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Saturday, 06 February 10
FREIGHT WOULD CONTINUE TO BE SOFT NEXT WEEK - VISTAAR SHIPPING


COALspot.com (Singapore):
The freight market continued to soften this week including  the stock markets. The main reason seems to be Chinese new year holidays and China's new tighter credit policy affecting investor confidence.

BDI
The BDI dropped by 133 points by 5 pct and closed at 2,715 points. The cape index dropped almost remained stable at the close of the week with a drop by only 20 points and closed at 3,474 points. Maximum drop was seen in the Panamax index which dropped by 275 points by 8 pct and closed at 3,141 points. The Supramax index dropped by 115 points by 5 pct and closed at 2,156 points. The handy size index dropped by 68 points by about 6 pct and closed at 11,095 points.

AVERAGE CHARTER HIRE
The average charter hire was at Cape US$ 31,889 per day, Panamax US$ 25,277 per day, Supramax US$ 22,540 per day and Handy size US$ 16,012 per day. The Supramax index in the Fareast (S6 route) continued to softened and was down by US$ 1,350 per day and closed at US$ 16,570 per day.

“It seems that freight would continue to be soft next week because of Chinese new year holidays” - Capt. Reddy, Vistaar Singapore

“It seems that next week also would continue to be soft because of Chinese new year holidays” said Capt. Reddy, Managing Director of Vistaar. The ECI/China (S7) route softened by US$ 1,497 per day and closed at US$ 25,863 per day. Short period rates for Supramax was around US$ 21,000/22,000 per day for vessels opening Far east/SE Asia. Supramax charter rates for one year is around US$ 19/20000 per day.

THREE YEARS FUTURE
The futures for three years(2010-2012) remained unchanged and was at around Cape US$ 30,000 per day, Panamax US$ 19,000 per day, Supramax US$  16,500 per day, Handy size US$  12,500 per day.


PORT CONGESTION
The congestion at Australian ports in the EC for coal loading was at record high at 148 vessels (last week 137 vessels), which is highest in 3 yrs. The congestion increased due to bad weather and some shippers declaring force majeure. The number of vessels waiting at DBCT and Newcastle was around 53 vessels. The  waiting at DBCT was around 30 days , Hay point and Gladstone 10-12 days and Newcastle about 16 days. On the WC Australia  iron ore vessels waiting was same as last week at 25 vessels (last week 25 vessels). The waiting at Indian ports for coal vessels was quite normal around 3/4 days.


CRUDE PRICE
The crude prices continued to be soft and the Brent crude prices was at US$ 70.23 per barrel (last week  US$ 71.31 per barrel). The  prices of bunkers softened to US$ 444 pmts (IFO 380 CST ex. Singapore) on 5th Feb 2010.

FREIGHT FORECAST
Click here for Vistaar’s forecasted (subject to terms & conditions) spot freight rates for coal & Iron-ore cargo for specific routes(cs)



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