BMTI Handy Bulk Market Update (18 June 2019)

The chartering market is still looking for direction and seems at odds to find it. An abysmally poor rate of US$ 7,000 daily from the Baltic via Continent was reported done an Ultramax open in the Baltic. Steel operators were predicting a flurry of fresh orders off the Continent for Handysize tonnage and have al­ready fallen prey to this forecast by getting in ton­nage of 30-38,000 dwt for a trip from the Conti­nent-US-NCSA range at US$ 8,000-9,000 daily. Swire are still open to cover an Ultramax from the Continent to Brazil after they failed to look at one at US$6,500 daily, which is gone now. For a quick local employment for Supramax tonnage charterers were thinking along the lines of US$ 5-6,000 daily, which one Ultra owner would not do below US$ 10,000 daily. Nut coke charterers were seeing 37,000 dwt tonnage at the daily equivalent of below US$13,000.

Handysize rates from Black Sea are still down as the rate of US$ 5,000 daily for a trip to the Continent is suggesting. From the Western Mediterranean Sea, Supramax tonnage was there at US$ 5,500 daily for a trip from Morocco to ECSA. Rates from the USG-NCSA area just about okay with a 37,000 dwt fixed to the East in the region of US$ 14-15,000 daily. Momentum has returned to the ECSA for Handysize tonnage. A vessel of 30,000 dwt was booked from Plate to NCSA at US$ 10,000 daily, whilst for trips to the Mediterranean and Morocco 33-35,000 dwt tonnage can command US$ 11,500 and US$ 11,000 daily respectively. The larger size vessels have been getting softer, whilst owners are hoping for a revival of demand as predicted by the end of last week. It has been a slow start to the week in the East where Handysize owners don’t even dare test the charterers and offer reasonable numbers forthwith such as US$ 7,000 daily on a 38,000 dwt from Korea to the PG or US$ 7,750 for a NoPac RV on a similar eco vessel.

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