Dry bulk market edges further down on added pressure By total
Published: 2011.07.28
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EmailThe Baltic Dry Index (BDI), an indicator of dry bulk freight rates has reached new lows this week, with yesterday’s session ending further down by 1.07% to 1,296 points. Once again the Capesize segment posted the biggest losses, with the Baltic Capesize Index down by 0.88% to 1,800 points. On a similar note, the Panamax market was down by 0.39% ending at 1,532 points, while marginal losses were also recorded on the Supramax segment, which retreated by 0.08% to 1,265 points.
Referring on the Capesize market, the latest weekly report from shipbroker Fearnley’s said that “summer doldrums prevailing, with limited volumes traded and levels softening slowly. Atlantic being dull and without much direction - a softer USD 11,500 done for transatlantic round on nice 181kdwt/built 2010 and the Tubarao/Qingdao fronthaul conference trade hovering around an uninspiring USD 19.25/19.50 pmt. Pacific spot also suffering from a similar lack of fresh volumes, with the main climate indicator trade Dampier/Qingdao remaining stuck in the dismal USD 7.75/7.85 pmt-region. Little joy is expected short-term, as the number of ballasters heading west remains steady and possibly increasing. Period activity very limited, partly due to major players being absent - representative conclusions include 169kdwt/blt 2010 done for 5-8 months at around USD 11,400/day basis prompt China delivery” it said. In a similar report earlier in the week, shipbroker Shiptrade Services had mentioned that it was a soft week with rates dropping in both basins. “In the Atlantic region cargoes were thin with plenty of tonnage available. During mid-week we saw a short enquiry increase for Transatlantic round that improved rates just a bit, but soon levels dropped again at around USD 12.250 per day. In this respect the Brazil – China route moved the same way and at levels concluded around USD 19.30 pmt. In the Pacific, market remained at steady activity, but rates softened just a bit as iron ore majors were not eager for tonnage. Owners had to discount, and at week’s closing the Australia – China trade was concluded at levels around USD 7.85 - 7.95 pmt” said Shiptrade Services. Meanwhile, quoted by a Reuters story, Mr. George Lazaridis head of research of shipbroker Intermodal said that "we have seen a drop in activity especially from iron ore cargo, mainly due to drop in demand compared with about four weeks ago.”
On the Panamax front, Fearnley’s said that “the Panamax market had a slow start to the week with little business being reported. Seems there are more cargoes in the market, however some owners seem reluctant to fix at current levels. The period market has been nonexisting.
Vessels being fixed for Tarvs are now getting tick above USD 14k while the fronthauls are being fixed in region of USD 21k. In the Pacific we see a slight rate increase compared to last week with rounds being fixed at USD 8,600 while backhauls are being fixed at a poor USD 4k” the shipbroker said.
Shiptrade’s view on the Panamax market was the following: “Activity was steady but rates moved downwards. There was a good activity in the Atlantic but rates softened as an effect from the ballasters coming from the pacific. Rates for Transatlantic round began from USD 16.000 per day during early week, and eventually concluded at USD 14.000 per day. On the Fronthaul trade, there were not many owners willing to sail towards Far East, so levels ex Continent/Mediterranean remained at the same levels, around USD 22.000 per day, while the ECSA/F.EAST trade, concluded at levels around USD 24.000 plus USD 450.000 ballast bonus. In the Pacific we could still see a high volume of tonnage, combined with no increase on the requirements. Indonesia cargoes to India remained at a steady flow, but many Owners consider this as a last option. Rates for Pacific round were done around USD 8.000-8.500 per day basis N. China delivery, while rates for trips ex NOPAC moved upwards at levels around USD 9.750 per day basis delivery N.China/Japan range. (M/V Ellivita 75.522/99&rsquo
” said Shiptrade Services.
As for the smaller Handy market Fearnleys’ report mentioned that “the Atlantic is soft across all segments with little fresh enquiry and tonnage piling up with rates in mid 20´s for Supras back to Feast via Aden. Black Sea is ´dead´ and mainly supported by the odd grain cargo. Most tonnage prefers to stay in Atlantic thus there is more and more ballasters competing
at Gibraltar. Same situation on the Continent where tonnage is struggling to find good business. Outlook: soft. The Pacific remains quiet with not much change. For Indo-India, Supras in south China are getting close to 12k. Nickelore rounds are getting firm rates in low mid-teens. Very quiet on iron ore front due to monsoons as WCI-China rates slided to 10k and from ECI around 9k. RBCT biz fixed on ECI tonnage around 10k. Red Sea, ferts on handymax/Supras are fixed at very mid 20´s pmt on voyage basis to WC India. Period deals done at 12k for large Supras” it concluded.
