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Thursday, 29 April 10
SOUTH AFRICAN ROUNDS BACK TO INDIA SUPRAS CAN ACHIEVE AROUND MID 20S


Handy
Atlantic  markets  remain  firm.  Supramaxes  open  in  USG  are  now  achieving low/mid  50´s  to  the  FEast  and  there  is  more  petcoke  moving  ex  USG.  T/A rounds  at  mid  20´s.  Handymax  tonnage  ex  Bsea  is  achieving  mid  30´s fronthaul  and  Supras  low/mid  40´s.  Solym  was  rumoured  to  have  taken  the Maha  Avanti  dely  Wafr  for  5/7  mos  redel  Atlantic  at  USD  27500.  Handies (27/28000  dwt)  now  achieving  rates  around  usd  20000/day  to  stay  in Atlantic,  a  23000  dwt  was  rumoured  fixed  20000  for  sugar  via  Brazil  to  SE Asia.  The  outlook  is  for  stable  conditions.  The  FEast  was  stable  during  the last  week.  For  Pacific  rounds  Supras  were  fixed  in  the  mid  20´s.  For  Indo/ India  coal  trips  Supras  can  achieve  low  20´s.  For  short  period  Supras  trading in  the  mid/high  20´s.  The  Indian  market  for  iron  ore  trips  from  WCI  to China  picked  up  some  activity  and  Supras  trading  in  the  low/mid  30K.  For South  African  rounds  back  to  India  Supras  can  achieve  around  mid  20´s.

Panamax
Panamax  spot  market  has  fallen  back  slightly  over  the  last  week  although  on low  volume  indicating  resistance.  With  a  still  active  period  market  and  FFA market  falling  only  marginal  the  spot  market  turned  early  this  week  to  gain strength  in  both  basins   well  supported  by  the  re  bounce  in  the  Cape  sector. Fresh  grain  requirements  are  still  coming  out,  activity  has  increased,  but market  comeback  could  be  just  as  much  sentiment  driven.  Pacific  rounds  were fixed  just  under  the  30.000  mark  for  NOPAC/Auisse  rounds  and  even  long hauls  for  ECSA.  Atlantic  rounds  descending  towards  low  30.000  and fronthaul  fixed  at  low  40.000´s  until  picking  up  a  few  thousand  dollars  all over.  Period  market  is  still  active  both  for  short  period  like  4-6  but  also  for both  1  and  2  years  charter  around  28  and  24+  respectively.  The  FFA  market took  a  breather  after  a  nice  re  bounce  on  Tuesday  which  could  indicate  we  still see  room  for  upside  in  Panamax  freight  levels.

Capesize
Activity  and  rate  levels  picking  up  dramatically  on  the  back  of  increased demand  -  originating  from  Atlantic  in  particular  -  concurrent  with  persistent rumours  that  ore  negotiations  are  coming  to  conclusion.  Tubarao/China fronthaul  rates  are  up  43%  in  terms  of  daily  earnings  to  usd  63000,  whilst the  W.Australia/China  conference  trade  is  up  21%  to  come  in  at  usd  34000/ day.  Average  daily  earning  stand  at  usd  38500,  up  usd  11000  w-o-w.  Spot improvement  is  supported  and  partly  driven  by  paper  trades,  with  a  resultant revived  period  interest  from  major  players.  Representative  fixtures  include 169000  dwt/2009  open  China  early  May  securing  12  months  at  usd  34500, 170000  dwt/1999  open  China  ppt  doing  3.5-5  months  at  usd  34000,  and 174000  dwt/2006  open  China  mid  May  fixing  12  months  at  usd  33500.
Source: FearnreSEARCH



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