ECONOMIC NEWS:
- USA: Economic data from the past week indicated a still-weak job market in the US for August, although it showed some recovery compared to the previous month. The US economy added 142,000 jobs in August, with unemployment dropping to 4.2%. The market is anticipating that the FED will soon implement an interest rate cut, though the scale of the reduction (0.5% or 0.25%) is still uncertain.
- Vietnam: According to the Ministry of Planning and Investment, Vietnam’s economy has shown promising results over the past eight months. Inflation remained under control, with the CPI increasing by 4.04%. Budget revenue reached 78.5% of the annual target, and trade surplus hit USD 19.1 billion.
MARKET NEWS:
- Small Handy: The small tonnage market in the Pacific showed a quieter trend this week. Bagged rice cargo from Thailand to Indonesia was rated in the mid to high USD 30 PMT range, depending on the discharge port. A 10,000 DWT vessel was fixed for a period of around six months with a rate in the high USD 6,000 range. Additionally, a 6,500 DWT vessel was fixed at mid USD 4,000 for a trip from Japan to the Philippines. Furthermore, clinker cargoes of 6,000-11,000 DWT from North Vietnam and South China to Malaysia have struggled to find suitable vessels due to low freight rates, as owners showed a preference for fertilizer cargoes over clinker.
- Handysize: The handy segment faced a week marked by limited fresh enquiries across Europe and the Mediterranean, accompanied by a negative outlook for owners of prompt tonnage. The South Atlantic struggled with no improvements in cargo flow and an abundance of open prompt vessels. In the US Gulf, a lack of cargo led to a softening of rates, with owners revising their positions. A 35,000 DWT vessel open in Puerto Cabello was reportedly placed on subjects for a trip to St. In addition, Clipper fixed a small handy for a US Gulf-to-Colombia trip at a rate in the low $13,000s. The Pacific market also softened due to reduced cargo availability from Australia and Indonesia, with 25,000-28,000 DWT vessels trading at rates between $9,000 and $10,000 for intra-Pacific voyages.
- Supramax:
The Atlantic market saw limited activity. The MV HuanYang Rose, a 64,000 DWT vessel, was reported fixed at $25,000 for a coal trip from the US Gulf to Egypt. Meanwhile, a Supramax open in the Marmara Sea was rated at $12,000 for a trip via Turkey to the US Gulf.
In Asia, the market remained relatively flat. The MV NZ Hangzhou, a 56,000 DWT vessel, was fixed at $15,000 for a trip from Indonesia to China. Charterers also rated a 54,000 DWT vessel open in the Philippines at $13,000 for a trip from East Kalimantan to Thailand. The China/Feast market was stable, with a 55,000 DWT vessel fixed at $14,000 for delivery at CJK for a trip to the Persian Gulf, while a 57,000 DWT open in Xinggang was rated at $12,500 for a voyage to Weda Bay.
The Indian and Persian Gulf market remained weak with limited cargo. A 58,000 DWT vessel open in Kandla was reported fixed at $11,500 for a trip to South China, while a 63,000 DWT vessel was fixed at $14,500 for a limestone cargo from the Persian Gulf to West Coast India.
Best regards,