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Demolition activity increases by 219% during first half of year By total
Published: 2011.07.27
Print EmailMuch to the delight of industry players, demolition activity numbers have been piling up across the board since the beginning of the year, helping to ease up oversupply problems as much as possible, though, as evidenced by depressed freight rates, still
not to much success. According to a recent report from shipbroker Golden Destiny, demolition activity has increased by an impressive 219% during the first six months of the year, compared to the same period of 2010, as capesizes’ underperformance has been enough to prompt ship owners to dispose of their older vessels.
“Average time charter capesize earnings are now hovering at $13,000/day in contrast with July 2009 levels when earnings were averaging at region $60,000/day. Since the beginning of the year, 47 capesize units estimated to have been sent for scrap comparing to only 5 units at a similar period in 2010 and 9 units in 2009. The large appetite for the scrapping of larger size units in the bulk carrier segment is expected to persist till the end of the year as the outlook in the capesize segment remains negative due to oversupply issues and fluctuations in Chinese iron ore demand” said Golden Destiny. Bulk carriers scrapped took 38% of the total market share. Also, during the second quarter of the year, the pace of dry bulk demolition activity was 38% higher than the first quarter of the year, accelerating significantly on the back of lower rates.
Overall, the first half of the year ended with 400 vessels in total reported for scrap at a total deadweight of region 18.3 mil of tons with bulk carriers and liners being the most popular scrap candidates. The demolition activity in the tanker and container segment has been subdued as there has been a sharp fall of 50% and 77% respectively from the first half of 2010. It seems that investors feel that the fully recovery in these segments is almost upcoming and they wait to see healthier earnings before deciding to send their vessels for disposal. In terms of the reported number of transactions, the demolition activity has been marked during January-June 2011 with a 21% decline from a similar period in 2010, while in terms of deadweight there has been a 27% increase due to scrapping of larger size units this year.
“In terms of scrap prices, there has been softness recently from the high levels paid in May with Bangladesh now offering more than India, $490/ldt for dry and $515/ldt for wet cargo. However, there are some worries about the trend in the coming weeks and it seems that sellers and buyers wait the new direction before committing to other deals. There is still uncertainly in the Bangladesh market as the decision regarding whether the market will be granted an extension has been set for July 12th. The expectation is that the extension will be granted and ruling is viewed more as a formality, but everyone expects the official green light before sending their vessels to the beaches of Chittagong. In India, there has been a weak sentiment during the last days with levels offered below $500/ldt for dry units and just excess $500/ldt for wet, but bulk carriers, reefers and liners continue to hit the market at firm levels. During the year to date, India was won around 229 vessels in their beaches, down by 18% from similar period 2010 levels. Bangladesh is still behind with only 49 units reported but there has been a enormous increase of 290% from the first quarter 2011 levels. China tries to narrow the gap with the India subcontinent region but the levels offered are not very attractive, mid $400/ldt for dry and excess mid $400/ldt for wet units, but there are some strong offers for dry units with full spares. Expectations of a strong bounce back of the Chinese demolition market during the Indian monsoon season were not eventually satisfied, while Pakistan has won the smallest share of the scrapping business this year, only 7% comparing to 13% from China. The significant fall in the tanker scrapping business may be the reason behind Pakistan’s slowdown since it holds a competitive advantage in this segment and bulk carriers, liners and reefers had been the most popular scrap candidates for this year” concluded Golden Destiny.
The Piraeus-based shipbroker also said that “as we move towards the third quarter of the year, the feeling is that the scrapping business will continue at firm levels for bulk carriers, while substantial volumes will also be recorded in the tanker and liner segment but at lower ratios. Scrap prices will keep their pace and they may rise again upon the official extension of Bangladeshi market operation, with India winning the largest share of the demolition transactions and Bangladesh to follow”.
