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Panamax/Cape freight market. Asia-Pacific region and Indian Ocean // week 46

17.11.16
10:56

In mid-November, an upward trend has outlined in the Panamax/Post-Panamax segment of the Asia-Pacific region. This week, the owners have managed to raise the rates by $0.5-1k daily mainly due to higher rates for such vessels chartered on major fronthaul routes. Growing offer of coal for transportation from Australia to India with December laycan dates, as well as the recent increase in Capesize rates, have also played into the owners’ hands.

The rates for Panamax fleet bss DOP dely S.China via EAus redel ECI are voiced by brokers at about $9.2-9.6k daily. A Post-Panamax vessel has been chartered at $8.25k daily bss dely Yantai via Aus redel China. Similar carrier has been chartered at $7.75k daily bss dely Huanghua via Gladstone redel China. On the voyage-basis, the deal for transportation of 75,000 t of coal from eastern Australia to Gangavaram with December 1-10 laycan dates has been signed at $10.65/t. Later on, several contracts for shipments of similar cargo lots from Gladstone, Hay Point, Abbot Point and Dalrymple Bay to the east coast of India with December 5-14 laycan dates have been concluded at $10.75-10.85/t. A 75,000 t lot of coal from Gladstone to eastern India with December 1-10 laycan has been fixed at $11.45/t. Carrying 70-75,000 t of the cargo from Hay Point to northern China is quoted at $8.5-9/t.

Panamax/Kamsarmax carriers open off the southern coast of China can be chartered at $9-10k daily for shipments on the routes Indonesia-China/Southeast Asia/India. The time-charter for ships open in the northern Chinese ports is quoted at $8.75-9.25k daily. The deal for a Kamsarmax vessel bss DOP dely Philippines via Indo redel India has been signed at $9k daily. Similar contract for a Panamax carrier bss DOP dely Spore via Indo redel India with November 19-23 laycan dates has been concluded at $10k daily. A Panamax ship has been chartered at $7.3k daily basis DOP dely Jiangyin via Indo redel CJK. Similar vessel has been chartered at $7.75k daily bss DOP dely Cai Mep via Indo redel Philippines. The deal for a Post-Panamax ship bss DOP dely Fancheng via Indo redel China has been signed at $11k daily. On the voyage-basis, the transportation cost of 70-75,000 t of coal from South Kalimantan to the east coast of India is negotiated within $6.5-6.7/t. Carrying a similar cargo lot from Indonesia to Navlakhi is quoted at $7/t.

According to ISM sources, the time-charter rates for Panamax/Kamsarmax fleet bss DOP dely Japan via NOPAC redel Spore-Japan have risen to $9-10k daily. The time-charter for such vessels bss DOP dely CJK via NOPAC redel Spore-Japan is negotiated within $8-9k daily. The deal for a Panamax carrier bss DOP dely Nagoya via NOPAC redel Spore-Japan has been signed at $9k daily. Meanwhile, in the beginning of the week, a Kamsarmax ship was chartered at $7.35k daily bss DOP dely Taean via NOPAC redel Spore-Japan. The contract for a Panamax vessel bss DOP dely Mizushima via NOPAC redel Spore-Japan has been concluded at $7.75k daily.

In the first half of the week, ISM sources reported slightly weaker demand for Capesize fleet in the Asia-Pacific region given the reduction in the number of requests for transportation of iron ore and coal. However, starting from the middle of the week, the offer of iron ore has grown significantly, pushing the corresponding shipping fees up again. The rates for shipments with late November-early December laycan dates have largely stabilized at last week’s level. The contract for transportation of 170,000 t of iron ore from Port Hedland to Qingdao with November 28-30 laycan dates has been concluded at $5.95/t. Several similar deals with late November - early December laycan dates have been signed at $6.1-6.4/t. The transportation cost of same volume of the cargo from Dampier to Qingdao has been agreed at $6.7/t. After November 10, however, several contracts for similar shipments have been concluded at $7-7.4/t. The charterer has paid $6.2/t for transportation of 182,000 t of iron ore from Stanley Point to Qingdao. A 170,000 t cargo lot from Teluk Rubiah to Qingdao has been fixed at $4.8/t. A Capesize vessel of 181-182,000 dwt has been chartered at $15k daily bss dely Lanshan via Aus redel Spore-Japan. . The time-charter deal for a 172-173,000 dwt carrier bss dely Shanghai via WAus redel China has been signed at $17k/daily, and chopt EAus at $16k/daily. The vessel of 179-180,000 dwt has been chartered at $14k daily bss dely Rizhao via EAus redel India. The deal for a 175-176,000 dwt ship bss dely retro Tianjin via WAus redel China has been signed at $15.75k daily.

