Drybulk chartering market a game of patience

Being full of patience seems to be a good commodity for charterers nowadays, as mentionned by BMTI on the Cape section, Charterers with cargoes to ship appear to have enough patience to pull back and the market re-correct in a downard direction”. Same apply on the Panamax market with the BPI having probably reached his summit for this week. For sure today’s BPI is down below last monday level, let’s see if the next two days market quotations will follow this route or another one. With no surprise, the big ladies  are cooling down a bit (even the BLSEA origin increase is slowing down) when the Supras and handies are not hit by this movement, yet?

Patience is a nice thing to have, when you can afford to buy time, knowing Owners are also fairly good at playing this Buddha game and without willing to repeat what was said already (Melania did it very well), I don’t think that all the fundamentals on a balanced market can explain the current situation. Still too many ships at sea, still not enough cargoes in ports but at least on the BALTIC/CONT/MED/BLSEA the changes of origins combined with new crops in blsea being available are enough to make the traders swapping their interest and trading market is much quicker than our shipping industry to adapt to new situations. Reading in various reports, the exportations from BLSEA area are by far exceding importation. Talking about market changes surely owners of Four Rigoletto 34kdwt, reported fixed in BDI at 8’000usd daily dely continent to emed have made quite a good deal. Very decent money ex Continent, ending in an area, all going well for them in the middle of August with still cargoes to be moved. From wmed, handies do not hesitate to go towards blsea and can obtain fairly easily 8’000usd daily passing canakkale for intermed trade.

Patience or anticipation is another key to success for charterers from blsea, knowing owners confidence is here but knowing also market fundamentals are remaining the same, getting out with a cargo mid july (ie  last week) for shipment to be done beginning of August onward is a strategy offering the time to take either the spot ballasters from wmed or the ships very likely to be open in the area once the scrap is discharged. On the supra, from Turkish med to South africa via gib, we understood charterers gave away touch below 10’000usd daily on a modern 56kdwt, quite good money for owners with a fairly long shot, asking for the premium to end up in South Africa, where most likely they’ll have to ballast to ECSA, ECSA being quite deceptive market when the S9 is showing 4825 dely wafr to skaw pass via ECSA, index seems to be in line with the Amaggi fixture Recalada to Algeria on Bulk Beothuk done at 8’000usd daily. This fixture was done on 14th july.

Panama canal was the 2016 hit, will the Bosphorus bypass canal be the next one? If bosphorus bypass canal project  becomes real this will surely mean some more ships employements to bring construction material on site. and to end up if you’re still note convince about price of the patience commodity, have a look at this analysis found, for you; patience is a precious commodity

any questions, any comments, any remarks, I’ll reply to you patiently and with all attention requested

 

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