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ellenic Shipping News Worldwide
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Tanker owners looking to ease oversupply problems By total
Published: 2011.07.26
Print EmailA recent report from CRWeber suggests that the long-term crude tanker outlook could improve, if the latest trend of orderbook cancellation and conversions’ acceleration is spread even more. The analysis said that “in stark contrast to 2010, when ship owners
sought investment opportunities and aggressively sought to capitalize on potential asset value gains by ordering tankers en mass, 2011 has seen a number of tanker order exits. The shift of interest to the LNG sector and with the physical market for large crude carriers showing little sign of an imminent meaning full recovery, the recent tanker orderbook reversal is unsurprising—if not entirely expected. Although it will remain to be seen if the number of tanker cancellations and conversions (and a continuation thereof) will be sufficient to hasten a meaningful recovery, what is certain is that it will not hurt the physical market.
With fresh deliveries slowing and demand at peak levels, there is reason to believe that crude tanker fundamentals reached their bottom during 2Q11. Present fundamentals imply that a true recovery is unlikely before 2013, meaning that among other potential drivers like a
shift from single hull phase outs to double hull phase outs, the recently observed levels of orderbook cancellations and conversions could potentially alter the supply fundamentals sufficiently to bring a recovery to a closer stage” said CRWeber.
Meanwhile, this past week proved no different for tanker owners. In its weekly report, shipbroker Barry Rogliano Salles said that “despite fair activity registered for VLCC tonnage from the Middle East Gulf for loading in the first decade of August, this activity has not had any significant impact on rates. After owners tried to push rates above the ‘magical’ figure of WS50 for voyages to the East ... one must confess that tonnage availability remains such that this figure might remain a ceiling more than anything else. At such a level with current expensive bunkers, daily returns are hardly above US$2,000 which obviously will keep owners’ results in the red for a while. With a net increase in the VLCC fleet of about 9 M. Tdwt over first 6 months of the year, one would need a ‘revolution’ to change the negative spiral. In the western hemisphere where tonnage is also abundant, the short improvement obtained by Suezmax tonnage did not last long enough to impact rates, which ended the week stable at WS50 for Wafr/USG and WS47.5 for Wafr to the East” said BRS.
Similarly, “it has been a quiet week on the Suezmax market. As expected the pressure started to slow down as from Monday morning. Only a couple of cargoes remaining from the week before were fixed at high numbers. For all incoming cargoes the trend was clearly negative as the tonnage list remains too large. The Wafr/Usac route has been traded as low as WS70 basis 130,000t giving a return on a round voyage of about US$7,500 per day. With a slow start of August stems from Black Sea, the Med market faced a negative trend too. Charterers didn’t find it difficult to cover the few remaining cross-Med cargoes with July dates at competitive rates. The feeling is that August will not bring any positive influence to this market due to a comfortable position list. Present market of max WS80 for a Black Sea/Med voyage basis 135,000t gives a return on a round voyage of about US$7,500/day” the report said.
Also, the north European Aframax markets experienced another flat week. According to BRS “with a limited number of cross-Cont enquiries, rates even came off another couple of points to WS102.5 basis 80,000t, with the same kind of scenario ex Baltic where 100,000t currently pays about WS80. The Med and Black Sea markets plunged again with far too low a demand. There is no doubt that as long as the Libyan situation is not resolved owners cannot expect any decent improvement in this zone. At present dull levels, daily returns hardly reach US$1,000 ... While voyages from the Middle East Gulf to the East remain subdued and stable at about WS115, the only positive news for this category of tankers came this week from the Caribbean where rates ‘jumped’ to WS115, although this was still not enough to put a smile on owners’ faces…” concluded BRS.
In the clean tanker segments, it mentioned that “the MEG cpp market was two-tiered this week as LRs were fairly active and MRs lost momentum. Indeed 75,000t of naphtha was on subs at WS127.5 by end week for the MEG/Japan run, a few points more than last done. 55,000t was fixing at WS125 for the same run, with owners looking to push up rates during the next round of fixtures. The MRs looked busy at the start of the week, but rates dropped on practically all routes as their short burst of activity was not sustained.
