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Middle East Gulf rates for 270,000 tonnes going long east have remained steady in the low WS 70s while 280,000 tonnes to US Gulf was fixed at WS 28.5 cape/cape, although brokers feel there is potential upside. West Africa/China is maintained at around WS 71 and Indian charterers fixed equivalent WS 68.5 to EC India all basis 260,000 tonnes cargo. Fuel from Rotterdam to Singapore went at US$3.45 million whilst a Caribs/Singapore cargo is on subjects at US$4.35 million.
Limited enquiry in West Africa saw tonnage building and rates eased six points to WS 83.25 for 130,000 tonnes to Europe. Black Sea slipped 10 points to WS 92.5 for 135,000 tonnes to Mediterranean, with Korea fixed at US$2.95 million. Black Sea/US Gulf was fixed at WS 70 for 130,000 tonnes with WS 72.5 agreed for 135,000 tonnes from Ceyhan/Canaport.
A surfeit of tonnage in the Mediterranean saw rates for 80,000 tonnes lose a significant 40 points with a Sidi Kerir/Med covered at WS 90. Limited activity in the Baltic saw rates for 100,000 tonnes drop 12.5 points to WS 65 and remain under pressure. In the 80,000 tonnes cross North Sea trade rates followed suit, easing 15 points to WS 85 level.
A busier week in the 70,000 tonnes Caribbean/up coast saw early tonnage fixed away leading to a modest five-point rise to WS 100 before EC Mexico/US Gulf was subsequently covered at WS 115.
The market held at WS 115 for 55,000 tonnes from ARA and Skikda to US Gulf.
The market for 75,000 tonnes from Middle East Gulf /Japan was steady at WS 122.5 with 55,000 tonnes rising 2.5 points to WS 125.
Continent to USAC gained 10 points to WS 110 for 37,000 tonnes with potential for further increases.
Rates for 38,000-tonnes from US Gulf to UKCont gained 37.5 points to WS 137.5.
The week began with the major ore routes fixing around US$7.50 for west Australia and US$17.70 for Brazil and currently vessels are achieving around US$8.20 and US$19.50 level respectively, although there is a suggestion that the US$19.50 fixed on Genco Titus for end November dates might have failed.
Saldhana Bay to Qingdao was fixed on Koch tonnage for 6-8 December loading at US$14.20 with Anglo.
The Genco Tiberius 175,874-dwt 2007-built, open Hong Kong 12-15 November fixed earlier this week for a round voyage via Dalrymple Bay at US$21,000 with Jiangsu Steamship.
In the Atlantic, as tonnage was progressively tighter during the week, some fixing activity included NCSC taking ECTP tonnage for Bolivar to Hadera loading end November at US$12.50 and Elcano fixing Cargill tonnage for Tubarao to El Dekheila loading 15-25 November at US$13.55.
On the period front, the only fixture rumoured was the Great Yuan 178,979-dwt 2010-built, was rumoured to have fixed delivery China early December for 12-15 months period at US$16,000 with Classic Maritime.
The market has slowed and rates have softened everywhere.
At the beginning of the week, the Atlantic seemed strong for transatlantic business with a modern kamsarmax fixing at US$16,000 daily for Colombian round voyage.
But the sentiment changed very quickly and rates were under pressure for the second half of the week, with similar types fixing in the US$11,000's daily for rounds.
Front haul grains seemed more focused on east coast South America and rates still eased due to the weaker Pacific market, but the decline was not as severe as the transatlantic routes.
The Pacific appeared to be quieter than normal and a long list of prompt panamax tonnage saw rates for the 75,000 dwt drop from around US$12,500 daily level for a NoPac round voyage at the start of the week, to under US$10,000 by Friday with one spot vessel open South Korea rumoured fixing around US$9,250 daily.
Period activity understandably tailed off as the week progressed.
Both basins this week have struggled, with most routes under downward pressure.
The only exceptions being from the US Gulf which saw positive gains.
Here a 53,500-dwt was reported fixed for a trip to the east Mediterranean at US$17,000 daily.
For trips out to Singapore-Japan an ultramax was fixed delivery Southwest Pass at US$25,000 daily.
Elsewhere in the Atlantic rates moved sideways a 56,800-dwt was fixed delivery Canakkale for a trip to west Mediterranean in the mid US$12,000s and for fronthaul trips an ultramax was fixed at US$22,000 daily basis redelivery Middle East Gulf.
Limited activity was seen from east coast South America, a 52,400-dwt fixed delivery prompt trip to the Mediterranean in the upper US$14,000s.
There was very limited trading in the Asian market this week as a build-up of tonnage pushed rates downwards and sentiment remained weak.
A 56,800-dwt was fixed delivery Kwangyang with nickel ore via the Philippines to China in the mid US$8,000s.
From South Africa a 58,000-dwt open Richards Bay was rumoured fixed for a trip to China at US$12,500 plus US$250,000 ballast bonus.
Once again, another fairly slow week with sentiment lending little support.
After a successful private trial, it was the second week that the BHSI 38 index was published basis a public trial, with assessments on the new Imabari 38 benchmark vessel and the seven time-charter routes.
Most of the routes on both vessel sizes further softened and both Atlantic and Pacific markets remained weak.
In the East, a 42,000-dwt 1998-built was fixed at US$8,000 daily for a coal trip via Indonesia to China with delivery in the Philippines.
A smaller-sized handy was fixed at US$7,000 daily to run from mid-China to Southeast Asia.
An inter-Mediterranean trip paid US$9,000 per day on a 37,000-dwt delivery Canakkale, which brokers considered on the low side.
Handysize public trial
Following a successful private trial, the Baltic Index Council has approved the commencement of public trial reporting as of 1 November 2017, on the new handysize Imabari 38 benchmark vessel and 7 TC routes.
Lunchtime lecture series
The second in the series of lunchtime lectures for broking and operations teams will take place at the Singapore Exchange on 29 November. The events are organised by the Baltic Exchange in collaboration with the Institute of Chartered Shipbrokers (ICS).
The theme for the lecture is 'West looks East', looking at the increasing freight demands from BRICS nations, the impact of technology and how these factors are affecting owners and charterers trading through the London and Singapore shipping centres. http://thebalticbriefing.com/2017/10/18/lunchtime-lecture-west-looks-east/
This report is produced by the Baltic Exchange.
The Baltic Exchange, a wholly-owned subsidiary of Singapore Exchange, is the world's only independent source of maritime market information for the trading and settlement of physical and derivative contracts. Its international community of over 650 members encompasses the majority of world shipping interests and commits to a code of business conduct overseen by the Baltic.
For daily freight market reports and assessments, please visit www.balticexchange.com.