for a trip .
Due to a very small statistical sample of only two fixtures our average is heavily distorted as it can’t possibly reflect 100% reality. This week’s Handysize Time Charter that is calculated by NCSC went slightly up by a good 13.58% this week to $19,000 from $16,729 which was last week’s average. The Handies sector had a very low number of only two (2) only Handymax vessel were reported on T/C this week (compared with 5 of last week) with their weekly T/C daily rates for Handy sized vessels ranging on reduced differential levels of high-low rates, compared to last week’s from $24,000 (M/V ''Jin Qiang'', 46807 dwt, built 1996, dely USGulf 7/9 August , redely Mediterranean, $24000, STX Pan Ocean, for a trip 11000$ improved from last week) up to $26,000 (M/V ''Oriental'', 43917 dwt, built 1997, dely South Brazil early August , redely West Med approx, $26000, Vitol, for a trip 3000$ improved from last week).
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