Both the BCI and time charter average climbed to the highest point of the year this week. Despite there being a few instances of breaching 5000 points in the last decade, the same level in the high 5000s on BCI was last seen only in early December 2009. On the time charter front, the week closed at $49,731 for the average of 5TC routes, which is also the new high since it replaced the 4TC in 2014. The west Australia to Qingdao voyage route climbed to $15.823 on Friday, from Monday’s $14.659, whilst the relevant time charter trip was now at $52,025. The shortage of ballasters to Brazil and in the north Atlantic surged the C3 Tubarao to Qingdao run to $36.125. The highest value among all time charter routes was at $74,850, for a standard Baltic Capesize vessel run from the Continent for a trip back to the Far East.
A passive and flat start to the Panamax market this week but positive sentiment built up throughout in most regions. A tight tonnage count on north Atlantic positions with strong mineral demand in the north alongside healthy grain cargoes both from ECSA and Black sea gave the market the impetus over the week. From South America, reports emerged of a couple of 82,000-dwt ships achieving $35,000 from a Singapore delivery position redelivery Far East. In Asia, levels held steady overall as congestion in China continued to impact too. Healthy demand from the NoPac and CIS Pacific origins fed support into rates coupled with reports of Grain houses securing tonnage from the Pacific for US Gulf and EC South America loading. Reports of an 81,000-dwt delivery mid China achieving in excess of $33,000 for a trip via US Gulf redelivery Far east. Period news included an 81,000-dwt delivery Taiwan agreeing $32,000 for six to nine months.
With the port congestion in China affecting prompt tonnage, the effect led to an influx of fresh enquiry and stronger sentiment all around in both basins. Period activity was seen and an Ultramax open south China fixing for short period at $40,000. From the Atlantic, demand from the south Atlantic saw a 63,000-dwt scrubber fitted (benefit for owners) fixing a trip from east coast South America for a trip to south east Asia at $29,000 plus $1.9 million ballast bonus. Elsewhere, a 61,000-dwt was linked to a trip from west Africa to China in the mid $40,000s plus mid $400,000s ballast bonus. Asia again saw gains, a 63,000-dwt open south China fixing a nickel ore run via Philippine’s redelivery north China option south China at $42,500 respectively $41,500. Whilst for Pacific rounds, an Ultramax was linked to a trip basis delivery north China via north Pacific redelivery far east in the upper $30,000s.
A week of positive gains on the BHSI driven by both basins. Congestion continues in Asia limiting numbers of open tonnage where rates continue to rise. A 33,000-dwt open China fixed a round voyage via Australia at $35,000. A 34,000-dwt open in Indonesia fixed a trip to Japan with a cargo of Metcoke at $38,000. A 36,000-dwt open in Thailand fixed via Australia back to Thailand at $39,000. In the Mediterranean, a 36,000-dwt open Port Said fixed to Houston with Cement at $42,000. A 32,000-dwt open in West Africa was fixed via the Eastern Mediterranean to Stockton at $30,000. In the US Gulf a 37,000-dwt fixed from the Mississippi River to Spain at $30,000. Period remains active with a 32,000-dwt open in North Coast South America fixing for two years at $18,000 with worldwide redelivery and a 38,000-dwt in Barranquilla fixing for seven to nine months $27,750 with Atlantic Redelivery.