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USG Supra/Ultra rates keep falling. Severe cargo/tonnage imbalance hurts Handy sector

12.04.18
13:45

Negative trends continue in the North Atlantic Supramax/Ultramax market. The imbalance of tonnage supply and cargo offer sharpens in the region, pushing the spot/prompt rates down further in both the fronthaul and transatlantic segments. So, Supramax grain transportation bss dely USG redel Spore-Japan is estimated by brokers at $20.5-21.5k daily. Contracts for Ultramax fleet bss dely USG redel FEast are negotiated at $16k daily + $300k bb. A similar deal is negotiated at $23k daily. The rates for a 57,000 dwt vessel bss dely USG redel Continent/Med are negotiated at $15k daily. The deal for an Ultramax carrier bss dely USG redel EMed is negotiated at $16.5k daily. A similar ship has been chartered at $16k daily bss dely USG redel EMed. Deals for Supramax fleet bss dely USG redel ECCA are negotiated at $12-13k daily.

The situation is extremely tense for Handysize owners. ISM sources report a large surplus of open vessels in the Gulf of Mexico. There is a significant imbalance of cargo offer and tonnage supply in the region. Brokers report about 65-70 Handysize vessels open for 2H April in the Gulf of Mexico, while only 35-40 cargo offers are seen for these dates. In these circumstances, the rates for shipments from the regional ports are rapidly falling. At the beginning of last week, the rates for standard Handysize vessels bss dely USG redel Skaw-Passero amounted to about $12.5-13.5k daily, while a 28,000 dwt carrier has been already chartered at mere $10.25k daily bss dely USG redel Med with 2H April laycans. Deals for 38-39,000 dwt ships bss dely USG redel Continent are negotiated at $13k daily. The contract for a similar vessel bss dely USG redel WMed is negotiated at $13.25k daily. Owners of 37-39,000 dwt carriers try to insist on $14k daily bss dely USG redel WCSA. A similar deal for a 35,000 dwt ship is negotiated at mere $10-10.5k daily.

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