Handysize Bulker Earnings Reach Two-Month High

AVERAGE handysize bulker earnings on the Baltic Exchange have continued an upwards trend that started in mid-June, with dwindling prompt tonnage giving owners the upper hand.

News ID: 75183

Date: 25 July 2017 - 11:36

According to MANA, The average weighted time charter on the exchange rose by 2.4% to $7,338 per day at the close on Monday, the highest level since May 16. The Baltic Exchange Handysize Index, meanwhile, gathered 11 points from a week ago to settle at 500 points.

“With the number of prompt vessels dwindling, many charterers looked to obtain forward cover with a view that August would see further market improvement,” the Baltic Exchange said, noting that it had been a “moderately decent” week.

About five trades in the spot market were seen, fixed at levels ranging from $7,350 to $8,000 per day, according to Clarksons. Voyages ranged from Australia to the Singapore-Japan region and to South China, and from Indonesia to India. The lowest-priced deal was for a coal shipment from the Philippines to China.

In the secondhand sales market, a 2007-built, 37,400 dwt open-hatch bulker was sold for $9.3m, according to VesselsValue. That is $2.3m higher than a deal reportedly concluded for a 2007-built, 28,500 dwt vessel.

Two new orders were placed at Japan’s Saiki shipyard for $20m each, according to VesselsValue. The 37,000 dwt vessels are expected to be delivered in 2019.

In the demolitions market, a 1985-built, 32,700 dwt bulker was sold for scrap. It will be towed from Montreal to Turkey, according to the online data provider.