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Inflow of ballasters to ECSA causes difficulties for Pmx/Kmx owners

09.05.18
13:54

The Panamax/Kamsarmax owners have encountered a divergent and strained situation in the South Atlantic this week. In spite of quite healthy trade and regular requests for grain transportation from the South American ports, the surplus of fleet caused by inflow of ballasters with ETA ECSA in late May-early June forces the owners to make concessions to charterers. For example, a Kamsarmax carrier has been chartered at $14.5k daily + $450k bb bss dely ECSA redel Spore-Japan with May 25-30 laycans, while the fronthaul rates for such fleet amounted to $14.8-15k daily + $480-500k bb last week. Spot contract for a 83,000 dwt vessel bss dely ECSA redel India has been concluded at $14.75k daily + $475k bb. The deal for an eco-Kamsarmax vessel bss dely ECSA redel Spore-Japan with May 25-30 laycans is negotiated at $15k daily + $500k bb. A Panamax carrier has been chartered at $14.3k daily + $430k bb bss dely ECSA redel Spore-Japan with ETA ECSA on May 18-22, though such contracts were negotiated at $14.5k daily + $450k bb a week ago. Spot deal for a 74,000 dwt vessel bss dely ECSA redel FEast is now negotiated at $13.75-14k daily + $375-400k bb. A vessel of 76,000 dwt has been chartered at $14.1k daily + $410k bb bss dely ECSA redel China with May 21-25 laycans. The voyage-basis rates have stepped down either. Transportation of Panamax-lots of grain from Santos to northern China with 2H May laycans was quoted by brokers at $32.5-33/t in early May, while the recent contract for shipment of 66,000 t of grain on the above route with May 25 - June 5 laycans has been concluded at $31.5/t. According to market data, closer to the middle of the week, the owners have managed to sign several deals at rather high levels. So, a Kamsarmax vessel has been chartered at $15.35k daily + $535k bb bss dely ECSA redel FEast with ETA ECSA on May 20-21. Another contract for a Kamsarmax carrier bss dely ECSA redel Spore-Japan with May 20-25 laycans has been concluded at $15.25k daily + $525k bb. However, brokers consider this to be a positional hike in rates.

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