Bulker Update by BMTI’s London Shipbroker (22 July 2020)

Ultramax at sunsetThe Panamax market is currently also on a downward trend. Although the tonnage supply in the Atlantic has been quite favourable over the last few weeks it seems more vessels are coming open in the next 15 days, the FFAs are on the slide and the charterers have left the building. In consequence rates have fallen away as owners reset their numbers in order to attract some attention from the charterers. In the Pacific there appeared to be more action and brokers said the cargo volume was still reasonable but it appears the tonnage count is building in key areas so we see rates coming off here too particularly out of Indonesia. That leaves owners with prompt tonnage a tricky conundrum, stay in the area at low money for a quick round or ballast west in the hope that levels here will recover. Australian business still carries a premium, hearing an 82,000 dwt built 2012 fixed delivery South Korea for an Australian round voyage around US$ 12,000 per day.

The Handy sector continues to make headway in the Atlantic. From ECSA tonnage remains tight and a decent spec 32,000 dwt was heard to have fixed with delivery South Brazil for a trip to North Continent at US$ 11,500 daily. From the US Gulf the market remains in owners’ favour and some brokers would now consider levels for a trip to North Continent-Med to be on a par with those obtainable from ECSA. A 38,000 dwt was said to have fixed a trip US Gulf to EC Mexico at US$ 12,500 per day. In the Pacific rates are steady at best. Little fresh information has emerged so far this week although a Handymax was heard to have fixed delivery Mid China for a CIS round at US$ 6,000 per day.

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