The Baltic Exchange, the world’s independent source of maritime market data, has issued its report for the last week, 06-10 February 2023, to provide information of the bulk market performance.
ccording to Baltic Exchange reports, highlights of capesize, panamax, ultramax/supramax, handysize include:
- It has been a relatively quiet week, with a mild degree of adjustments from both basins.
- The average of the 5 Capesize timecharter routes eventually broke the $4,000 threshold on the last day of the week, pricing at $4,033, which is about a 15 per cent rise compared with last Friday.
- The Brazil to China voyage trade started the week at $16 and remained in the $16s throughout the week.
- The West Australia to Qingdao iron ore trade was reportedly done in the low $6s but the overall activity was rather muted.
- Despite healthy activity, the Panamax sector continued on its turbulent path this week.
- There was talk of a floor being reached in both basins, which could be argued is premature.
- The Atlantic witnessed marginally better volume but it was still limited chiefly to South America where a steady flow ensued.
- Rates for March arrivals on the fronthaul trips via East Coast South America were contained to the $13,000s, plus $300,000s delivery APS load port.
- A stable end to the week in Asia for the shorter Indonesia trades with healthy activity.
- A lethargic week overall for the sector with prompt tonnage availability outstripping demand in most areas.
- The effect has been that rates struggled as Charterers remained firmly in the driving seat.
- However, as the week closed, some felt that a bottom may have been reached with more enquiry on the horizon.
- There was period interest, but brokers commented there remained a big gap between Owners and Charterers expectations.
- The Atlantic overall remained negative.
- Split sentiment over the course of the week, as the Atlantic was largely negative whilst Asia more positive.
- East Coast South America remained under pressure and a 35,000-dwt was heard to have been fixed from Recalada to Brazil at $10,000, whilst a 34,000-dwt fixed from Aratu to Constanza at $8,000.
- In the Mediterranean, a 37,000-dwt was rumoured to have been fixed from Egypt to West Africa at $9,500.
- The US Gulf lacked impetus as some Owners decided to ballast away from the region to secure employment.