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19-01-2019

US Gulf Coast Supramax dry freight falls $5,000/day on excess of tonnage

Dry freight time charter rates for Supramaxes sailing from the US Gulf Coast fell significantly again this week, as fierce competition between shipowners for scarce available cargoes continued to drive voyage rates down.

After falling more than $3,000/day last week, Supramax and Ultramax front-haul grains time charter rates were heard fixed in the market at $5,000/day lower than last done.
On Wednesday, Oldendorff fixed the MV Seaboni for a grains cargo sailing from the USGC to Japan at $20,000/day.

However, on Thursday, a Bunge-owned grains cargo sailing from the USGC to East Asia was heard being rated by shipowners at between $15,000-$16,000/day, with one ship operator predicting the rate would be as low as $13,000/day.

On Thursday, S&P Global Platts’ New Orleans to Kashima, 50,000 mt grains assessment closed at a 19-month low of $35.25/mt.

In the trans-Atlantic market, the MV Atlantic Elm was heard fixed by Centurion for a petcoke cargo from Pascagoula, Mississippi to Tarragona, Spain for January 21 onwards at $10,000/day, where similar fixtures in early December commanded time charter rates of around $21,000-22,000/day.

Trans-Atlantic petcoke freight has fallen $8.25/mt since early December, with Platts’ New Orleans to Iskenderun, 50,000 mt petcoke route assessed $2.50 lower day on day Thursday at $18/mt.
Source: Platts

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