The market softened significantly this week as charterers were shown 5-7 offers on various cargoes. With the x-mas holidays coming next week and the overhang of December tonnage, expect rates to remain soft next week.
1,2 NSEA-UKC - Market very quite due to New Year break, expect rates to drop further as many vessel spot.
3. Baltic - UKC - (no ice)- Same as North Sea
4 Cross Med - Very little activity in the market due to New Year break. Turkish Straits which are now 3 - 4 days North and 3 -4 days South bound.
5 Far East - Rates were sluggish with limited activites over the holiday season. KPC fully fixed a D/H, Ocean Elegance at ws148. We expect rates to decline further
1. CARIBS - Panamax's have settled at the 245 level after a number of fixtures being done this week prior to the upcoming x-mas holidays. With ample tonnage still available for Dec dates and Afra's starting to soften, expect Panamax's to come soften next week.
3. FAR EAST- It's been reported that Exxon took a Panamax at l/s 800k (ws155) for Singapore to Shimotsu, a downslide of almost 15 on WS points from last done. Enquiries remain limited and if this carries on, rates will slide further.
1. North Sea - dty - Rates stable and trend is east.
2. Caribs - 2009 rates had not been worked as of Dec 31. Look for '09 rates to start around ws130.
3. Rotterdam-New York - Quiet on the market after x-mas. Looks like rates will fall if nothing happends soon.