SHIPPING NEWS - DRY TRADE

Capesize: There were more signs of a healthier market and more support towards end of last week. However, in spite of a relatively good fixing activity the market remains relatively flat. The Australia/PRC round was done at close to USD 9 pmt, against USD 8.50 end of the period. For the Tubarao/Qingdao round Vale has been picking ships at USD 22 pmt, arnd five in total of which all giving Eta Tubarao first half July. Although Vale seem to be covered for now, their activity certainly have been important in obtaining more steady supply and demand balance. There are more players looking for short period tonnage, however with levels at high USD 20k's most owners don't find it very interesting. The main concern of the market is still the depressed steel demand in China, however it seems there has been reached a floor for now. Panamax: Market continue to drop in all basins, but Atlantic is more affected than Pacific this week. This supported by more spot/prompt positions from owners, most charterers belive trend will continue down. Some charterers are reluctant to fix and even holding cargoes off market in order to achive lower freights. On the positive side it's worth to mention the high export of coal from N. America to China. Fronthaul fixed at levels around 33k - while T/A rounds at level 23-24k. Pacific r/v see levels at very low 20' and backhaul at 14 - 15k. The few positives; obviously charterers hold cargoes to get market further down so when do they have to fix? also operators might take ships for medium periods at these levels.