As it was anticipated last week, dry bulk markets were volatile. The Capesize segment ended the week just a few points above the previous week after a mid week downward correction. Panamaxes have regained the ground lost over the past three weeks, but a slowdown in activity was felt during the last two trading days. The HandyMax market remains firm, as it has been since early February. Record-breaking prices have been achieved for yard-resale transactions with prompt deliveries now approaching US$36m for a super-HandyMax. Also a record breaking chartering deal by a Cape newbuilding fixed for 11/13 months at US$80,000/per day has been reported.
Panamax activity was reduced out of Richards Bay but this was mainly due to the downward pressure on the Capes following force majeure problems in Australia.
As a result of last week’s increasing rates in the Capesize and Panamax markets (except for the US Gulf), the Handy–Handymax rates have firmed up after a short week of correction/stabilisation. The Far East market has been more active although still softer than the Atlantic where vessels seem to be waiting for the grain exports to start.
A 48,000dwt newbuilding delivered Far East was fixed for two years trading redelivery world-wide at an average rate of US$31,000 daily.
Week ending: 14/03/2004
Source: Barry Rogliano Salles Shipbrokers