USG Supramax ship owners enjoyed another month of positive corrections for spot shipments. Spot tonnage vs cargo ratio was gradually shifting towards owners’ favour, giving the opportunity for ships operating in the area to ask higher rates, especially on transatlantic routes.
The East Mediterranean remained an undesirable direction for ship owners and those trips were traded at a noticeable premium. Some forward cargoes were also in the market, so the overall sentiment returned to strong.
Freight rates for transportation of a Supramax-lot of petcoke from Houston to ARA ports with spot laycans are at US$33.50/t on average. Deals for delivery of 50,000t of petcoke from Houston to Iskenderun with spot laycans are discussed at around US$41.50/t on average. Shipping costs for delivery of a Supramax-lot of petcoke from USG to EC India are at US$61.50/t on average.
Meanwhile, the USG Supramax market is expected to strengthen further. The overall fundamentals suggest this market segment will remain firm over the next couple of weeks.
It should be noted that the rate growth may slow down due to the influx of vessels ballasting from the USEC and NCSA, as there is less cargo available there.
by Brannvoll ApS, Denmark
