The Baltic Exchange, the world’s independent source of maritime market data, has issued its reports for the last week, 27 March – 3 April 2020, to provide information of the bulk and dry market performance. The information is used by shipbrokers, owners & operators, traders, financiers and charterers as a reliable and independent view of the dry and tanker markets.
Tankers – VLCC
- Activity in the Middle East continued apace with owners firmly in the driving seat. 280,000mt to the US Gulf via the Cape to Cape routing is rated at around WS 140. This is after peaking at WS145 region, up just over 27 points from a week ago. 270,000mt to China was fixed at WS210, before settling close to WS200.
- The market for 260,000mt, West Africa to China, firmed from low WS150s, to as high as WS197.5, before easing back to WS187.5. 270,000mt US Gulf to China ended last week around $15.6 million, but has seen renewed activity, with rates now hovering between $18.5/19million level.
Tankers – Suezmax
- The beginning of the week saw Petrogal taking Lemos tonnage for a run to Portugal at WS183.5.
- The latest info include WS170, agreed by Exxon to Europe, with US Gulf, at WS165.
- Rates for 135,000mt Black Sea to the Mediterranean started the week in the mid WS160s, they presently sit in the low-to-mid WS170s.
Tankers – Aframax
- In Northern Europe, 80,000mt Cross-North Sea has been steady in the mid WS150s. 100,000mt Baltic to the UK-Continent is now at WS120, down 10 points from a week ago.
- In the Atlantic the market for 70,000mt Caribbean to the US Gulf, regained five points to sit now at WS140. 70,000mt US Gulf to the UK-Continent-Mediterranean firmed 22.5 points to WS150.
Tankers – Clean
- The market in the Middle East Gulf to Japan trade for 75,000mt has been on an upward trajectory all week. Rates are now around WS210, representing a gain of over 30 points from the start of the week.
- The LR1s followed a similar pattern, firming from low WS170s to WS205. One market which declined was the 37,000mt UK-Continent to US Atlantic Coast trade, with rates now in the very low WS170s.
- However there was talk of a charterer subsequently struggling for tonnage and the feeling is slightly firmer here now. The 30,000mt clean cross-Mediterranean market stalled and presently is assessed around WS212.5, off around four points from earlier in the week.
Bulk Carriers – Capesize
- Vale announced that same evening it forecast cuts to iron ore output due to COVID-19 lockdowns.
- The market remains a touch above OPEX levels, with the Cape 5TC closing the week at $5,949.
- Cargo supply remains weak, while Covid-19 fallout looks set to increase over the coming weeks.
Bulk Carriers – Panamax
- The Pacific has been largely driven by strong demand out of the North Pacific. That has favoured Kamsarmax vessels, at rates ranging from $7,000’s to $8,000s, depending on delivery.
- South America continued to be the driving force in the Atlantic, along with a few signs this was starting to be eroded somewhat by the plausible Ultramax arbitrage opportunities.
Bulk Carriers – Supramax/ Ultramax
- COVID-19 resulted to the Baltic Supramax Index (BSI) losing over 100 points.
- Period activity remained quiet, but a 62,000dwt vessel, open Taiwan, was rumoured fixed for four to six months in the mid $9,000s.
- Ultramax vessel sizes were getting in excess of mid $11,000’s, plus over $150,000 ballast bonus, redelivery Singapore-Japan. The Asian arena similarly suffered, with little fresh cargo and prompt tonnage availability across the region building.
Bulk Carriers – Handysize
- A 34,000dwt ship was fixed for moving grains from Rouen to the West Mediterranean at $7,100.
- A 29,000dwt ship, open in Constanza, was fixed for a trip via the Black Sea to Morocco at $6,800.
- In the East, a 44,000dwt ship, open Singapore, was fixed for a trip via Indonesia to China at $2,500, and a 32,000dwt ship, delivery in Fujairah, was fixed for a trip to Taiwan at $4,500.
The full reports are available on Baltic Exchange’s website, under related category. Namely, the Baltic Exchange information is based on assessments made by a global panel of shipbrokers, covering voyage and timecharter rates for capesize, panamax, supramax and handysize bulk carriers; VLCC, aframax & MR tankers, LPG and LNG vessels as well as forward assessments, vessel values, market reports & fixtures and demolition values.
See also:
Baltic Exchange: Maritime market highlights 21-27 March
Baltic Exchange: Maritime market highlights 13-20 Mar