This week, the costs of Capesize cargo transportation have increased further in the Indian Ocean following the last week’s trend. At present, carrying 160,000 t of iron ore from Saldanha Bay to Qingdao is negotiated at $11.1-11.2/t. The rates for transportation of 150,000 t of coal from Richards Bay to India with H2 December laycan dates are negotiated within $8-9/t. The deal for a Capesize vessel (179-180,000 dwt) bss dely Jaigarh via SAfr redel Skaw-Cape Passero has been signed at $17k daily.

Panamax rates have also increased in the region. The rates for such fleet chartered for shipments of iron ore pellets bss APS inter PG are negotiated at $7.5-8k daily. The time-charter for Panamax vessels bss APS dely Mina Saqr redel India is quoted by brokers at $7.3k daily. The deal for a Post-Panamax carrier bss DOP dely Goa via SAfr redel India option China has been signed at $10.1k daily. The shipping fee for 75,000 t of coal from Richards Bay to India is voiced at $9/t.

Next week, the dynamics of Panamax/Post-Panamax rates in the Eastern Hemi will mostly depend on the situation in the Atlantic region, as well as on demand for such fleet within the Asia-Pacific region and Indian Ocean. According to preliminary forecasts, the rates will hardly grow significantly. The situation seems to remain stable in the Capesize segment.

Coal, 70,000t, South Kalimantan - East Coast of India, $/tonne

Coal, 80,000t, Hay Point - Qingdao, $/tonne

Coal, 130,000t, Newcastle - Dangjin, $/tonne

Iron ore, 170,000t, West Coast of Australia - Qingdao, $/tonne

Time-charter-trip rates, $/day

Coal, 75,000t, Richards Bay - Fangcheng, $/tonne

Bauxites, 70,000t, Bedi - Qingdao, $/tonne

Coal, 150,000t, Richards Bay - Gangavaram, $/tonne

Iron ore, 160,000t, Saldanha Bay - Qingdao, $/tonne

Current Panamax TCT rates bss delivery Singapore

Indonesia - China 9k daily
Indonesia - India 9-10k daily

Current Panamax TCT rates bss delivery China

E. Australia - China 8-9k daily
E. Australia - India 9-9.5k daily
FEast - North China/South Korea 7k daily


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Spot/ppt freight assessments on main trade routes ex Asia-Pacific ports

