The level of business has been particularly low since our latest report 15 days ago. This slow mood has translated into lower rates with the Capes falling down under the $100,000 par day, Panamaxes have retreated in the high 30’s while Handymaxes rates have stayed a bit firmer thanks to some pockets of activity.
The Panamax market sustained its downward trend across the board over the past ten days or so, although with little activity, which was widely expected considering the rate at which the market had jumped up in the previous month. But all is not negative as prior to the New Year festivities there was already signs of increased activity in the Atlantic for coal and grain and the general sentiment is that once everyone is back at their desks the market will start to turn up again.
The Handy-sized market was also very quiet over the last week with very few fixtures reported, hence it is difficult to assess any market level. One can guess that after 12 months of fury most of the players were having some rest. Operators are cleaning up their desk but one can already feel some underlying activity, particularly in the Pacific basin. The Atlantic will probably need more time to take-off with cargoes slow to emerge although sugar stems from ECSA to India will maybe bring some impetus.
Source: Barry Rogliano Salles, Shipbrokers, Paris