Rate recovery is still elusive for the nonperforming Capesize sector. A severe lack of demand having its way with spot freights. All things considered, they could be plummeting more sharply than they are given the wide range of tonnage currently available to charterers. But it would seem that more owners are just refusing to go any farther below breakeven, which has long since been passed. In fact, it’s hard to imagine a Capesize owner having secured any profit so far this year, such is the miserable base level for earnings at the moment. Pacific-based voyages have nonetheless stabilized for the most part with Brazil/China voyages holding firm in the range of US$ 11.6-11.7/mt. That kind of stability counts for something, and shouldn’t be underestimated, owners are advised to remind themselves. Everything is coming up Panamaxes, one could say, with only a shiver of trouble appearing in the eastern basin as Pacific round voyages seem to have peaked at US$ 8,000 daily. Indeed, most new RVs for next week are said to be trading in the high US$ 7,000s. This uggests that owners may once again find themselves struggling to keep rates in place. Atlantic Panamax owners, on the other hand, remain well-placed for the ongoing South American surge as tighter avails mean TARVs can move into the middle US$ 8,000s. Trouble in paradise for the eastern Supramaxes as charterers put on the brakes before the weekend. Rate gains have come to a halt in the eastern basin. Pacific RVs are still hovering at around US$ 9,000 for 58,000 dwt tonnage, but we do hear that charterers have been moving their ideas downward for early April positions. Western trends remain on the bullish side, at any rate, as USG delivery is still giving owners good reason to pursue higher-than-last rate levels. Front hauls ex-USG are still rising, albeit more slowly, with US$ 19,000s reported by some for CJK redel even as US$ 18,000s are the new standard area for eastbound Ultramaxes.
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