Handy/Supra market improvement slowed down in BlSea & Med

After some weeks of climbing up, the large-tonnage market has almost lost its positive impetus in the Black and Mediterranean Seas. Even brisker grain offer from Ukraine after the extension of the so called grain corridor has bought little impact. At the moment:

• Similar to last week, most charterers are still not ready to pay more than $10k daily for 33-35k dwt vessels bss dely passing Canakkale via CVB redel Med, while owners are seeking to get more than $11k daily;
• The deal for a 28-29k dwt carrier bss dely Constanta redel Algeria has been signed at $10.25k daily, which corresponds to around $8.5k daily bss dely psg Canakkale;
• The deal for a standard Handysize ship bss dely passing Canakkale via Ukraine redel WMed is discussed at $13-14k daily, although most owners are seeking to get more than $15k daily;
• Inter-Med rates for Ultramax fleet via CVB are hovering at $14-15k daily bss dely passing Canakkale, while those via Russia exceed $20k daily.

As for the current TCT rates on long-haul routes:

• The deal for a cement run by a 39-40k dwt vessel bss dely passing Canakkale via TBS redel USG has been signed at very strong $16k daily;
• In the meantime, the contract for a 33-34k dwt carrier bss dely EMed redel Caribbean has been concluded at $11k daily, while a 36k dwt ship has been chartered at $11.25k daily bss dely Italy redel USG;
• Charterers offer $9-10k daily for Handysize fleet bss dely EMed redel ECSA, while owners are seeking to get closer to $11k daily;
• Supramax owners claim they are able to get $20k daily for usual clinker trips towards WAfr both from EMed and WMed, but most charterers target $17-18k daily max;
• Front-haul rates for Supramax vessels (excl. Russia and Ukraine) are hovering at $18.5-19.5k daily, while those for Ultramax tonnage reach $20k daily;
• Besides, Kamsarmax owners have got slightly less than $30k daily for a grain run from Ukraine to the Far East bss dely passing Canakkale.

There are slightly more grain offers from Ukraine this week, although rates differ greatly:

• A couple of similar deals for shipment of 25-30,000 t of corn from Odesa or Chornomorsk to Egypt or Mersin in 2H March and 1H April are discussed at $36-37/t given a 5,000 sshex discharge rate with AWRP and 14 days of waiting time on owner’s acct (equivalent to $14-15.5k daily bss dely psg Canakkale);
• Meanwhile, charterers are ready to pay high $30s/t for spot transportation of 35,000 t of corn from Chornomorsk to Egypt given 7,000x/5,000x l/d rates, which is equivalent to rather strong $18-19k daily bss dely psg Canakkale;
• Other charterers offer $35/t for shipment of 25-30,000 t of corn from Ukraine to the Adriatic Sea and $36/t to SpanMed bss 1/1 given 8,000x/5,000x l/d rates, while owners are seeing to get at least $3-4/t more;
• Traders offer $44/t for transportation of 30,000 t of grain from Ukraine to ARA ports bss 1/1, while owners are seeking to get high $40s/t (equivalent to $15-16k daily bss dely psg Canakkale given 14-15 days of waiting time and AWRP on owner’s acct);
• The deal for shipment of 55-65,000 t of soya from Odesa to South Korea with 8,000 sshex bends l/d rates and early April laycans is discussed at $59/t, which is equivalent to $27-28k daily for a Kamsarmax vessel and to $23k daily for an Ultramax carrier.

As for EU and Russian grain:

• The deal for shipment of 25,000 t of wheat from Constanta to Tunisia has been signed at around $23.5/t given 8,000x/2,250x l/d rates (equivalent to $10.5k daily bss dely psg Canakkale for a 29-30k dwt vessel);
• 40-45,000 t of wheat are carried from Constanta to Jorf Lasfar slightly below $20/t given 7,000x/6,000x l/d rates (means $12-13k daily in TCE bss dely psg Canakkale);
• Charterers target $28/t for transportation of 30,000 t of wheat from Kavkaz roads to Bari + Ravenna given 6,000c/5,000x l/d rates and 20-25 March laycans, which exceeds $16k daily bss dely psg Canakkale;
• Traders are ready to pay up to $30/t for shipment of 20-25,000 t of wheat from Kavkaz roads to Alexandria given 5,000 sshex bends l/d rates and early April laycans.

As for other cargoes:

• 20,000 t of slabs are carried from Novorossiysk to Iskenderun at high $20s/t given 4,000x/5,000x l/d rates (equivalent to $11.5k daily bss dely psg Canakkale with AWRP on owner’s acct);
• Charterers are ready to pay $27/t for shipment of 40,000 t of urea from Damietta to N.Brazil bss 1/1 given a 7,000x loading rate;
• Other charterers also offer $27/t for transportation of 30,000 t of fertilizers from Tunisia to N.Brazil bss 1/1 given an 8,000x loading rate;
• Carrying 50,000 t of coal from Taman to EC India with high l/d rates is estimated by ISM at $39-40/t.