ISM Freight Market Weekly Digest // week 20
International Seaborne Market
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The Black Sea market remains under pressure, with still very large surplus of open vessels around. The cargo offer still looks extremely slow, with no positive movements expected until the new grain season. There are several owners with vessels open at the Sulina entrance who are ready to fix 5-7,000 t lots of corn or wheat from Izmail or Reni to EgyptMed or Mersin or Lebanon at $23-23.5/t, but most grain traders aim to pay even less.
The situation remains challenging for small-tonnage owners working in the Mediterranean Sea. It seems that the cargo offer has even decreased slightly: players report fewer fertilizer requests (relevant offer was relatively brisk in previous weeks and supported the market at least a bit).
The situation remains tense for Handysize/Supramax owners working in the Baltic & Continent. Thus, the offer of main cargoes is still minimal. Our sources note sporadic requests for transportation of fertilizers, steel scrap and grain cargoes. The tonnage list is rather long in the basin, which forces ship owners to make new concession.
Handy and Supra owners are unable to stop the rate decline in the Black Sea. The cargo offer remains extremely limited in the basin, while the list of open vessels continues to grow. Most charterers already target below $7-7.5k daily for 30-33k dwt vessels bss dely passing Canakkale via CVB redel Med, while owners are seeking to get at least $8.5-9k daily.
With ballasters from WMed adding pressure, the ECSA Handy market remains bearish, while demand for shipments with May laycans is limited. Thus, rates are falling. T/A TCT rates for large Handysize vessels bss APS ECSA are hovering within $15-16k daily, while rates for smaller Handysize ships are voiced at low-mid $10s k daily.
Supramax/Ultramax rates have softened in the Asia-Pacific region given slower coal traffic from Indonesia (especially towards India). A Supramax vessel has been chartered at $21k daily bss dely Surabaya redel China; several similar carriers have been fixed at around $17k daily bss dely CJK via Indo redel China.
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Uninspiring environment hurts freights in small-tonnage market
Owners suffer extremely unfavorable imbalance of cargoes and open tonnage
Trade rather slow, fates flat amid shortage of cargo
Sentiment remains uninspiring amid shortage of cargoes
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