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Capesize market leaps again, Far East Horizon fixes panamaxes on period

After taking a break on Wednesday, when it remained at a standstill, the Baltic Capesize Index (BCI) has leapt up a further 118 points today to reach 949, thanks in part to firming rates for trans-Atlantic round voyages and those for trips from the Continent to the Far East.

In the panamax market, China’s Far East Horizon has reportedly fixed a brace of panamaxes on contracts to major charterers.

The BCI’s weighted timecharter average (TCA) spot rate was today assessed at $7,076 per day, a $892 increase on Thursday and the highest level seen since early December.

Rates were up again for all the Baltic Exchange’s benchmark routes for capesizes, but trips from the Continent/Meditarranean to China/Japan (C9_14) have seen the most growth in rates since Thursday – some $1,486. Rates on the run were assessed today at $14,159 per day, according to Baltic Exchange data.

Navios Maritime Holdings is today reported to have fixed its brand-new cape Navios Mars (181,259 dwt, built 2016) to Phaethon on a trip charter, delivering promptly in the Black Sea and redelivering in China. The rate was reportedly $17,500 daily.

Once again, the only reported fixtures in the period market were for short-term contracts for panamaxes, as charterers choose to lock in rates and hedge against further rises.

Far East Horizon has reportedly fixed its kamsarmax Far Eastern Jupiter (82,655 dwt, built 2007) to Bostomar on a four- to seven-month period charter for $5,750 per day, delivering in Xiamen before calling at Gladstone, Australia, and then east coast India.

The vessel has been earning $7,000 daily over the past six months while on charter to Oldendorff, which is due to be concluded by the end of April – showing that period rates still have to make up for lost ground.

The Chinese owner is also reported to have fixed its panamax Vivian (75,735 dwt, built 2002) to Panocean for four to eight months at a daily rate of $6,500. The vessel will deliver in Singapore before heading to Yemen on its first leg.

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Holly Birkett

Holly is Splash's Online Editor and correspondent for the UK and Mediterranean. She has been a maritime journalist since 2010, and has written for and edited several trade publications. She is currently studying for membership of the Institute of Chartered Shipbrokers. In 2013, Holly won the Seahorse Club's Social Media Journalist of the Year award. She is currently based in London.
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