Good day, good morning,
Long time no speak, hope you had a good time and you missed this daily market comments.
Starting with the index, the last week drop has been mainly driven by the Capers which lost 332pts in the last 7 days of quotation (from 1,442 to 1,110) tried to be balanced somehow by the panamaxes which managed to gain 152 pts (from 865 to 1,017) while supras made +52 and Handies made +17.
on the handies, very little amount of fixtures were reported in the last few days, making it difficult to have a real feeling on how market’s moving based on the Baltic Exchange.
Continental/Baltic market is fairly active, especially for the +35kdwt getting fixed fairly quickly with relatively decent numbers. Towards Emed, Owners getting close (but still below) the $10,000 mark daily, need to be a +45kdwt to get $10,500 daily. Smaller sisters towards USG getting above $7,000 daily. Noticeably grain activity is fairly low and the market there is driven by the scrap or clinker or iron ore… Obviously hard to get a bargain for the few grains traders open around in Continent. Making the Algerian destination not really exciting for owners.
Blsea/Emed, handies managing to get $10,000 dop Istanbul if the destination is a ‘funky’ one, like Lagos (the Nigerian port not the Portuguese Lagos). Heard a 32kdwt was done on a 25,000 10pct grain stem few days ago bss 8000/3000sshex bends at touch above $24.00. Once again this BLSEA region is showing very limited activity on the grains. Ended the stock for last crop, awaiting for the new one to come in and taking advantage of this transition period for silos maintenance.
For these two above origins, might be worth to be cautious for the charterers, next weeks might be the waking up for the grains and if all are doing their “coming out” at the same time, while scrap remains active from Baltic Continent, local market may get steadier.
USG/USEC, is fairly active with WCCA/WCSA destination, offering kind of good numbers for owners around $12,700/15,000 but once finished there, Owners’ better off having a plan in their books to find next employement for the ship. Ex USEC very limited amount of cargoes proposed for the handies and when one showing up, charterers better off not disclosing their ideas and waiting for a boffer beating the boffer they already have in hands.
ECSA is managing to keep local owners busy but not enough to drive Tce towards Med/blsea at 5digits numbers on the handies/handymaxes.
Today’s BMTI in their “from a desk of a continental shipbroker” is mentionning some Owners trying to put some make up on their fixtures to make it more into their favors and trying to drive market up. Nothing which is unusual, really. Need to be very candide to take as granted 100% of the times figures reported being the actual ones. Trust everybody’s doing it, charterers shaving by few cents / dollars what they’ve done and owners inflating the tc equivalent… It’s more difficult for players being on the market with cargoes and ships in the same time in the same area!
What has not inflated is the share value of Dryships Shares, I did not run the % mathematic but it seems “DryShips shares are down over 65% in the last month alone and have dropped 99.85% since the beginning of the year“. See more info here .
Time to invest in ships then? this is what JP Morgan believe it’s wise to do with others’ money. Anton Pil, might be able to buy a Rolls-Royce* with his bonus.
*a rolls-royce ship, not the Phantom, being too much 2003 style