15th March 2019
A slower week in the NWE coaster market with less activity and coasters were seen open throughout the week, including some trader relets. Strong winds, up to Beaufort force 11, across NWE affected vessels schedules and pilots were suspended in some ports causing further delays. The market enquiries that were quoted saw competition between owners, however, some were withdrawn as trading programmes were continually changing. On the larger sizes, there were limited semi-refs showing open in NWE due to vessels being pulled into COA’s whilst larger pressure tonnage continues to be fixed ahead and the next available ship is open over the weekend in Gib. The Med and Black Sea saw increased activity with various traders looking at stems that resulted in larger coasters being fixed for spot voyages or short time charters. Overall, rate indicators remain steady as there are continued options for charterers when fixing and no major activity to suggest a change in trends.
There has been a bearish view of the forward month CP values which has led to less trading activity on a prompt basis. There was no active buying interest from major receivers due to the downward revision of the April CP value. The S.China suppliers were trying to hold their FOB offers at low $50s/mt against the March CP for 2H March lifting and the same spread over to early-April lifting given that prices slipped overall. The Chinese wholesale market generally declined, major ex. S.China exporters’ prices softened with offers quoted at Yuan 4,000-4,250/mt level, and E.China exporters prices weakened which quoted at Yuan 3,550-4,180/mt level. The weakened sales in the E.China market led to a price fall in S.China market as suppliers were more focused on Chinese domestic sales rather than re-exports dealing over the week. Interest in freight slowed down due to several idle vessels as well as trader relets showing prompt positions in both SE and FE waters. The early redelivery of vessels on time-charter applied extra pressure as they looked for employment and resulted in some repositioning to the Indian Ocean or for West trading exposure.
Time Charter Fixtures
Vessel CBM Charterer Period Delivery Hire
Ayame 83,300 SHV 35 days AG Apr $32.50 pmt RT/C TCE
PGC Patreas 7,500 Aygaz 1+1 m E.Med HNR
Sale and Purchase/New Buildings
No Second hand sales/ Newbuilding news
No Scrapping news
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