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USG Supra/Ultra market shows optimistic signs, while bloodbath continues in Handy sector

26.04.18
14:50

The sentiment is generally optimistic among Supramax/Ultramax owners in the North Atlantic. Last week, ISM sources reported the surplus of vessels open in spot positions (particularly in the fronthaul sector), while brokers already note decreasing tonnage supply. However, the current ratio of tonnage supply and cargo offer still does not allow the owners to raise the freight level; thus, the rates are generally stable. A carrier of 59,000 dwt has been chartered at $21.5k daily bss dely USG redel Spore-Japan. The deal for a Supramax ship bss dely USG redel India with early May laycans has been signed at $22k daily. A vessel of 61,000 dwt has been chartered at $24k daily bss dely USG redel Pakistan. The contract for an Ultramax carrier bss dely USG redel Indonesia with early May laycans has been fixed at $20k daily. A ship of 64,000 dwt has been chartered at $24.5k daily bss dely NCSA redel China.

Meanwhile, the owners working on transatlantic routes have managed to raise the rates in some cases. So, the deal for Ultramax grain transportation bss dely USG redel Med has been signed at $19.25k daily, while last week, such contracts were negotiated at $17-18k daily. A carrier of 64,000 dwt has been chartered at $18k daily bss dely USG redel Egypt with April 30 - May 4 laycans. The deal for a Supramax ship bss dely USG redel Continent with May 1-10 laycans has been signed at $16k daily.

The situation remains extremely unfavorable for Handysize owners. The tonnage supply for 1H May has decreased somewhat in the Gulf of Mexico and the Caribbean Sea, though this has not improved the sentiment so far, as the imbalance of cargo offer and tonnage supply was catastrophic last week. At present, ISM sources report about 45-50 Handysize vessels open in the region, while about 25-30 cargo offers are seen in the market. According to brokers, the Handysize transatlantic rates amount to $10-11k daily on average. The charterers are ready to pay about $7-8k daily for Handysize fleet bss Intracaribs, while such shipments are estimated by brokers at $7.5-9k daily.

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