Fearnleys Dry Bulk Market Report

Capesize The week has been heavily influenced by the Chinese New Year celebrations in the Far East. China is off the entire week and several other countries have been off for a few days as well. The market activity been very limited and the freight rates are flat. The West Australia market have since Christmas been steadily holding tick below USD 3 pmt mark, and the TC market for Pacific round voyage is around the USD 2000/day. There is a further increase in shipowners who now want to fix out their tonnage for period, as they see market is not likely to improve in near future, and period market still pays nearly the double of what the spot market presently trading at. However the period market is now well below OPEX. Panamax With Chinese New Year and most Asian countries away at the beginning of the week, it has been a very slow start. Rates are hovering around same levels as last done while the upcoming ECSA grain season is relighting some positiveness amongst owners. The start of the week has been in a wait-and-see modus where owners have been waiting for players to return from holidays. TA’s are paying around 2k depending on duration and destination, while fronthauls have increased somewhat with 6k being done. In the Pacific we see the rounds are being fixed in the low 2k’s. Supramax The past week has been influenced by the Chinese Lunar New Year celebrations. A quiet end to last week and an even quieter start to this week. Although there is some hope for a rally once the market is back at work, there is no sign of same yet. The Pacific is still wobbling around the USD 2000 mark, and the Atlantic is not faring much better. The fronthaul numbers have improved slightly and are ahead of the paper market now. This leg is presently trading at about USD 6000+USD 60,000 in ballast bonus. Period has been concluded at a premium to the spot market, but forward cargos are demanding a discount, if that is possible, to the spot market.