Chartering Conditions Dull Throughout Atlantic Sector

Friday, January 28, 2000
Chartering conditions were dull throughout the Atlantic sector of the dry cargo freight market, brokers said. Capesize activity was very limited and Panamax rates fell in both the grain and minerals trades. It was also said handy sizes continued to see very difficult conditions from the Continent while the market in Brazil and Argentina was described as weaker. The Baltic Dry Index (BDI) declined 10 points to 1,368, the Baltic Panamax Index fell 21 points to 1,379, the Baltic Capesize Index dipped four points 1,689, and the Baltic Handy Index lost three points to 1,045. GRAIN - In a relatively quiet Panamax grain market, softer levels were seen from the U.S. Gulf. Keoyang booked 54,000 tons heavy grain from the U.S. Gulf to Japan for February 15/25 at $21.25 (possibly Torm Tekla), down $1 from that fixed a week ago. Consequently charterers dropped their rate ideas for Panamaxes in the U.S. Gulf, with Cargill for example quoting $21 for its February 8/17 U.S. Gulf/Japan requirement compared to $21.50 only 24 hours previously. It was believed that Marc Rich had paid $13.25 for China Hope for 55,000 tons heavy grain U.S. Gulf/Egypt and not $13.80 as had been previously reported. The 1980-built Tycoon 62,000 dwt failed on subjects with MISR delivery prompt U.S. Gulf for a trip via Egypt redelivery Cape Passero at $8,000 daily plus a $170,000 ballast bonus. Iranian charterers were once again active in the East, brokers said. Olympic Galaxy 64,000 dwt was booked in direct continuation from Muskat for an Australian round voyage at $8,250 daily, and New Horizon 66,000 dwt delivery Taiwan prompt via Australia to Iran at $8,500 daily. The new building Amalia 75,000 dwt was fixed delivery Japan ended January for a trip via Australia to the Mideast Gulf at $11,250 daily, and Nordmax 72,500 dwt was taken by unnamed charterers delivery Japan early February for a trip via the north Pacific to the Mideast Gulf at $10,500 daily. - (Reuters)

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