They had a good run, but looking at the declines that have hit the Capesizes at the end of the week, it would seem like classic over-correction being swiftly neutralized following a false dawn of spot market recovery. No route is spared with Pacific round voyages—appropriately, considering their oversized improvements—taking the worst of the decline, losing more than US$ 2,000 to settle in the high teens of US$ 17-18,000. Front haul trips, meanwhile, slip into the mid US$20,000s of about US$ 25,000 daily after fading from the high US$20,000s set at midweek. Voyages have also come under heat as West Aussie rates to China slide to just above US$ 8/mt and Brazil/China voyages fall under US$ 17.5/mt.
If not quite at a boiling point, Panamaxes continue enjoying positive sentiment pushing rates higher yet with TARVs now likely to trade at US$ 14,000 daily (or just below) on early December dates, much improved from the US$ 13,000s of last week and weeks before. Pacific RVs are also holding to just over US$ 9,000 daily on standard 72-76,000 dwt tonnage with a notable upside still very much in place. Front hauls stabilized at around US$ 20,000 daily with slight improvements still more likely than slight discounts. Rumours abound with a market still in flux: period rates, while not taking the market by storm, are still fixed on a regular basis. There is one small Panamaxes (rumoured to be 62,000 dwt) fixed at US$ 19,500 for medium period ex-Veracruz on worldwide redelivery. Nickel ore runs on similar sizes (64-66,000 dwt) from South China have been secured at US$ 8,250 daily via Indonesia and back.
Period chartering seems to be returning to some degree to the Handy bulk sector with US$ 8-9,000 rates being done on Tess 52 tonnage from Southeast Asia on worldwide redel (3-5 months of trading). The big story in the Atlantic remains the USG with US$ 26,000 the newest high water market set for front hauls on Tess 58 ships. In the East, inter-Pacific trips are also fetching middle-high US$ 8,000s with such rates seen on 52-56,000 dwt ships from NoPac booked for trips south to Vietnam or Thailand.
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