Capesize

The Capesize market moved sharply lower this week with both the overall index and the average of the five timecharter routes declining over 2100 points and $17,422, compared with last Friday, closing the week at 2727 and $22,613 respectively. C10, the transpacific run, was the major contributor to the decline alongside C5, the west Australia to Qingdao run, fell to the level of $9/mt. In the Atlantic, both transatlantic and fronthaul continued southwards movement throughout the week. A quick voyage moving 180,000mt, 10% iron ore, from PDM to Rotterdam was paid $10.40/mt on 20 to 29 January. A Capesize vessel was booked for 130,000mt, 10% iron ore, from Narvik to Hansaport on 29 December to 7 January at $8.40/mt, with the dates slightly out of the index window. The fronthaul business remained lacking, posting $46,135/day on C9 by the end of the week.

Panamax

‘Twas the week before Christmas, but there was little festive cheer around the Panamax market with substantial corrections enveloping the market. Some scrambled to take cover prior to the holidays and were forced to take lower rates as the tonnage count carried over from last week impacted markets. The Atlantic failed to find any momentum this week with subdued activity on all usual fronts, some very cheap transatlantic voyage fixtures concluded, reaffirming the negative tone as these provided very weak time charter equivalent returns. A smattering of EC South America fixtures surfaced. But this failed to provide any support to the Asian basin, despite seeing a reasonable level of activity. Much of the Indonesian coal stems were mopped up by smaller/cheaper LME tonnage, willing to concede cheaper rates as opposed to Kamsarmax tonnage who mostly resisted as Australian and NoPac enquiry provided some support midweek. However, rates concluded were wide ranging. Very positional but the overall tone was vastly weaker.

Supramax / Ultramax

The last full working week for many prior to the Christmas holidays saw sentiment slide with limited fresh enquiries appearing on the market from key areas and some owners discounting to get cover over the festive season. Limited period activity surfaced but a Tess 64 was rumoured fixed basis delivery April 2022 for three years trading at 117 percent of BSI. In the Atlantic, a subdued week. A 62,00-dwt fixing delivery US Gulf for a trip to Portugal at $39,000. Elsewhere a 62,000-dwt open East Coast South America was fixed for a trip to the Red sea redelivery Port Said at $46,000. From Asia, demand eased in the South with limited coal enquiry, a 56,000-dwt open Cebu fixing via Indonesia redelivery China at $25,000. Further North brokers saw a little more enquiry - but limited information surfaced. A 58,000-dwt open Kunsan fixing a CIS Pacific round, redelivery CJK in the mid $20,000s. From the Indian Ocean a 56,000-dwt was fixed from South Africa to the Far East at $26,000 plus $600,000 ballast bonus.

Handysize

With the Holiday season drawing closer the visible activity levels dropped this week with many having taken cover early it seems. Sentiment softened in most regions as some owners were said to take discounted rates to avoid being open next week. A 33,000-dwt fixed from the Continent with prompt dates to the US East Coast at $33,000 and a 38,000-dwt open in Recalada with December dates was fixed for a trip to Morocco at $41,000. A 33,000-dwt was prompt December opening was fixed for a trip from Santo to Morocco in the high $30,000s. A 28,000-dwt open prompt in Gresik was fixed via Australia to Samalaju with an intended cargo of Alumina at $19,000.  A 33,000-dwt open in Port Kembla with December dates was fixed with an intended cargo of Alumina to Samalaju at $22,500.  A 34,000-dwt open in Ulsan was fixed via Japan to South Africa with an intended cargo of steels at $22,750.