Cargo Lot Loading port Country Discharging port Country Given load rate Given disch rate Rate, $/tonne w-o-w
iron ore 170,000t Subic Bay Philippines Qingdao China 40000c 30000c 3.5-4 =
iron ore 170,000t West Coast Australia Qingdao China 50000c 30000c 7 +1.5
coal 150,000t Dalrymple Bay Australia Gangavaram India 40000c 40000c 7.5-8 =
coal 150,000t Newcastle Australia Qingdao China 40000c 30000c 7-7.5 =
coal 140,000t Newcastle Australia 1 port Japan 40000c 50000c 7-8 =
coal 130,000t Newcastle Australia Dangjin South Korea 40000c 30000c 7-8 =
coal 80,000t Hay Point Australia Qingdao China 38000c 25000c 8-9 =
coal 75,000t Dalrymple Bay Australia East Coast India 38000c 25000c 11-11.5 +0.75
coal 70,000t East Coast Australia Rotterdam Netherlands 34000c 25000c 11-12 =
coal 70,000t Newcastle Australia Dangjin South Korea 34000c 25000c 9 =
coal 70,000t Newcastle Australia Guangzhou China 34000c 25000c 7.5-8 =
coal 70,000t South Kalimantan Indonesia Southern ports China 15000c 25000c 4.5-5 =
coal 70,000t South Kalimantan Indonesia Northern ports China 15000c 25000c 5-6 =
coal 70,000t South Kalimantan Indonesia East Coast India 15000c 25000c 6-7 +0.5
coal 70,000t South Kalimantan Indonesia West Coast India 15000c 25000c 7 +0.25
coal 70,000t Vostochny Russia Taicang China 15000c 25000c 4-4.5 =
coal 70,000t Vostochny Russia 1 port Japan 15000c 25000c 4.5-5 =
coal 70,000t Vostochny Russia 1 port South Korea 15000c 25000c 4 =
coal 60,000t Samarinda Indonesia Guangzhou China 12000c 20000c 5 =
fertilizers 60,000t Northern ports China Kandla India 5000c 8000c 8.5-9 +0.5
urea 70,000t Yantai China East Coast India 6000c 8000c 8 +1

Terms FIOS 1/1

Spot/ppt freight assessments on main trade routes ex Indian Ocean ports

Cargo Lot Loading port Country Discharging port Country Given load rate Given disch rate Rate, $/tonne w-o-w
iron ore 170,000t Saldanha Bay South Africa Rotterdam Netherlands 50000c 30000c 7-7.5 +1
iron ore 160,000t Saldanha Bay South Africa Qingdao China 50000c 30000c 11 +2.5
iron ore 150,000t Sohar Oman Qingdao China 40000c 30000c 8.5-9 +1.5
iron ore 90,000t Vizag India Ningbo China 12000c 30000c 4.5-5 +0.25
iron ore 90,000t Saldanha Bay South Africa Kandla India 40000c 30000c 7.5-8 +0.5
iron ore 75,000t Saldanha Bay South Africa Qingdao China 38000c 30000c 10-10.5 +0.5
manganese ore 70,000t Maputo Mozambique Qingdao China 12000c 20000c 13-13.5 +0.5
bauxites 70,000t Bedi India Qingdao China 10000c 20000c 5.5-6 +0.25
coal (sf 39-41`) 150,000t Richards Bay South Africa Rotterdam Netherlands 50000c 30000c 7-7.5 +1
coal (sf 39-41`) 150,000t Richards Bay South Africa Tarragona Spain 50000c 30000c 7-7.5 +1
coal (sf 39-41`) 150,000t Richards Bay South Africa Gangavaram India 50000c 40000c 9 +1.5
coal (sf 39-41`) 150,000t Richards Bay South Africa West Coast India 50000c 40000c 8-9 +1.5
coal (sf 39-41`) 150,000t Richards Bay South Africa Fangcheng China 50000c 25000c 9.5-10 +1.5
coal (sf 39-41`) 150,000t Richards Bay South Africa Qingdao China 50000c 30000c 10-11 +1.5
coal (sf 39-41`) 150,000t Sohar Oman 1 port China 50000c 30000c 8.5-9 +1.5
coal (sf 39-41`) 120,000t Beira Mozambique Dangjin South Korea 7000c 30000c 13 +1.5
coal (sf 39-41`) 75,000t Richards Bay South Africa Rotterdam Netherlands 38000c 25000c 7 +0.5
coal (sf 39-41`) 75,000t Richards Bay South Africa Mundra India 38000c 20000c 9 +0.5
coal (sf 39-41`) 75,000t Richards Bay South Africa East Coast India 38000c 20000c 9 +0.75
coal (sf 39-41`) 75,000t Richards Bay South Africa Fangcheng China 38000c 25000c 9.5-10 +0.5
coal (sf 39-41`) 70,000t Richards Bay South Africa Iskenderun Turkey 35000c 20000c 7 +0.5
coal (sf 39-41`) 70,000t Richards Bay South Africa Yuzhny Ukraine 35000c 20000c 9-9.5 +0.5

Terms FIOS 1/1

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