The Capesize market rebounds after a dismal start to the week

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The Capesize market surged in the latter part of the week, erasing most of the losses since the last week of May. The Capesize 5TC opened the week with a relatively paltry $ 20,933, suffered moderate losses early in the week to $ 19,845 before rebounding strongly to close the week at $ 27,752. The paper market was buzzing mid-week as FFA volumes increased and the market felt a turnaround. The North Atlantic, which has experienced difficulties in activity over the past month, has seen an increase in front-end freight which has set at significant premiums compared to the index. The C9 Fronthaul road rose $ 11,385 to close at $ 48,750. From Brazil to the Far East on the C3 route, the start of the week saw two-month loading dates and ships in distress were put to use earlier. By midweek, the focus was on loading the first half of July, when bids to buy mushroomed. While the Pacific tried to maintain some stability early on, increases in western routes prompted owners in the east to stiffen their backs and raise offers. We hear that interest for the period is very strong in the market as traders clamor for ships. The second half of 2021 is expected to challenge the first half.

Panamax

The Panamax market came to life mid-week, with rates improving thanks to a strong push from South and North America. A fervent FFA market also gave the period market some traction and a series of deals were made at higher levels including a new construction scrubber fitted with a delivery of 82,000 dwt ex Yard China reaching 27 $ 000 for one year of employment. In the Atlantic, the week started on a firm note against tight tonnage in the North. With high demand for minerals and grains, charterers rushed to find deals where owners were willing to stand still. Midweek saw an EC fixation frenzy in South America, which in turn provided additional support to the Asian market which had been relatively stable until then. Offers now for round trips to the Pacific have exceeded $ 30,000, with $ 35,000 set for travel via Indonesia redelivery to Japan.

Ultramax / Supramax

The activity of the period was loaded this week with an open Dangjin fixation of 63,000 dwt for five to seven months at $ 30,000. A similarly sized open Singapore vessel has been set for one year at $ 24,000. An Ultramax Bin Qasim delivery ship for four to six months at $ 32,000. The push from the US Gulf pushed affected Gulf routes to a year’s high, with brokers suggesting that was in large part due to the tonnage shortage in the region. A 61,000 dwt has been set from the east coast of the United States to the mainland at $ 45,000. From the east coast of South America, Ultramax ships were reportedly set for a trip to Japan at $ 22,500 plus a ballast premium of $ 1.25 million, and a 52,000 dwt was set for a voyage in the Philippines at $ 21,000 plus a million dollar ballast bonus. From the Indian Ocean, a delivery of 53,000 dwt to Pakistan has been set for a return trip to the Far East at approximately 36,000 dwt, and a delivery of 56,000 dwt Dammam has been set for travel via the Persian Gulf to the east coast of India at $ 37,000.

Convenient size

Sentiment in Asia has changed in recent days, with all three routes taking positive steps this week. Brokers spoke of more freight in general and slower open tonnage. A 38,000 dwt open in CJK has set a trip to the mainland at $ 28,500. A 33,000 dwt open CJK was priced for travel in the Indonesia-Philippines range at $ 19,000 earlier this week. The Atlantic has seen steady improvements, with brokers saying more cargo is now open on South America’s east coast. A 32,000 dwt has been set from southern Brazil to the mainland at $ 26,000. A 39,000 dwt fixed base SW pass for travel to the mainland at $ 20,000. A 28,000 dwt open Key West June 16-22 has been set for two to three laden trips with a new worldwide delivery at $ 19,000. An open SW Pass of 35,000 dwt in mid-June has been set for three to five months with Redelivery Atlantic outside West and South Africa at $ 20,850.
Source: The Baltic briefing


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