Owners of Supramax/Ultramax tonnage feel growing pressure in Indian Ocean

30.06.2022 16:17
Tonnage: Handysize,  Supramax

After some positive shifts seen last week, Supramax/Ultramax TCT rates have started to go down again due to shortage of fresh requests in almost all parts of the basin. Players only report some backhaul requests from Persian Gulf, but these volumes are insufficient to support owners’ positions amid a long list of tonnage open in the WCI/PG area. Thus, corresponding TCT rates have dropped by $1-3k daily from last done levels:

Reportedly, a 64k dwt vessel has been chartered at $26k daily bss dely Bin Qasim via PG redel Bangladesh;

Another Ulramax carrier open WAfr has been fixed at $26.5k daily + 650k bb bss APS Saldanha Bay redel Far East;

A 55k dwt vessel has been chartered at $30k daily bss dely WAfr via SAfr redel Black Sea;

A ship of 53k dwt has been fixed at $23k daily for clinker transportation bss APS Fujairah redel Bangladesh;

Brokers suggest $26.25k daily + $625k bb for Ultramax fleet bss APS SAfr redel Far East, while relevant rates for Supramax tonnage are voiced by brokers at $25.25k daily + 525k bb;

Ultramax TCT deals bss APS SAfr redel WCI/Pakistan are discussed at $25k daily + 500k bb;

A Supramax vessel can be fixed at $35k daily bss APS SAfr redel Continent.

On the voyage basis, transportation of 50,000 t of limestone from the UAE to ECI costs $22.25/t;

Carrying 50,000 t of iron ore from Vizag to Tianjin is estimated by ISM at $26.25/t with 8,000c/12,000c l/d rates;

Transportation of 50-55,000 t of coal from Richards Bay to WCI is estimated by ISM at $32.75/t with 30,000c/15,000c l/d rates.

The sentiment has also turned negative in the Handysize sector amid limited cargo traffic from both Indian and Persian Gulf ports, and excessive tonnage supply:

A large Handysize ship has been fixed at $25k daily for steel transportation bss dely ECI redel SE Asia;

A 32k dwt carrier has been chartered at $19k daily bss dely WCI redel SE Asia;

Another Handysize vessel has been fixed at $21-22k daily bss dely WCI redel Far East;

A 32k dwt ship has been chartered at mid-$20s k daily for an inner-PG trip bss dely PG;

The contract for a coastal trip by a 27k dwt vessel has been signed at $22k daily bss dely ECI.

On the voyage basis, the contract for transportation of 38,500t of coal from Mozambique to ECI has been signed at $41-42/t with early July laycan (equivalent to around $35.5k daily bss dely SAfr).