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Mixed sentiments seen in Indian Ocean Handymax/Supramax market


The situation can be called ambiguous in the Handymax/Supramax segment of the Indian Ocean. According to ISM sources, trade remains quite slack amid limited offer of construction cargoes, ore and fertilizers for shipments from the Persian Gulf ports and India. However, most rates have dropped only slightly, while some of them are even voiced above last week’s levels. Players note the shortage of open vessels in the region, which is playing into the owners’ hands. Moreover, many owners share optimistic forecasts, expecting an upward trend in rates to resume in the region.

At present, the Supramax time-charter bss APS dely PG redel ECI is negotiated within $12.5-13k daily, though owners want to get $13-14k daily bss APS dely Mina Saqr. The contract for a 57-58,000 dwt vessel bss dely Dammam redel ECI has been fixed at $12.75k daily. Similar carrier can be chartered at $11-12k daily bss DOP dely WCI via PG redel India. The rates for Supramax fleet bss dely PG (excl I/I) redel FEast are negotiated at $12k daily. At the same time, the time-charter for 57,000 dwt ships bss DOP dely UAE via Iran redel China is quoted by brokers within $16-16.5k daily. The rates for Supramax fleet bss dely PG for inter PG trip are voiced by brokers at $10-11k daily. The rates for Supramax transportation of salt bss DOP dely WCI redel China have stayed at $11k daily. An Ultramax carrier can be chartered at $12k daily on the same basis. The Handymax time-charter bss dely PG redel FEast is negotiated within $9-9.3k daily. A similar vessel can be chartered at $10k daily bss dely PG redel WCI and at $11k daily bss redel ECI.

On the voyage-basis, the transportation cost of 50,000 t of limestone from Mina Saqr to eastern India is negotiated within $9.3-9.5/t. Carrying 40-50,000 t of gypsum from Bushehr to Bangladesh (two discharge ports: Chittagong and Mongla) with February 22-28 laycans is quoted by brokers within $14-16/t. The charterers have paid $24/t for shipment of 25,000 t of coke nut (sf 56`) from Bandar Khomeini to Haldia. Transportation of 20-25,000 t of gypsum from Bandar-Abbas to Haldia is quoted by brokers at $20/t. Carrying 25,000 t of steel billets from Gangavaram to Djibouti with late February-early March laycans is quoted by owners at $30-32/t bss FILO.

The Supramax shipping volumes of coal and ore cargoes from South Africa also remain small. The time-charter rates for Supramax fleet bss APS dely SAfr redel India/FEast are now voiced by brokers at $11.75k daily + $175k bb. An Ultramax vessel can be chartered at $12-12.25k daily + $200k bb on the same basis. The transportation cost of 50,000 t of coal from Richards Bay to Karachi is still negotiated at $12.5-13/t.

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