Baltic Exchange Dry Index 3703 DOWN 48
BCI Baltic Exchange Capesize Index 7034 DOWN 81
BPI Baltic Exchange Panamax Index 2868 DOWN 71
BSI Baltic Exchange Supramax Index 1750 DOWN 4
BHSI Baltic Exchange Handysize Index 768 DOWN 4
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25/6 2009 23:49 fcras 0
14291 Armada (Singapore) may be having its fair share of problems at the moment but it is also having its fair share of charter deals.
The charterer has followed up a number of recent fixtures with a panamax deal from China to India.
Front haul rates in the panamax sector were relatively unscathed from Wednesday but elsewhere there was a bit of a drop off while capesizes were quiet.
Panamaxes
Armada’s fixture was of the 76,900-dwt Good Season (built 1985) from China to India via Indonesia at $19,000 a day.
But the biggest eye-catcher was the $45,000 a day Transgrain has spent on a Europe-Black Sea-Persian Gulf trip with the 74,400-dwt FD Gennaro Aurilia (built 2007).
The 74,100-dwt Atlantic Eagle (built 2001) cost $33,500 daily for a trip from West Africa to South America and the Far East.
This is also what STX Pan Ocean spent $33,500 a day on a front haul via South America with the 76,800-dwt Fortune Ocean (built 2006), just a shade under yesterday’s price.
The Korean proved the biggest mover on Thursday as it spent $24,000 a day on each of two roundtrips from the Far East to Australia, booking the 74,100-dwt Africa Graeca (built 2001) and the 74,500-dwt Lilian Z (built 1999).
STX also went for the 69,300-dwt Pacific Pioneer (built 1994) from the Persian Gulf to South America and on to China at $24,250 daily.
Kru Trade spent $30,000 a day on a roundtrip from northern Europe to the Baltic with the 83,000-dwt Clipper Suffolk (built 2002).
And the Atlantic cooled a bit as $27,000 was put down by Oldendorff for a roundtrip with the 70,300-dwt Hanjin New Orleans (built 1994).
Supramaxes
There were a few strong rates here mixed in with some very ordinary ones.
A high was $30,500 a day from Windrose for the 55,700-dwt Tomoshio (built 2009) to go from the US Gulf to the Black Sea.
And the 52,700-dwt Tai Hawk (built 2005) cost $30,000 for a trip from Europe to the Far East missing out the treacherous Gulf of Aden.
A West Africa-Far East voyage with the 45,200-dwt Zhong Hai (built 1996) set Oldendorff back $24,500 a day.
By Eoin O'Cinneide in London
Published: 12:51 GMT, 25 jun 2009 | last updated: 12:52 GMT, 25 jun 2009
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26/6 2009 06:59 fcras 014304 Thursday, 25 June 2009 20:31
The latest estimate by Norwegian classification society DNV of the number of newbuilding orders cancelled puts the total at 564.
DNV's latest figure is higher than the 492 it reported in April and is less than some estimates from other sources.
Most of the orders cancelled were bulk carriers, with South Korean shipyards suffering more cancellations than Chinese rivals.
DNV's latest figure is based on sources that include firm information on cancellations including engine orders cancelled at engine manufacturers and cancelled orders for other shipboard equipment such as hatch covers for bulk carriers.
Even so, DNV senior market analyst Jakub Walenkiewicz said the process was not straightforward because some cancelled equipment orders turned out to relate to ships that were not formally recorded as having been contracted.
Simply using information from owners and shipbuilders on cancellations can be misleading because some owners announce cancellations that include options or pending orders together with firm contracts. One owner announced 10 bulk carrier cancellations, but only five of them had been firm orders. Shipbuilders are also often reluctant to admit cancelled orders.
In addition, Mr Walenkiewicz said some ships ordered at Chinese yards and cancelled by their owners were still being built but had been reassigned to Chinese owners, or the yards were continuing to seek new buyers.
The number of confirmed cancellations to date is still a relatively small proportion of the orderbook - just over 10% in the case of bulk carriers.
But Mr Walenkiewicz said that DNV expected the number to continue to climb and ultimately reach 25% of the orderbook.
However, he suggested that even after cancellations, delays to delivery and increased scrapping, this would not be enough to prevent major oversupply in the dry bulk market. His said there could be a surplus of as many as 697 bulk carriers by the end of 2010.
http://www.vinamaso.net/news-events/shipbuilding-repair/cancellations-hit-564-estimates-dnv.html
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