Weather disruptions including strong wind, dense fog, rainfall and snow are reported around the Far East this week with a long list of port closures. Despite all the majors being in the market today the Capesize market appeared to be extremely quiet with limited C5 information or fixtures being reported. The overall index and 5TC both continued improving from last Friday, posting gains of 110 points and $906 at 2786 and $23,101 respectively.
There was lacklustre activity in the Atlantic at the start of the week. In the Pacific Rio Tinto was linked to fixing 170,000mt 10% iron ore from Dampier Port to Qingdao Port on 31 March onwards at $12.35. Other miners were heard to be in the market however no fixtures were reported or confirmed.
A morose start to the week for the Panamax market, the BPI 5TC index yielding a $859 correction to publish at $27,826 with little good news emanating so far. Period activity included the Guo Yuan 86 (86,374 2020) Yantai 23 March rumoured to have fixed 7/9 months at $33,000 but precise details remained scarce.
Mixed reports on rates ranging from $19,000 to $20,000 of the Patricia V (75,354 2010) Jorf Lasfar 15-17 March fixing for a trip via EC South America redelivery Skaw-Passero with Cofco, whilst the Cemtex Innovation (81,326 2013) Passero 12 March alternatively Gibraltar 15/16 March was said to have fixed but little else emerged.
A rather muted start to the week. However, some brokers said that there seemed to have been a clear out of vessels from the Mediterranean although little was reported. Elsewhere some spoke of little fresh enquiry from the US Gulf for fronthaul business, but it was still early in the week. From Asia, sentiment waned abit but some said rates remained comparatively strong.
From the Continent, XO was linked to the Mandarin Grace (56,693 2011) being fixed for a scrap run to the East Mediterranean at $20,000 basis delivery Gdansk. From East Coast South America, the TR Crown (53,474 2005) open Dakar 7 March was rumoured fixed delivery Recalada trip with grains redelivery Algeria at $42,500.
The Nighthawk (57,809 2011) open Bahodopi was failed on subjects for a trip from Indonesia to China at $46,000 with scrubber benefit to the charterer. The Rinia (56,809 2011) open Taizhou was reported fixed for a trip via Far East redelivery East Coast India at $40,000.
East Coast South America saw another large increase as the week began, brokers spoke of limited open tonnage and a growing list of requirements with rumours of a large handy fixing at close to $40,000 for a coastal requirement to North Brazil. In the US Gulf, brokers spoke of positive sentiment remaining from last week. After an extended period of positivity, the Asia markets have made negative moves as brokers spoke of a lack of fresh enquiry to begin the week. Charterers were said to be taking stock of the situation within China which has seen certain regions experiencing restrictions or lock downs due to Covid. Brokers said less period enquiry as of late, but the Global Faith (28,387 2010) open Colombo 16-24 March was fixed for 5 to 7 months with worldwide redelivery at $32,000.
The Alberto Topic (34,356 2015) was fixed from Italy via Turkey basis redelivery US Gulf with an intended cargo of cement at $20,000.
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