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- BMTI Handy Bulk Market Viewpoint (13 Nov 2018)
In the US Gulf, owners are grappling with weakening demand with petcoke charterers rating a 56,000 dwt at US$ 16,000 daily versus owners’ rate of US$ 18,000 daily for a trip to East Med. Even Ultramax tonnage is rated below US$ 20,000 by petcoke charterers. A 28,000 dwt has been fixed from Rio Haina for a 15-day local employment at about US$ 12,000 daily. And owners of 1984-built, 42,000 dwt vessel must consider themselves lucky to have been given the opportunity to fix her from Atlantic Columbia to North Spain at around US$ 15,500 daily. From the ECSA, front haul rates for Ultramax tonnage are hovering at around US$ 15,500 daily plus US$ 550,000 BB. The midterm future for Handysize tonnage sounds promising. With a new crop coming on stream, coastal business has already been given a boost that brokers expect to be extended to trans-Atlantic business for which rates of around US$ 18-20,000 for 36-40,000 dwt tonnage sounds realistic.
The East has not been very generous with the owners, who are aghast at the numbers that they are seeing, which has already led a couple of owners to contemplate ballasting to the Atlantic, which for eco tonnage may be an option whereby bunkers costs are more bearable than for other less eco tonnage. The owners of a 58,000 dwt ship were proposed around US$ 6,750 daily for the first 44 days to be followed with US$ 10,250 daily for the balance up to six months. Handy charterers did not hesitate to propose US$ 7,000 daily on a 38,000 dwt for a trip from P.I. to the PG, which the owners turned down asking above US$ 10,000 daily. Coal charterers were rating other similar tonnage at US$ 9,500 daily for a trip from P.I. via Indonesia to China with coal.
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