Cross-MEG cargoes fixed at US$260,000 lumpsum, and 35,000t naphtha MEG/Japan was concluded at WS142.5, cementing a 5 points drop on last done. The only solid route for MRs looks like the MEG/UK Cont run with owners reluctant to leave a “relatively” good paying market for a depressed west market. Owners have been talking US$1.75 million for 40,000t jet fuel for that run.Next week will determine whether the LRs will consolidate their steady rise, and whether the MRs will sink into the abyss, a steady flow of cargo necessary to fulfil both prophesies” said the report.
from : Hellenic Shipping News Worldwide
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Marine fuel demand seen falling on high prices-study By total
Published: 2011.07.25
Print EmailGlobal marine fuel demand is falling faster than previously thought as the high price of oil prompts energy efficiency developments in new ships, a study by leading consultants said.
"Ship owners and operators now accept that the prices are likely to remain high and we can expect significant improvements in design efficiency of new-builds, more focus on efficient vessel routing and the development of alternative fuels, including liquefied natural gas," a joint study by Facts Global Energy and Marine and Energy Consulting said.
"The study forecasts that the global market for oil bunkers by 2025 will be about 1.5 million barrels per day, or over 15 percent, lower than anticipated in their previous study, completed in 2008."
Benchmark European high sulphur fuel oil rose to $654.50 a tonne fob on Wednesday from about $425 a year earlier. HFO-ARA
The study also said global marine fuel demand will shift from high sulphur fuel oil with 3.5 percent sulphur content to low sulphur fuel oil with 1 percent sulphur, eventually seeing an increase in use of middle distillates due to tighter environmental regulations.
"A sharp increase in the demand for distillate bunkers can be anticipated in the next few years as the maximum sulphur content in bunkers consumed in an Emission Control Area (ECA) is reduced from 1.00 percent to 0.10 percent from 2015," the study said.
"This will inevitably stimulate middle distillate bunker demand. Prior to this, demand for low sulphur fuel oil is expected to increase when the U.S. and Canada introduce an ECA on their Atlantic and Pacific coasts from August 2012."
Source: Reuters
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Panamax rates to rebound slightly next week By total
Published: 2011.07.25
Print EmailRates for panamax dry bulk carriers on key Asian freight routes are expected to rebound slightly over the next week as intra-Asia coal activity drives a short-term recovery.
In the capesize market, rates are seen lower because of a slowdown in coal shipments to China and India, shipbrokers said on yesterday.
The rate of panamax vessels travelling via the transpacific route fell to US$8,375 on Wednesday from US$9,286 last week.
The market dropped to a five-month low of US$8,372 on Tuesday.
Rates seem to have bottomed out in the short-term and experts expect the market to rebound on rising intra-Asia coal trade.
'Rates in the Pacific basin showed some signs of stabilisation and we noticed more fresh enquiries for first-half August dates,' said broker firm ICAP.
'Looking at the cargo distribution, Indonesian coal remains the main driver but we see also an increased cargo volume out of Australia.'
BHP Billiton, the world's biggest miner, reported a faster-than-expected recovery in production of steel-making coal from its flood-hit collieries in eastern Australia but warned that it will take the rest of this year to return to full production.
Chinese thermal coal imports were expected to stabilise at around 100 million tonnes a year instead of rising, as previously expected, because of improvements to the country's own coal output and rail capacity.
In the supramax market, freight rates from the east coast of India to China fell to a fresh two-and-a- half year low of US$8,716 from US$8,971 last week as the monsoon season continued to dampen exports.
The market was expected to remain in the doldrums until at least September when the monsoon eases, allowing for some iron ore shipments to resume.
The rate for shipments from Australia to Japan and South Korea, two major coal importers, tumbled to US$9,468 a day from US$9,518 last week. The market hit a five-month low of US$9,390 on Monday.
Benchmark capesize fixture rates from Australia to China eased to a one-month low of US$7.750 a tonne on Wednesday from US$8.012 last week on waning freight demand.
'Dry bulk shipping demand growth is beginning to slow particularly for iron ore into the EU and coking coal into India and China,' said Douglas Mavrinac, analyst with Jefferies & Company.
The Baltic Exchange's main sea freight index fell for the ninth straight session, declining two points or 0.15 per cent to a two-month low of 1,328 on Wednesday.
The overall index has traded between 1,300-1,500 points this year, coming under pressure as ship oversupply outpaces demand.
Technicals indicated the index would seek support at 1,277, and resume a short-term uptrend towards 1,500 thereafter.
Rates for the Brazil-China route fell to a two-month low of US$19.558 a tonne from US$20.254 last week.
