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Baltic Exchange Shipping Insights

A roundup of last week's tanker and dry bulk market




The Capesize market was buoyant in both basins this week, posting gains across the board. After bottoming out the previous week, rates were seen to quickly rise.

This was helped along the way by typhoon Lekima off the eastern coast of China and a tightening vessel situation in the Atlantic.

The Capesize 5TC opened the week at $24,022 to close at $29,624. In the Pacific, most major charterers were present at some stage of the week, but struggled to get repeat trades at last done levels.

In the Atlantic, Vale was particularly busy for the Brazil to China trade, taking both prompt August dates and C3 September laycan dates.

Black Sea trade to the Far East was rumoured once again this past week, which also contributed to the tightening vessel situation.

With Singapore off on Monday it was a late start to the Pacific market, however it was quick to gather momentum.

Combined with the weather situation, the West Australia to China C5 trade opened at $9.164 and was pushed to $10.498 by index time Friday.


It was a strong week overall, with all areas feeling the pinch of a tightening of tonnage supply.

Pressure remained for September shipments of grain from East Coast South America.

The BPI P6 route index rose in excess of $1,400, with 82,000dwt vessels seeing around $18,000 per day, delivery Singapore.

Period activity was prevalent, an 81,000dwt ship open China being covered in the mid $15,000s for seven to nine months trading.

For Atlantic business a 75,000-tonner was fixed delivery Gibraltar for two to three laden legs Atlantic trading redelivery Skaw - Gibraltar range.

Black Sea fronthaul remained firm, a 81,000dwt vessel being covered delivery Constanza via the Black Sea, with redelivery Singapore-Japan, at $32,000.

The Asian arena saw a push, with an 85,000dwt ship fixing delivery Tianjin for August dates via East Australia, redelivery Japan, at around $15,000.

For Indonesian coal runs, a 82,000dwt ship was fixed delivery China via Indonesia, redelivery Japan, in the mid $16,000s.


It was an exciting week, with the surge in key markets from both basins bringing the BSI back above 1,000 points.

The US Gulf was showing soaring signs, with the route index having one of the biggest improvements among others, with the tonnage list remaining tight in the Mediterranean /Continent/Black Sea area and East Coast South America.

In the East, trading continued to be active after Singapore came back from its long weekend holiday, especially with Indonesia coal and North Pacific soda ash/grains lending support.

On the period front, a 58,000dwt ship open West Coast India was fixed at $14,000, with minimum 75 days up to a maximum 90 days duration and redelivery in the Persian Gulf/ South China range.

A 56,000dwt ship open Altamira was fixed for three to five months at $15,500, with redelivery in the Atlantic.

Fixtures were reported with high rates towards the weekend, this was despite a holiday on Thursday in most of the European countries.

A Tess 58 type open West Africa was fixed to run via East Coast South America at mid $16,000s, with redelivery in the East Mediterranean.

A Dolphin 63 type open US East Coast was fixed for moving coal to the Continent at $25,000.

In the Pacific, a 61,000dwt ship open North China was fixed for a North Pacific run at $16,700, with redelivery in Southeast Asia.

Most market participants considered this as a benchmark with higher expectations for next week.


Similar to larger vessel sizes, the Handysize index and its weighted Timecharter Average climbed further.

Early in the week, a 30,000-tonner open South Brazil was fixed for moving grains to the Continent at $14,000.

A 40,000dwt ship open Ireland was booked for fertilisers to East Coast South America at $11,400 for the first 40 days and $14,000 afterwards.

A 38,000dwt vessel open in the US Gulf was fixed to West Coast Central America at $17,000.

Rates came up again for vessels delivered in Southeast Asia with a 35,000dwt ship open Cebu reportedly fixing at $8,250 for two to three laden legs with redelivery in the Singapore-Japan range.



Middle East Gulf rates initially eased, with rates for 270,000mt to China hovering around WS 52/54 region before WS 57 was agreed for 'East' discharge.

For 280,000mt Middle East Gulf to US Gulf basis Cape to Cape the market now sits at around WS 24.5 down a shade from a week ago, though WS 26.5 was agreed for an options cargo.

The market for 260,000mt West Africa to China eased modestly to WS 53.5 before recovering as ENI took Maran tonnage at WS 57.5.

Hound Point to Korea went at $5.4 million, while 270,000mt US Gulf to China reportedly went at close to $6.25 million.


Rates for 130,000mt West Africa to UK Continent softened from low WS 60s to WS 57.5, with Rotterdam discharge fixed at WS 56.25.

The 135,000mt Black Sea to Mediterranean trade was steady at around WS 70 level.

There was a similar flat sentiment for 140,000mt Basrah to the Mediterranean, which still hovers around WS 32.5 region.


80,000mt Ceyhan to Mediterranean held at WS 72.5, with Black Sea to Mediterranean also static at WS 80.

In the 80,000mt cross-North Sea trade an uneventful week saw rates stuck in the low to mid WS 80s, depending on the precise voyage.

100,000mt cargoes from Baltic to UK Continent were fixing at WS 55, with 2.5 points premium paid for voyages requiring wider short options.

The 70,000mt Caribbean to US Gulf trade gained 2.5 points to WS 75 and 70,000mt US Gulf to the Mediterranean is now five points higher at WS 70.


The market for 75,000mt Middle East Gulf to Japan fell five points to WS 110 and remains under downward pressure. WS 105 was agreed for a ship with a not preferred last cargo history.

The 55,000mt to Japan trade also softened, with WS 105 agreed by Idemitsu, which is a 10 point drop.

In Europe a slow week combined with plenty of tonnage saw rates drop 12.5 points to WS 90.

Similarly in the backhaul 38,000mt US Gulf to UK Continent trade, rates fell 10 points to very low WS 80s.

This report is produced by the Baltic Exchange.

The Baltic Exchange, a wholly-owned subsidiary of Singapore Exchange, is the world's only independent source of maritime market information for the trading and settlement of physical and derivative contracts.

Its international community of over 650 members encompasses the majority of world shipping interests and commits to a code of business conduct overseen by the Baltic.

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