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Handy freight market. MED & Black Sea region // week 46

18.11.16
13:07

Despite this week’s significant increase in BDI and stronger demand for large dwt fleet across the Atlantic basin, the Black Sea Handysize market has been softening for the second consecutive week. Shipments of grain have slowed down slightly; grain is now mainly offered for transportation to Egypt, Libya and India. There are plenty of available vessels in the spot market. At present, the charterers already manage to charter 30,000 dwt Handysize carriers at $7-7.5k daily bss dely passing Canakkale via BlSea redel EMed, though most owners insist on at least $8k daily. On the voyage-basis, the deals for shipments of 25-30,000 t of wheat from Nikolayev to Egypt are now negotiated at $13.5/t, those for transportation of 30,000 t of grain from Yuzhny to Rotterdam – at $14.25/t. The charterers offer at best $10/t for shipment of 30,000 t of grain from Constanta to eastern Spain with high l/d rates. A 25,000 t lot of wheat is exported from Varna to Marghera at $13/t. The charterers are now ready to pay $15.25-15.5/t for transportation of a Handy-lot of wheat from Odessa to Libya; the exporters offer $19-20/t for shipment of 11,000 t of wood chips (sf 82`) from Oktyabrsk to the Marmara Sea (equivalent to $10.5-11/t for transportation of 20,000 t of dwt cargo). Carrying 22,000 t of clay from Oktyabrsk to Castellon is quoted at $15.5/t. Players also report higher rates seen in the beginning of the week. For example, 27,500 t of maize were allegedly shipped from Nikolayev to Damietta at $14.25/t, while a 25,000 t lot of wheat was carried to Israel at $15.75/t.

This week, the time-charter for Handysize fleet bss dely BlSea redel USG is negotiated at $5-5.5k daily; the charterers offer $10-11k daily for Handysize/Handymax vessels chartered bss dely BlSea redel India. On the voyage-basis, carrying 25-30,000 t of grain from Odessa to western India is quoted at $29-30/t.

The situation looks ambiguous in the Supramax segment. On the one hand, the current cargo flow is not able to push the rates up; however, given a sharp increase in Panamax rates, the charterers are trying to close their contracts as soon as possible in fear of an imminent increase in Supramax rates, thus supporting the market. There is now quite a large gap not only in the ideas, but also in actual rates. Supramax owners are aggressively insisting on higher rates and quote the time-charter for Supramax fleet bss dely EMed redel PG at least at $14k daily. A Supramax vessel has been even chartered at $14.25k daily bss dely passing Canakkale via BlSea redel Spore-Japan. The deal bss dely Marmara via India redel passing Durban has been fixed at $9k daily, which is equivalent to fancy $16-17k daily bss redel India. At the same time, in the beginning of the week, the time-charter contract for an Ultramax carrier bss dely passing Gibraltar via Spain redel Spore-Japan was concluded at $13k daily. Very attractive rates on the route Black Sea-ARA ports were voiced in the middle of the week. Thus, a Supramax vessel has been chartered at $9k daily for transportation of steel products bss dely Marmara redel Continent, while an Ultramax carrier has been even chartered at $9.2k daily bss dely passing Canakkale via BlSea redel Continent. The deal for a Supramax ship chartered for transportation of construction materials bss dely passing Gibraltar via Spain redel Abidjan has been signed at $12.75k daily. Supramax rates for intermed shipments amount to $8-8.5k daily bss dely APS. On the voyage-basis, the charterers are ready to pay $26-27/t for transportation of 50,000 t of maize with early December laycan dates. Carrying 50-55,000 t of rebar from Turkey to the UAE is quoted by ISM at $23-24/t bss FILO.

Next week, trade is likely to perk up further in the Supramax segment of the Black and Mediterranean Seas following the Panamax market. At the same time, Handysize freight and TCT rates may keep sliding down, as there are no reasons for a trend change in the region so far.

Steel products, 20,000t, Odessa - Adriatic Sea ports, Italy, $/tonne

Square billets, 30,000t, Odessa - Jeddah, Saudi Arabia, $/tonne

Rebar, 50,000t, Nemrut Bay - Jebel-Ali, $/tonne (bss FILO)

Time-charter-trip rates, $/day

Wheat, 25,000t, Constanta - Alexandria, $/tonne

Urea, 25,000t, Yuzhny - Santos, $/tonne

Wheat, 50,000t, Yuzhny - Indonesia (1 port), $/tonne

BlSea & Med. Current Supramax TCT rates bss delivery passing Canakkale

intermed route 8-9k daily
BlSea - PG/India 14k daily
BlSea - SEA 13k daily
BlSea - UK/Continent 7-8k daily
BlSea - USG/USEC 4.5-5k daily
EMed - WAfr 12k daily

BlSea & Med. Current Handysize abt 30,000 dwt TCT rates bss delivery passing Canakkale

BlSea - PG/India 10-11k daily
BlSea - SEA 9-10k daily
BlSea - WMed 7-8k daily
BlSea - EMed 7-7.5k daily
BlSea - ECSA 5-5.5k daily

