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Baltic Exchange Shipping Insights

A roundup of the week's tanker and dry bulk market




The Capesize market meandered slightly upwards this week before giving back much of its gains mid-week. Opening the week at $24,945, the Capesize market closed the week down at $24,637.

The Atlantic Basin saw stronger gains initially as many saw an improving fundamentals position. However, subsequent declines have put a dampener on the situation.

The West Australian market maintained its range bound levels, opening at $9.268 to close the week out at $9.032.

Trading activity was concentrated on the second half of the week, as Monday was a public holiday in Singapore.

Assessing market fixtures is currently proving more difficult to analyse as vessels are now often carrying low sulphur fuel for primary fuel, or, their next intention is affected by the impending requirement to obtain it.

Two months out from the IMO low sulphur deadline there is considerable uncertainty still being heard as to the full impact this change will have on the industry.


Weaker sentiments continued from last week, with rates further softening in both Basins.

Overall relatively thinner fixture volumes were reported throughout the week, with holidays at the beginning and end of the week.

The tonnage list from the Continent to North Atlantic was described to be tighter, whilst a quick trip via the Baltic might have received a premium.

On the period front, Kamsarmax vessels were reportedly fixed at $13,000 level from Korea, or, $14,000 basis Singapore delivery.

A Kamsarmax, open Japan, was fixed for a coal trip via Australia back to Singapore-Japan, at $12,750.

A 76,000dwt ship open in Southeast Asia was fixed at approximately $12,000 for a trip via Indonesia to South China.

An 81,000dwt scrubber fitted vessel open Hamburg, was linked to a trip via the Baltic/Turkey, with redelivery Passero, at $15,000.

From East Coast South America, LME type was booked at $17,000 for moving grains to Skaw-Gibraltar range. A Kamsarmax was fixed in the $16,000s, plus a ballast bonus in the $600,000s, for a trip to the Far East.


Widespread holidays didn't help the market this week, with many key areas seeing limited fresh enquiry and tonnage building up.

Period activity was limited, with charterers taking a cautious approach in the short term.

From the Atlantic, East Coast South America lost momentum.

A 56,000dwt ship fixing basis delivery Recalada trip Mediterranean at $12,000.

The US Gulf saw a 61,000dwt vessel fixing at $15,250 for a petcoke run to the United Kingdom.

Limited fresh enquiry from the Continent/Mediterranean region held rates in check.

The Asian basin also lost ground from Southeast Asia a 56,700dwt ship fixed delivery South Kalimantan trip to South China at $13,750 plus a $50,000 ballast bonus.

The Indian Ocean region bucked the overall trend slightly, with rates remaining stable.

A 57,900dwt vessel fixing delivery Mongla trip via East Coast India, redelivery China, at $13,500.

A 58,000dwt ship fixed delivery Arabian Gulf for a trip to West Coast India at $15,000.


Like the larger sisters, the Handysize market also lost ground, with the Baltic Handysize Index (BSHI) dropping. The Atlantic suffered with very limited fresh enquiry, especially from East Coast South America, with prompt tonnage piling up.

A 30,500dwt ship fixing a trans-Atlantic run, delivery Santos, at $13,000 daily.

From the Mediterranean, a 32,000dwt ship fixed a trip with fertiliser to Bangladesh at around $16,000.

Whilst for trips back to the Continent, similar size tonnage was fixing in the $9,000 region.

Rates remained stagnant in the Asian arena, not helped by widespread holidays at the beginning of the week.

A 28,000-tonner fixing delivery Japan trip to Singapore at around $7,200. A 32,000dwt ship fixed delivery Vietnam trip to China in the mid $8,000s. From the Indian Ocean, a 34,000-tonner fixed delivery East Coast India trip to Vietnam at $9,000.

It remains to be seen how the upcoming week pans out with the return to work.



An increase in fixture activity saw rates slide again, as supply of tonnage still outweighs demand.

270,000mt Middle East Gulf to China is last assessed at WS 90, down five points for the week. 280,000mt Middle East Gulf to US Gulf basis Cape to Cape has fallen similarly to WS 55 level.

In the Atlantic Basin, rates for 260,000mt West Africa to China have come off a handful of points to WS 93 level, although 270,000 US Gulf to China has hovered around the $11m mark.


Rates for 130,000mt West Africa to UK Continent have plummeted another 30 points this week to WS 115, but still haven't found the floor.

135,000mt Black Sea to the Mediterranean has taken a shallower dive of about 15 points, to WS 145-147.5 level. 140,000mt Basrah to the Mediterranean rates fell a further 20 points over the week to mid WS 70s level.


Rates in the Mediterranean have continued their slide, with 80,000mt Ceyhan to the Mediterranean losing another 20 points to WS 105 level.

In the 80,000mt North Sea to UK Continent trade rates were driven down another 40 points to WS 100, while 100,000mt Baltic to UK Continent received the same treatment, settling at WS 85.

Across the Atlantic, rates for 70,000mt Caribbean to US Gulf also got pushed down, losing 15 points to WS 170.

Meanwhile rates for 70,000mt US Gulf to the Mediterranean have remained flat at WS 160.


A very slow week in the 75,000mt Arabian Gulf to Japan trade has seen rates drift down around 20 points, with the market assessed now in high WS 150s.

The LR1s lost five points with 55,000mt being fixed at WS 152.5.

In the 37,000mt Continent to US Atlantic Coast trade rates initially dipped marginally to WS 150 before recovering to WS 157.5/160 region.

The 38,000mt US Gulf to UK Continent backhaul trade gained four points to sit just below WS 100.

FFA basics: Baltic/ICS Lunchtime Lecture, Singapore

Kenneth Ng, Director of Digital Services at the Singapore Exchange (SGX), will look at the basics of FFAs and how they can be used to manage shipping market volatility and risk in the Baltic/Institute of Chartered Shipbrokers Lunchtime Lecture, Singapore, 27 November.

Kenneth has held various portfolios in commodities and derivatives units covering product development, management and sales.

12:15 - 13:00 Light food and drinks, networking and mingling
13:00 - 14:00 Kenneth will cover the basics of FFA, followed by short Q&A.

This event is complimentary for all Baltic and ICS members to attend on a first-come, first-serve basis. All others will need to pay a fee of SGD 100 to attend.

Please send the RSVPs via:

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.

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