Shortage in Supramax
As tonnage in the East Coast South America (ECSA) region continued to outnumber fresh grain requirements, Supramax front-haul freight rates fell this week, reports Platts, quoting shipping sources.
The rate for carrying a 50,000 mt grain stem from ECSA to the Far East continued at that level until it fell to $9,500/d plus $95,000 ballast bonus Tuesday. It was $10,000/d plus $100,000 ballast bonus February 27.
That fall went against shipbroker and owner expectations in late February that the start of the South Atlantic grain export season in March would lead to a gradual increase in rates. Though grain exports from Argentina and southern Brazil do not normally peak before late April to early May, inquiry often builds up in March, leading to steady gains in rates early in the season, sources said.
Meanwhile, New York-based TBS Group has attracted the first third-party vessel to its fledgling supramax bulker pool with an entry from Mitsubishi Corp of Japan.
TBS Ocean Logistics chief executive Greg McNelis confirmed in an interview this week that TBS is taking in the 55,900-dwt Torm Regina (to be renamed Sky Magnolia, built 2011), which was delivered on 22 February.
Valhalla bought three 10-year-old supramax bulkers — the Oshima-built, 52,000-dwt Brilliant Sky, Jubilant Sky and Radiant Sky (all built 2004) — from Mitsubishi for what was said to have been $15.5m each. Valhalla grew then to a fleet of seven vessels, all supramaxes built between 2002 and 2004.
Meanwhile, Bocimar of Belgium confirms it has sold the Iwagi Zosen-built, 53,000-dwt bulker CMB Biwa (built 2002).
It is said to have gone to an Indian buyer for $9.4m. An earlier deal in February failed to materialize. The ship was put up for sale last November, when a price between $13m and $14m was considered realist
