Fresh Chartering Lifts Outlook For Market

Friday, November 19, 1999
Sentiment was lifted in the dry cargo freight market last Tuesday by both an actual and potential fresh chartering inquiry from grain and coal charterers in particular, brokers said. Capesize activity was believed to have increased strongly, although few new fixtures had yet come to light. Panamax levels were thought to be generally steady, but reports from the Handy sector were again limited. The Baltic Dry Index (BDI) rose four points to 1,346, the Baltic Capesize Index firmed 10 points to 1,749, while the Baltic Panamax Index and Baltic Handy Index were both unchanged at 1,361 and 935 respectively. Grain: Reports circulated the freight market that 400,000 tons of grain was scheduled for shipment from France to Iran in December/January, six Panamax cargoes from the U.S. Gulf to Egypt December 6/20, and 500,000 tons from Nopac and Australia to Pakistan in December. Consequently, Panamax owners believed there was adequate business to maintain current market levels in the short-term. Two 1999-built vessels were booked with November delivery Continent, the 73,000 dwt Celerina for 4-6 months trading at $10,500 daily by unnamed charterers, and the ABT relet Alpha Future 72,000 dwt for 3-5 months trading at $10,800 daily to Pioneer, both with world-wide redelivery. - (Reuters)

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