Fearnleys Weekly newsletter week 19/2009
TANKERS:
Crude
It was a rather quiet (some would say dull…) week in the VLCC market with little action. The few quoted cargoes attracted considerable interest and a lot of offers, and this maintained the downward pressure on rate levels. Suezmax rates in WAF were maintained at last week's levels and there is sufficient tonnage in the area to cover dates in play. In the Med/Bsea Suezmax rates firmed slightly as a result of increasing interest from charterers and a thinning tonnage list. There was almost no chan...
Product
Even though the transatlantic market was not as active as last week, tonnage availability appears quite limited, and freight rates were around ws115-120 basis 37,000 m/t. LR1 rates also improved on last done, with ws90 being fixed on a modern unit basis 60,000 m/t. Handies trading cross NWEurope saw rates maintained at ws125 basis 22,000 m/t. Rates in the Caribs were firm and as high as ws115 was reported on a 38,000 m/t upcoast movement. Middle distillate trips from the States to Europe are cur...
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DRY BULK:
Handy
The market has been firming up especially in the Far East. Supramaxes are rated around usd 14,000 for Nopac round voyages and trips into EC India. Trips from Far East and SE Asia to WC India are commanding a premium as there are reports of swell affecting cargo handling. Iron Ore from WC India to China has been paying low/mid teens for modern Supras, but with the Monsoon slowly starting off, ships...
Panamax
The BPI increased usd 2,000 during this week, with the Atlantic market up almost usd 4,000, due to a tightness of Atlantic tonnage. Round voyages fixed in the usd 14-15,000 region, and vsls fixed via South America to Far East were paid usd 1,000 more at the end of the week, arnd usd 21,500. The rates in the Pacific didn’t see the same increase with rv`s being paid right above usd 12,000, an increa...
Capesize
There are mainly 2 routes and 3 chrs for the Cape tonnage these days: Brazil/China and West Australia/China, and chrs Vale/RTS/BHPB. Abt 70 % of spot iron ore fixtures concluded during April are going to China! Lack of early tonnage is pushing rates up in both above trades. Brazil/China up from mid usd 18 to close to usd 23 whilst WAust/China up close to usd 1 to usd 8 lvl. The BCI tc average up m...
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GAS:
Several big LPG market players have been on various holidays last week and therefore there is very little to report in the big ships' market. The MEG VLGC fleet balance is already long and by the look of it the length is growing throughout the month. In the West there seems to be a shortfall of West African exports in May and first half June - so a...
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NEWBUILDING:
Another week with no newbuilding activity to report....
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