The first working day of the new year was more an extension of the Christmas-New Year break. With London, plus a few other places off, there is hardly anything worth reporting. But one thing can be taken for granted and that is that charterers will keep endeavouring to push rates down further to test the owners’ limits. And, now, seeing charterers rating a 37,000 dwt vessel at US$ 8,000 daily for a trip from Finland into the East Med is right in line with the prevailing bearish sentiment. For the first quarter of 2023, Handysize tonnage will be unlikely to do any better than around this level for trips to the Med, ECSA and US Gulf…for West Africa maybe US$ 11-12,000 daily would be possible. Handysize rates for trading across the East have been falling apace with charterers seen rating a 32,000 dwt for a trip from China to Indonesia at US$ 5,500 daily. Australian rounds are being closely traded at around US$ 7,500 daily with delivery South India, at which a similar level was also agreed on a 30,000 dwt vessel for a 15-day employment in Southeast Asia. Back haul charterers want the rate for a 32,000 dwt to be down below US$ 7,000 daily for a trip to the Continent. Amongst this unpleasant news, the freight rate of US$ 9,500 daily on a 32,000 dwt for a trip from PG via South Africa to WC India is a welcome highlight.

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