Main freight rates

Cargo Lot Loading port Country Discharging port Country Given load rate Given disch rate Rate, $/t w-o-w
steel products 50,000t Nemrut Bay / Marmara Turkey Jebel Ali UAE 8000с cqd 24 bss FILO +0.5
steel products 40,000t Odessa Ukraine Dubai UAE 7000c cqd 29 bss FILO =
steel products 30,000t Odessa Ukraine Jeddah Saudi Arabia 7000c cqd 23 =
steel products 30,000t Odessa Ukraine Umm-Qasr Iraq 7000c cqd 31-32 =
steel products 30,000t Marmara Sea ports Turkey 1 port Yemen 7000x 2000x 30 =
steel products 20,000t Ilyichevsk Ukraine Karachi Pakistan 6000c 3000x 34 =
steel products 20,000t Marmara Sea ports Turkey 1 port Morocco 6000x 4000x 13 -0.25
steel products 15,000t Novorossiysk Russia Burgas Bulgaria 5000x 4000x 9-9.5 =
steel products 15,000t Novorossiysk Russia Iskenderun Turkey 5000x 4000x 13 =
steel products 15,000t Novorossiysk Russia Tartus Syria 5000x 3000x 14-15 =
flat steel products 20,000t Mariupol Ukraine Adriatic Sea ports Italy 6000x 5000x 16-16.5 -0.25
flat steel products 20,000t Odessa Ukraine Adriatic Sea ports Italy 6000x 5000x 13.5-14 -0.25
flat steel products 20,000t Novorossiysk Russia Bandar Abbas Iran 6000x 3000x 34 =
flat steel products 15,000t Odessa Ukraine Misurata Libya 5000x 2500x 16.5-17 =
slabs 50,000t Novorossiysk Russia Philadelphia USA 10000c 10000x 11-12 =
pig iron 50,000t Novorossiysk Russia New Orleans USA 15000c 15000c 13-14 =
pig iron 18,000t Ilyichevsk Ukraine Marghera Italy 5000c 4000c 14-15 =
manganese ore 45,000t Port Headland Australia Ilyichevsk Ukraine 20000c 15000c 13-14 =
manganese ore 35,000t 1 port Ghana Ilyichevsk Ukraine 5000x 10000c 12 =
scrap (sf 45`) 35,000t Ashdod Israel 1 port South Korea 8000c 8000c 31 =
coke (sf 75`) 30,000t Nikolayev Ukraine Bandar Khomeini Iran 10000c cqd 35-36 +0.5
coal (sf 42-45`) 50,000t Novorossiysk Russia Casablanca Morocco 12000c 10000c 12 =
coal (sf 42-45`) 50,000t Novorossiysk Russia East Coast India 12000c 12000c 19 =
coal 30,000t Novorossiysk Russia Iskenderun Turkey 10000c 7000c 10 -0.25
coal 30,000t Tuapse Russia Marmara Sea ports Turkey 10000c 7000с 6.5-7 -0.25
coal (sf 42-45`) 30,000t Yuzhny Ukraine Casablanca Morocco 12000c 8000x 13-13.5 -0.25
coal (sf 42-45`) 30,000t Yuzhny Ukraine Bandar Abbas Iran 12000c 6000с 28 =
coal (sf 42-45`) 25,000t Yuzhny Ukraine Iskenderun Turkey 10000c 7000c 11-11.5 -0.25
coal 20,000t Mariupol Ukraine Marmara Sea ports Turkey 8000c 7000с 10 -0.25
urea (sf 50`) 40,000t Yuzhny Ukraine West coast India 12000c 10000c 23-24 -1
urea (sf 50`) 25,000t Damietta Egypt Santos Brazil 8000c 6000c 17 =
urea (sf 50`) 25,000t Yuzhny Ukraine Veracruz Mexico 10000c 4500c 20 =
urea (sf 50`) 25,000t Novorossiysk Russia Santos Brazil 8000c 6000c 18-18.5 =
urea (sf 50`) 25,000t Yuzhny Ukraine Santos Brazil 10000c 6000c 19 =
urea (sf 50`) 25,000t Novorossiysk Russia 1 port Argentina 8000c 5000x 22-23 =
urea (sf 50`) 25,000t Yuzhny Ukraine 1 port Argentina 10000c 5000x 23-24 =
urea (sf 50`) 15,000t Yuzhny Ukraine Marmara Sea ports Turkey 7000c 5000x 9-9.5 =
sulphur 30,000t Ilyichevsk Ukraine Agadir Morocco 12000c 8000x 13-14 -0.25
phosphates 25,000t Aqaba Jordan East coast India 7000x 5000c 10-11 =
fertilizers 25,000t Aqaba Jordan West coast India 7000x 5000c 8-9 =
fertilizers 25,000t Red Sea ports Egypt West coast India 5000x 5000c 8-9 =
