Baltic Exchange: Maritime market highlights 21-27 Mar

• 280,000mt to the US Gulf, via the Cape to Cape routing, is rated at the WS88 level, while 270,000mt to China is at WS112.5.
• The market for 260,000mt West Africa to China sank 25 points to high WS80s, before recovering to WS112.5.
• Rates for 270,000mt, US Gulf to China, dropped over $2 million on weaker sentiment

Tankers – Suezmax

• The market for 130,000mt West Africa to the UK-Continent mirrored the VLCC action
• The rates for 135,000mt Black Sea to the Mediterranean have remained flat for the week at close to WS115
• On the 140,000mt Basrah to Mediterranean route, rates dipped 20 points to WS70 level early on.

Tankers – Aframax

• Rates for 80,000mt Ceyhan to the Mediterranean are now at WS165, down 10 points from a week ago.
• Rates in Northern Europe lost 20 points.
• 80,000mt Cross-North Sea is now in the low-mid WS160s range, while 100,000mt Baltic to UK-Continent is now at high WS130s.

Tankers – Clean

• The LR1s followed a similar pattern, and after the market eased at the end of the previous week to high WS160s, rates have now consolidated in the mid WS160s.
• In the 37,000mt UK-Continent to US Atlantic Coast trade, the start of the week saw rates soften to close to WS165.
• Rates in the 38,000mt backhaul trade from the US Gulf to UK-Continent continued to fall.

Bulk Carriers – Capesize

• As Covid-19 continued to ratchet up tensions across the globe, the Cape market dealt with the change to remote working.
• Most regions of the world are now under no illusions as to the severity of this crisis and are acting to mitigate amongst the daily changing circumstances.
• Force Majeure declarations are increasingly common, with the latest heard being at European steel mills.

Bulk Carriers – Panamax

• A turbulent week with Covid-19 dominating headlines.
• Force Majeure was declared in several countries and integral shipping ports, as nervousness enveloped the market.
• Bright news of soya bean meal crushing margins turning positive in China and a good volume of fresh sales were concluded ex-Brazil and USA into China as a result thereof.

Bulk Carriers – Supramax/ Ultramax

• An anaemic week for the Supramax market – driven lower predominantly by the Atlantic routes, as macro concerns continued to weigh heavily on the index.
• On already decreasing cargo volumes, many charterers, who were not forced to comply with tight nominations, duly withdrew from the market.
• Brokers said that the tonnage count in the Atlantic continued to grow – correspondingly the offers appeared to track down.

Bulk Carriers – Handysize

• The consecutive positive trend since mid-February came to an end, with the overall Handysize Index (BHSI) declining from midweek.
• Rates from the Continent moved sharply lower, with limited cargo support, whilst some market players chose to move cargoes by using own tonnage.
• Volume was described to be thin in both East Coast South America and the US Gulf.