Baltic Dry Index: 1228 (-34)
Baltic Capesize Index: 1894 (-75)
Baltic Panamax Index: 1000 (-24)
Baltic Supramax Index: 868 (-8)
Baltic Handysize Index: 549 (1)
CAPESIZE
The capsize market experienced a somewhat mixed day as the BCI 5TC fell by $617, settling at $15,711. On a positive note, it was encouraging to see all three miners active in the market today. However, the downward trend that began yesterday continued, leading to further decline in rates. The day started with C5 fixtures at around $9.90, reportedly paid by an operator, followed by $9.70 and $9.75 paid by a miner. By the end of the day, the rate had dropped to $9.50, a decrease of about $1.00 from the previous day, causing the C5 index to slide by 0.845 to $9.610. In the Atlantic, there has been an increase in activity from South Brazil and West Africa to China. While the early position remains under pressure, sentiment for early April onwards is slightly more optimistic, with low $20s being paid on C3. The C3 index today edged up by 0.17 to $20.125. According to brokers, conditions in the North Atlantic are showing signs of improvement as tonnage tightens and fresh cargo, particularly for fronthaul, becomes available.
Atlantic
Anglo is reported to have fixed the Danos controlled Achievement (175,850 2010) for 170,000/10 Acu to Qingdao 29 March/3 April at $20.60. The Olam controlled Oriental Express (180,211 2006) is reported to have fixed 170,000/10 Tubarao option West Africa to China 10 April onwards at $20.50, further details have not been disclosed.
Asia
Star Bulk is reported to have fixed ESL Seal (175,851 2011) for 170,000/10 Port Hedland to Qingdao 18/25 March at $9.90. FMG is reported to have fixed a TBN for 160,000/10 Port Hedland to Qingdao 19/21 March at $9.50 and Rio Tinto have fixed 2xTBNs for 170,000/10 Dampier to Qingdao 20/22 March at $9.70 and $9.75, lacking further details.
PANAMAX
The Panamax market showed little signs of abating with further substantial losses on all routes. The Atlantic eased with talk first-hand of the negative impact from USA tariffs, along with limited demand remained hugely competitive with excess tonnage having to slash their offers at times in order to find cover. Some cheaper levels were said to have been agreed on some mineral voyage cargoes equating to very low time-charter equivalents. Asia too saw a further erosion of rates with a similar pattern emerging, far from enough demand in the north and Australia failing to absorb the huge numbers of nearby tonnage. Both basins in dire need of a fresh injection to halt the slide. Accordingly, the BPI timecharter average posted a correction to publish at $9,003.
Atlantic
In the North, a TBN was heard fixed on subjects for an 80,000/10 iron ore stem loading ex CMT to Rotterdam at $16.50 fio with Javelin. Further South, the Great Rich (75,524 2012) delivery aps EC South America 28 March was placed on subjects for a trip redelivery Singapore-Japan at $13,250 + $325,000 bb with Swissmarine. Refined Success were linked to the Cape Kennedy (81,391 2012) retro sailing Singapore 21 February was placed on subjects for a trip via EC South America redelivery Singapore-Japan at $8,300.
Asia
The scrubber fitted Charalambos (81,841 2015) Weihai prompt was rumoured secured on subjects for a trip via NoPac redelivery South China at $11,000 to Element, with the Scrubber benefit heading to Owners. Oldendorff were linked to both the scrubber fitted Medi Giannutri (89,365 2018) Tachibana prompt for a trip via Australia redelivery Japan, rate details unknown, and the Classic controlled Xing Huan Hai (84,998 2022) Makassar 5/8 March fixed for a trip via Dalrymple Bay redelivery Vietnam $13,000 + equivalent ballast bonus. On backhaul basis the Cobelfret controlled Medi Amalfi (87,605 2017) Yosu 10 March fixed voyage basis ex Australia to Continent but little else transpired.
SUPRAMAX
Another poor day for the sector, again a difference of opinion appearing from the Atlantic. Some said that the US Gulf saw a little more resistance from owners however others said that charterers remained firmly in control. The Continent-Mediterranean remained lacked fresh impetus whilst the South Atlantic remained finely balanced. Negative sentiment remained from the Asian arena brokers again saying fresh enquiry was needed. The 11TC average closed $92 down at $10,977.
Atlantic
The Liberty Explorer (61,338 2011) open Conakry 9/16 March was heard to have been placed on subjects basis delivery EC South America for a trip US Gulf at $14,000. Elsewhere, the Star Challenger (61,462 2012) open Gdansk 10/12 March was heard to have been failed for trip with fertilisers via Ust-Luga and transit COGH to China at $19,000. Also the Xin Hai Tong 29 (57,295 2011) was heard fixed basis delivery Dakar 2/6 March trip via Russian Baltic and transit GOA redelivery SE Asia at $14,000 but some heard it was closer to $16,000 basis delivery Las Palmas. The Panemorfi (61,430 2013) fixed basis delivery Skaw trip via Ust-Luga redelivery New Orleans in the low/mid teens.
Asia
It was rumoured that the Merit Trader (58,175 2014) open CJK fixed a trip via Indonesia redelivery China at $4,500. Also, the Jin Chao (63,518 2014) Weihai 16 March fixed a trip to the Mediterranean at $17,000 but no more details surfaced. The Darya Mira (61,087 2021) was heard failed basis delivery N China for a NoPac round redelivery Chittagong at $13,000.
HANDYSIZE
Again, split fortunes as the Atlantic continued on it gentle decline, whilst the Asian arena saw further increase in rates. From the Atlantic, the Pacific Calm (38,123 2013) spot Itaqui was heard to have been placed on subjects at $14,000 basis delivery Recalada for a grains run to South Africa but no more details came to light. Elsewhere, the CS Caprice (30,465 2010) was heard fixed at $4,000 basis delivery Canakkale trip via Black Sea redelivery Algeria with grains to Norden. The Princess Oui (33,375 2015) open Casablanca fixed basis delivery Morocco trip to Koper intention phos rock at $5,000. Also, the Orcinus (34,094 2010) was heard fixed at $9,000 including $175,000 bonus basis delivery East Mediterranean for cement to US East Coast. The 7TC average closed up $28 at $9,888.
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