fertilizers 25,000t Novorossiysk Russia Barranquilla Columbia 8000c 4000c 20 =
fertilizers 25,000t Novorossiysk Russia Paita Peru 8000c 3500x 30-31 =
fertilizers 20,000t 1 port Morocco 1 port Greece 6000x 6000x 9.5-10 -0.25
fertilizers 20,000t Gulluk Turkey Ravenna Italy 6000c 6000c 10 -0.25
barley (sf 52-55`) 25,000t Odessa Ukraine Jeddah Saudi Arabia 7000x 4000x 24 =
barley (sf 52-55`) 25,000t Odessa Ukraine Aqaba Jordan 7000x 4500x 23 =
barley (sf 52-55`) 25,000t Odessa Ukraine Algiers Algeria 7000x 3500x 15 -0.5
barley (sf 52-55`) 45-50,000t Yuzhny Ukraine Jeddah Saudi Arabia 12000x 5000x 20 +0.5
wheat (sf 46-47`) 50,000t Yuzhny Ukraine Djibouti Djibouti 12000x 3000x 22-22.5 +0.5
wheat (sf 46-47`) 50,000t Yuzhny / Illychevsk Ukraine Chittagong Bangladesh 12000x 3500x 28-29 +1
wheat (sf 46-47`) 50,000t Yuzhny / Illychevsk Ukraine 1 port Indonesia 12000x 6000x 25-26 +1
wheat (sf 46-47`) 50,000t Yuzhny / Illychevsk Ukraine 1 port Philippines 12000x 6000x 26-27 +1
wheat (sf 46-47`) 30,000t Constanta Romania Rotterdam Netherlands 8000x 8000x 13-13.5 -0.5
wheat (sf 46-47`) 30,000t Nikolayev Ukraine Mombasa Kenya 8000x 5000x 33 =
wheat (sf 46-47`) 25,000t Novorossiysk Russia 1 port Indonesia 8000x 6000x 34-35 =
wheat (sf 46-47`) 25,000t Nikolayev Ukraine Dubai UAE 8000x 5000x 31-32 =
wheat (sf 46-47`) 25,000t Kerch Ukraine Port Sudan Sudan 5000x 4000x 23-24 =
wheat (sf 46-47`) 25,000t Odessa Ukraine Mediterranean Sea ports Spain 7000x 8000x 13-14 -0.5
wheat (sf 46-47`) 25,000t Nikolayev Ukraine Tangier Morocco 8000x 5000x 16-17 -0.25
wheat (sf 46-47`) 25,000t Black Sea ports Romania/Bulgaria 1 port Portugal 8000x 6000x 13 -0.25
wheat (sf 46-47`) 25,000t Nikolayev Ukraine Alexandria Egypt 8000x 5000x 13.5-14 -0.5
wheat (sf 46-47`) 25,000t Odessa Ukraine Alexandria Egypt 7000x 5000x 12-12.5 -0.25
wheat (sf 46-47`) 25,000t Constanta Romania Alexandria Egypt 8000x 5000x 11-11.5 -0.25
wheat (sf 46-47`) 25,000t Novorossiysk Russia Alexandria Egypt 8000x 5000x 11-12 -0.25
wheat (sf 46-47`) 25,000t Novorossiysk Russia Misurata Libya 8000x 3500x 15-16 -0.5
wheat (sf 46-47`) 25,000t Constanta Romania Ravenna Italy 8000x 7000x 11.5-12 -0.25
wheat (sf 46-47`) 25,000t Odessa Ukraine Benghazi Libya 7000x 2750x 16-17 -0.5
wheat (sf 46-47`) 15,000t Thessaloniki Greece Iskenderun Turkey 5000x 4000x 10-10.5 =
maize (sf 49-50`) 50,000t Yuzhny Ukraine Northern ports China 12000x 10000x 27 +1
maize (sf 49-50`) 50,000t Yuzhny Ukraine 1 port Yemen 12000x 2500x 24 +0.5
maize (sf 49-50`) 25,000t Nikolayev Ukraine Tunis Tunisia 8000x 2250x 17-18 -0.5
maize (sf 49-50`) 25,000t Ilyichevsk Ukraine Bandar Abbas Iran 7000x 4500x 32 =
maize (sf 49-50`) 25,000t Yuzhny Ukraine Yokohama Japan 8000x 8000x 38-39 =
cement in big bags 25,000t Iskenderun Turkey Hodeidah Yemen 3000c 1500x 31 =
cement in big bags 25,000t Antalya Turkey Douala Cameroon 5000c 1750x 21-22 =
cement in big bags 25,000t Antalya Turkey Luanda Angola 5000c 1750x 24 =
cement in big bags 15,000t Antalya Turkey Tripoli Libya 4000c 1250x 12-13 =
cement in big bags 13,500t Iskenderun Turkey Matadi RD Congo 3000c 1250x 34-35 =
cement in big bags 13,500t Antalya Turkey Monrovia Liberia 4000c 1250x 25-26 =
clinker 35,000t Marmara Sea ports Turkey Alexandria Egypt 10000c 6000x 7.5-8 -0.25
feldspar 27,500t Gulluk Turkey Ravenna Italy 10000c 10000x 8 -0.25

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