The week ended on a negative note with continuous downward momentum in both basins. The BCI broke the barrier of 10,000 points upon opening on Monday and closed at 7767 by Friday, whilst the average of five time charter routes declined from $82,722 to $64,417 throughout the week. The Pacific west Australia to Qingdao run moved sharply lower with the last done currently at the level of $16.7 per ton, reflecting a rate at about $54,813 per day on the relevant transpacific round voyage. Typhoon Kompasu was said to be causing some disruption to vessel schedules in the Taiwan, Philippines, South China region. In the Atlantic, transatlantic trips had not seen signs of recovery since last Friday. It was suggested few cargoes are left in the Atlantic but tonnage also remained relatively starved. Brazil to China run saw trades at $48 per ton early on in the week, with limited transparency in the mid-week. This subsequently dropped to $40 on Friday with tonnage reportedly fixing at such level on second half November loading dates.
The Panamax market returned a mixed week. Rates in the Atlantic were largely seen under pressure during the first half but rebounded as the week came to an end. Solid demand from NoPac kept rates in Asia well supported throughout. And with healthy coal demand as well, ex-Indonesia enabled the market to end on a high note. A long tonnage count and a lack of demand from the North Americas were largely the contributing factors to start the week in the North Atlantic. But it reached a floor midweek with nearby tonnage able to fix away as the demand returned. US Gulf grains appeared to be back in focus again with numerous accounts of November arrivals being concluded by differing grain houses. Asia again proved to be dominated by solid levels of activity from the NoPac with $41,000 being agreed for a nicely described 82,000-dwt delivery Japan on a NoPac round trip.
A stronger week than previously as key areas such as the US Gulf saw a shortening list of prompt tonnage and increased fresh enquiry from South East Asia. This again led to tighter tonnage. Overall BSI gained with a weekly increase of 159 points from last Friday. Period activity was seen with a 63,000-dwt open US Gulf fixing about one year’s trading redelivery Atlantic in the mid $30,000s. From the Atlantic, stronger numbers surfaced as Ultramax size saw in the mid to high $50,000s for trips from the US Gulf to Far East. Elsewhere, demand increased from West Africa a 52,000-dwt fixing a trip to the US Gulf in the mid-low $30,000s. Backhaul interest remained from Asia and an Ultramax open China fixing a trip via Taiwan to the Continent in the low-mid $30,000s. From South East Asia, a 60,000-dwt fixing a trip from Indonesia to China at $49,000. There was positive movement in the Indian Ocean, a 63,000-dwt fixing a trip from South Africa to China with redelivery Indonesia at $32,000 plus $1,175,000 ballast bonus.
After a prolonged period of positive moves the BHSI made some negative moves this week. In the Mediterranean, a 37,000-dwt fixed a trip from Tuapse to West Africa with an intended cargo of grains at $46,000 and a 37,000-dwt was fixed from Canakkale via the Black Sea to Tunisia with an intended cargo of grains at $35,000. East Coast South America has been more active with a 38,000-dwt fixing from Vila Do Conde to Norway with an intended cargo of alumina at $38,000 and a 39,000-dwt fixed for a coastal run from Bahia Blanca to North Brazil at $42,000. A 35,000-dwt open in Rio De Janerio fixed for two laden legs and Atlantic redelivery at $32,000. In Asia, a 32,000-dwt was fixed for a trip from Taiwan to the Continent at $35,000. A 35,000-dwt was fixed basis December delivery in the Atlantic for 12 months period at $27,750 and worldwide redelivery.