After the Easter holidays, the Capesize market returned to negative territory with BCI and 5TC remaining the lowest among all the dry sizes. Lacking support from either basins the BCI declined 139 points to 1342 and $1158 on the Time Charter average to $11,127 today. There were minimal changes on C3 but C5 fell nearly a dollar to below $9, whilst the C10 transpacific route fell below $10,000 threshold currently at $9,563.
Most of the market news came from the Pacific including LSS taking 5 vessels for their cargoes from Indonesia to India but the details remained unconfirmed. There was talk of a major fixing below $9 for iron ore from Port Hedland to Qingdao Port early in the day but the rumour was not confirmed. FMG fixed their 160,000mt 10% iron ore from Port Hedland to Qingdao on 2/3 May at $8.75. Rio Tinto fixed their 170,000mt 10% iron ore from Dampier Port to Qingdao on 6/8 May at $9.10.
An inauspicious start for the Panamax market following the holidays, the market was slow to get started according to sources. However, with fundamentals largely unchanged pre-holidays the BPI 5 time charter index yielded a $337 gain to publish at $27,715. Asia appeared poised for a further push as sentiment remained positive with some seeing better bids but fixing activity had yet to get going thus far. Period activity included the Bahri Grain (81,855 2014) Dammam 21 April fixing basis 4/6 months at $31,200 to ST Shipping, whilst reports emerged of the Orion III (76,602 2005) CJK 20/30 April going to Ming Wah basis 4/6 months at $22,000.
A distinct lack of fixing and activity to report on but the market seemed steady according to most sources. On the surface demand ex EC South America still appeared healthy and with a decent amount of mineral demand too, the early feelings were largely confident of a push.
The Medi Gladstone (81,845 2016) Philippines prompt was said to have fixed for a trip via Indonesia redelivery Japan at $30,000, whilst the Inception (80,686 2011) Qinzhou 14 April fixed for a trip via Geraldton redelivery China $22,500 with BG Shipping. From the Indian ocean came reports of the Constantinos G.O. (87,450 2011) Paradip Port 14/15 April fixing for a trip via EC India redelivery China at $30,000 with Norvic.
After the long weekend it was a day of watching for many as both charterers and owners looked to see a clear direction in the Atlantic. Overall sentiment remained strong as brokers spoke of continued demand from key areas such as the US Gulf although some felt it was finely balanced. From Asia, more fresh enquiry was reported coming into the market from the south, combined with the continued lockdown in CJK fresh tonnage availability from the north was limited helping rates to push up further.
The BSI overall saw a gain of 44 points to finish the day at 2541.Little was heard from the Atlantic, meantime from Asia a 61,000 open Damman 17/20 April was heard fixed for a trip via Arabian Gulf to Bangladesh at $38,000. Also, a 61,000 was rumored fixed basis delivery Maputo was fixed for a trip to the Continent at $45,000. Further east, the Star Subaru (61,571 2015) was linked to a trip delivery Busan 17/18 April via Indonesia redelivery west Coast India at $26,000 although some heard it was closer to $25,500. Elsewhere, a supramax open Bohai Gulf was fixed for a trip to South East Asia with steels at $27,000. The Italian Bulker (63,482 2017) open Hong Kong 18/19 April was placed on subjects for a trip via Indonesia to China in the range of $26,000-$27,000. A 53,000 giving delivery Singapore was fixed for a trip via Indonesia to West Coast India at $25,000 but no further details came to light.
After a long weekend in large parts of the world, there are small hints of positivity creeping into both basins but not enough to turn the tide and the BHSI records a loss of 1 point. East Coast South America saw a small positive increase with some brokers saying the tonnage to enquiry balance had levelled out but more enquiry would be needed to continue this trend. In Asia, broker said there was still a lack of inquiry from South East Asia and parts of Australia into China, partially due to a lack of enquiry due to the restrictions put in place due to Covid-19. In contrast, Brokers said there was more activity for business loading in North China and Japan into South East Asia which had addressed the tonnage imbalance in that region.
In the US Gulf a 30,000 open at SW Pass was rumoured to have been fixed last week for a trip to the US West Coast with an intended cargo of grains at $24,000.
A 35,000 was rumoured to have been fixed for a trip from South East Asia for a trip to the US West Coast with an intended cargo of cement in the low $30,000’s. The Yangtze Pioneer (32,613 2011) open in Mackay with prompt dates was rumoured to have been fixed for a trip to South Korea at $26,000. A 34,000 open in South Korea was rumoured fixed for a trip to Indonesia in the low $20,000’s. There has been a small flurry of reported activity in West Coast South America, the Charisma GR (37,295 2019) open Guayaquil with mid April dates for trip to West Coast Central America with intention Puerto Quetzal in the region of $32,000 to Western Bulk Carriers. The Unison Jasper (37,296 2019) open Buenaventura with mid April dates was fixed for a trip from Callao to the Continent with at $28,000 to Trafigura.
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