Handy/Supra owners unable to raise BlSea & Med levels from bottom

Noticing slightly brisker offer of grain within the Ukrainian export corridor, owners of Handy, Supramax and Panamax vessels try to raise rates from the bottom, at least negotiating shipments from Odesa, Pivdennyi and Chornomorsk. However, the tonnage list within the Mediterranean area is still too long for any upward signs:

• Thus, most inter-Med deals for 30-33k dwt carriers bss dely passing Canakkale via BlSea (excl. Ukraine and Russia) are still discussed at $5.5-6k daily;
• A trip by a standard Handy vessel bss dely APS Constanta redel Morocco is negotiated at $7-7.5k daily, which corresponds to $5.6-5.8k daily bss dely psg Canakkale;
• Moreover, the deal for a standard Handy ship bss dely passing Canakkale via Kavkaz roads redel WMed is discussed at mere $6k daily;
• Meanwhile, another carrier of slightly less than 30k dwt has been chartered at a much healthier level of $9k daily for a similar trip via Russia;
• The deal for a 30k dwt vessel bss dely passing Canakkale via Ukraine redel Adriatic has been signed at around $10k daily only.

As for other destinations:

• A 37k dwt Handymax ship has been chartered at $18k daily bss DOP dely Med via Russia redel China;
• As for larger tonnage groups, Supramax front-haul rates bss APS dely Med are still hovering at $12.5-14k daily, while those for Panamax fleet bss dely Port Said via Ukraine are voiced at $21-23k daily or at $14-14.5k daily + $500k bb.

As for the voyage basis, spot cargo offer remains generally very poor, with forward cargoes prevailing:

• Charterers target mid-$30s/t for spot shipment of 30,000 t of corn from Odesa or Chornomorsk to SpanMed bss 1/1 given 5,000 sshex bends l/d rates and 15 days of waiting times on owner’s acct, while owners are seeking to get closer to $40/t (theoretically equivalent to $10-10.5k daily vs. $14k daily bss dely psg Canakkale, while in fact corresponds to $6.3-6.7k daily vs. $8.4-8.7k daily plus demurrage/detention);
• A couple of deals for transportation of 55-65,000 t of corn from Ukraine to S.China are discussed at mid-$50s/t bss 1/1;
• Traders offer $20-20.5/t for shipment of 30,000 t of wheat from Romania to Algeria given 8,000x/2,500x l/d rates and 2H Mar laycans, which is equivalent to quite strong $8.7k daily bss dely psg Canakkale;
• As for other cargoes, the contract for transportation of bulk perlite from the Marmara Sea to Ghent with 3,000x/3,500x l/d rates is negotiated at low $20s/t (equivalent to $6.9-7.1k daily bss dely psg Canakkale);
• Charterers are ready to pay at best $25/t for shipment of 32-35,000 t of clay from Constanta to EC Mexico given 8,000c/6,000c l/d rates and 1H Feb laycans, which gives $6.1-6.3k daily in TCE bss dely psg Canakkale for a 35k dwt carrier);
• Besides, brokers suggest around $15/t for transportation of 40,000 t of clinker from Oran to Abidjan with 6,000c/10,000c l/d rates and early Mar laycans, which is equivalent to $10-11k daily for a Supra vessel.

In the small Handy sector:

• Charterers offer $11/t for shipment of 17,000 t of agri products (sf 50`) from Iskenderun to Lebanon with 4,000x/2,500x l/d rates, which is equivalent to $4.3-4.6k daily bss RV;
• Large traders are ready to pay $18/t for transportation of 15,000 t of bulk minerals from Iskenderun to Constanta given quick l/d rates, which gives quite strong TCE of $10-10.5k daily for a so-called backhaul laden leg;
• The deal for shipment of 13-14,000 t of feldspar from Gulluk to Vasto is negotiated at very high $10s/t bss 1/1 given 7,000c/7,000x l/d rates.