Source: Reuters
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Armed guards to be allowed on ships By total
Published: 2011.07.22
Print EmailTHE threat from pirates to British shipping is so great that UK-flagged vessels – including many that visit Southampton – will soon be able to employ armed guards as they navigate dangerous
waters.Shipping minister Mike Penning has indicated the Government is about to introduce new legislation which will change the present law and give the legal go-ahead for ships flying the red ensign to recruit armed guards.
Oil tankers, chemical carriers, container ships, and roll-on/roll-off vessels are increasingly being targeted by pirates, especially in sealanes close to the lawless state of Somalia.
Pirate attacks are also being reported off the coast of west Africa, Indonesia, the Singapore Straits and the South China Sea, where gangs armed with sophisticated automatic weapons and grenade-launchers, have boarded ships and taken crew members as hostage before demanding huge sums in ransom payments.
Merchant ships, the life-blood of the world economy, have already installed high-pressure water hoses to deter pirates, as well as sonic devices, originally developed for the US military, which send out a stream of ear-splitting noise in a concentrated beam, which can be aimed at intruders.
“Legislation will have to be changed to protect our seafarers around the world,’’ said the minister. “At present it is illegal to use armed guards on British ships, but we are where we are and I cannot ignore the situation.’’ The government believes the new regulations will regulate and control the recruitment of armed guards, and will stop any “cowboys’’ being allowed on board British ships.
Despite a naval task force patrolling near the Horn of Africa, Somali pirates have taken 361 sailors captive in the first six months of this year.
Source: Daily Echo
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Tanker owners still suffering from high bunker costs By total
Published: 2011.07.22
Print EmailThe constantly high bunker prices since the beginning of the year has affected tanker owners more than others, as they also have to face low earnings and increased competition among vessels,
on the back of oversupply issues. As a result, there is a lot to be gained or lost from the bunker economy. In a relative analysis, CRWeber said that “depending on who runs the calculation, TCE yields can vary widely. For instance, whilst we have assessed the benchmark TD3 route at $9,654/day basis today’s rate of ws49 with Fujairah IFO bunkers at 673/ton and assuming laden and ballast speeds of 13.5 knots. Others’ calculations are both more bullish and bearish.
One of the greatest bearings on the TD3 calculation is bunker consumptions and speed. Although many continue to calculate on figures around 14 knots laden and 15 knots in ballast, these are not entirely indicative of recent norms for VLCCs. We understand that 13.5 knots laden and 13.5 knots in ballast is presently more normal – though many vessels are performing ballast voyages at even lower speeds, with there being little incentive to proceed back to the Middle East at speed due to the recessed state of the market.
Of even more importance are assumptions on vessel consumptions. With a rapidly modernizing fleet, consumption figures which were indicative just three years ago are now misleading. Indeed, many new deliveries are performing much better than the historical assumptions of approximately 95 tons/day at 14 knots laden and 90 tons/day ballast range.
For period charterers, who assume responsibility for bunker‐related expenses, specific consumptions should be of paramount importance as some vessels – even those delivered within the past 18 months – can have wide variances on these terms. We recently compared a number of VLCC units and found that, even among those delivered within the past 18 months, the TD3 TCE can vary as much as $8,377/day assuming today’s variables. Thus, for charterers, the ability to fix a particular unit for a, say, $2,000/day discount to market, may not always be the best course of action” concluded CRWeber.
In a separate report, shipbroker Gibson commented on the recent demise of NY-listed ship owner Omega Navigation, which earlier filed for Chapter 11 backruptcy, saying that perhaps it wasn’t a complete surprise, given the current pounding most of the stock market quoted ship owners are having to endure. “The latest casualty of the current slump follows the demise of Eastwind Maritime (June 2009) and Korea Line (January 2011) and will certainly have a number of cash rich tanker owners eagerly awaiting details regarding any possible break-up of the Omega fleet. Omega was a victim of over-extended debt at a time of weak earnings and with no foreseeable resolution to these problems, collapsed under the pressure. Omega was born in May 2006 and invested the cash raised through their IPO into ordering newbuildings with the aim of timechartering out the completed tankers. The current Omega fleet consists of 6 MRs and 9 LR1s all less than 10 years old, together with 4 LR1 newbuildings with the last vessel scheduled to be delivered in September 2012.
