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VLCC/ULCC Markets w/e 5th March 2010
A busy week for the VLCC market with rates remaining steady around the W77.5 level for MEG/East and mid W50's to the West and with the healthy enquiry this week, around 80 spot fixtures have now been reported from the region Read More.
Handymax/Size Report w/e 5th March 2010
Large gains for owners in the Pacific have largely contributed to the pumping-up of the BSI this week Read More.
News
Monday 08th March 2010 - Handymax/Size Report w/e 5th March 2010
Large gains for owners in the Pacific have largely contributed to the pumping-up of the BSI this week.
At the time of writing (pm 4th March), the BSI had gained 141 points since Monday and the BHSI has improved by 70 units.
Very strong demand for tonnage in all areas east of Suez has enabled owners to push freights healthily upwards. Many owners were unwilling to take shorter trips and pressing for period while this spike lasts and charterers were forced to follow this move. A large Supra was reported fixed last night for short period in the very high $20’s per day basis delivery ex yard south east Asia – nice starting point for charterers with, say, coals to India as a first leg, hence the inflated rate. Furthermore, the shortage of tonnage to service India at the moment is leading to tonnage being fixed for round voyages basis delivery China and that area.
The Atlantic was in more hesitant mood at the early part of the week but since then we have seen a whole drove of new business hit the scene, thus rate levels have now jumped and during today’s trading we would expect the indices for these vessel sizes to leap. Continent, Black Sea, US Gulf will all improve and further south to service ECSAM we hear of a large Supra being paid $38,000 or thereabouts delivery West Africa trip Feast.
Next week, clearly the present demands upon charterers in the spot market are likely to continue and we expect to see more period fixing too.