The strain on owners is perhaps now even more intense than the fall in the tanker market in the 1st half of 2009, when owners at least had the cushion of the higher incomes of previous years. However, cash reserves have now been depleted and access to cheap finance is, in most cases, no longer available. The accumulated losses now incurred through poor freight rates, will of course produce more victims of the current recession. At the same time opportunities for owners looking to ‘snap up’ any bargains that may become available will become more apparent. Earlier this year, one New York listed company sold off a Suezmax and an Aframax tanker, at what was reported to be below market levels in order to generate cash. In May we saw the enforced auction of two 2009 built Korea Line MRs in an en bloc sale” said Gibson.
It went on to mention that “increasingly it is a buyer’s market, with those with cash to spend able to bide their time in selecting potential candidates to purchase. Other more practical developments come into play, with owners paying ever closer scrutiny to speeds and fuel consumption as bunker prices set to continue heading north. This in turn could force down second-hand prices for the older less efficient units still further. Our current estimate for a 5 year old MR is around $28M, 50% less than the peak price $56M (August 2008). In comparison shipyards still have reasonably full orderbooks, but have to pay more for materials and equipment as well as hedging against volatile exchange rates. This scenario means that newbuilding prices are unlikely to soften in the short term, which could be another reason why new orders for tankers have been limited. Omega is the last letter of the Greek alphabet (the conclusion), unfortunately this is unlikely to be the last failure of the current recession in the tanker market” concluded Gibson.
Nikos Roussanoglou, Hellenic Shipping News Worldwide
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DryShips plan bargain capesize salesBy total
Published: 2011.07.19
Print EmailDRYSHIPS is understood to be selling two mid-1990s-built capesize bulk carriers at a combined price of $34.5m that would imply a significant drop down in asset values of 15-year-old vessels of this size.
Sale and purchase brokers reported that the 1995-built, 151,066 dwt Brisbane and 1996-built, 150,393 dwt Samsara have been committed for sale to South Korean buyers at a price of just over $17.2m each, around $3m less than the $20m London-headquartered Clarksons estimates the value of a 15-year-old, 150,000 dwt capesize to be.
The apparent fall in values represented by this sale is not isolated, with brokers reporting sales each week that continually lower average price estimates for bulk carriers in all subsectors. Extremely weak chartering markets are putting great pressure on asset values, and brokers report even financially strong owners selling older and less economical tonnage to maintain young and efficient fleets.
If the sale goes through it would leave DryShips with a fleet of five capesize bulkers, all of which are under 10 years of age.
In contrast to the falling price of older vessels, another publicly listed Greek owner, Top Ships, was understood to have sold an 11-year-old supramax bulker for a price of $20.5m that brokers reported as “firm”.
The 2000-built, 45,526 dwt Amalfi was said in weekly sale and purchase reports to have been sold to another Greek, Panocean, for $20.5m, a deal that included the balance of a time charter that lasts until mid-December at $14,000 per day. This is around the same average level that a supramax can earn in the spot market, according to the Baltic Exchange.
Amalfi is the second bulker in as many months that Top Ships has offloaded, after reportedly selling the 2000-built, 75,933 dwt panamax Astrale in June for an only slightly higher price of $23m, which at the time weakened market sentiment of panamax values.
In May it was also reported as selling a 20-year-old medium-range product tanker, days after announcing plans to raid $115m through a reverse stock split.
The Nasdaq-listed company has been trading under $1 per share for most of this year, which threatens to see it delisted in the near future.
In the past week, hot on the tail of selling the 2004-built, 5,000 teu MSC Emma to Greece’s Paragon Shipping, Mediterannean Shipping Co has sold its 2003-built sistership MSC Linzie for $55m to rival Greeks Costamare, according to London-headquartered Clarkson Research Services in its weekly report .
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Near record high container prices could curb investment, says Drewry By total
Published: 2011.07.14
Print EmailAfter the critical shortages of containers of last year, production has picked up again, but high container prices and a tight ratio of containers to vessel slots will continue to constrain the availability of boxes, according to the Container Census – Annual Survey and
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Dry bulk market keeps falling on weak Capesize sentiment By total
Published: 2011.07.14
Print EmailThe dry bulk market kept on retreating on Wednesday, with the Baltic Dry Index (BDI) falling to 1,383 points, from 1,411 of the previous day. Capesizes have been the main losers, with the Capesize Index moving down to 1,965 points, from 2,022,
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