BANCOSTA Weekly Market Report

[Pages:14]Weekly Market Report

Week 44/2019 (28 Oct ? 01 Nov)

Comment: World Steel Production in Q1-Q3 2019

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World Steel Production in Q1-Q3 2019

Global steel production showed remarkably decent growth in the first half of 2019, increasing +4.9% year-on-year to 925.1 million tonnes in the January-June period, according to Worldsteel data.

However, the third quarter has proved significantly more challenging. Global crude steel output in Q3 2019 was 464 mln tonnes, according to Worldsteel, just +2.0% year-on-year.

The total for the January to September period was 1382 mln tonnes, up +3.4% year-on-year. This is a significant slowdown from the +4.9% growth recorded in the same period last year, and +5.8% in 2017. Nevertheless, the global figures hide significant differences in performance across regions.

China, the world's largest producing country, continues to lead gains in steel production, increasing +8.4% year-onyear to 747.8 million tonnes in the first 9 months of 2019, based on Worldsteel data.

China's steel output cut policy for this coming winter period will be similarly soft to the one implemented last year, with more autonomy given to provincial governments, and with higher performing mills exempt from the production restrictions. This could mean a continuation of strong steel production and more pressure on steel prices.

Despite efforts from the government over the past few years to streamline the industry and make it more financially viable, fragmentation appears to be worsening again. Beijing set a goal for its top 10 steelmakers to own 60% of production capacity by 2020. However, production by members registered with the China Iron and Steel Association (CISA), mostly state-owned firms, grew at +5.9% year-on-year during the first 8 months of 2019. Production by nonmembers, mostly private firms, surged 19.4%, according to CISA.

The Ministry of Industry and Information Technology recently warned that the sector is still having trouble with increasing illegal capacity, including new mills not approved by the government and those that were supposed to be shut in capacity swaps. The Chinese Society for Metals warned of growing competition in high-end products too, indicating that there are signs of overcapacity in stainless steel, electrical steel and auto sheet steel.

Elsewhere, India has finally managed to overtake Japan as the world's second largest producing country, as their steel production increases +3.5% year-on-year to 84.2 million tonnes in the first 9 months of 2019.

However, dark clouds are looming on the horizon. A deepening credit crunch in India's shadow banking industry following the collapse of a major infrastructure lender in 2018 has sharply dented spending on cars and real estate in India. Domestic steel consumption in September was at its lowest since the start of the fiscal year 2019/20, according to official data. India's GDP growth slowed down to a six-year low of +5% in the April-June quarter. The extent of the slowdown is prompting companies to revise capital expenditure plans and others to question the ability of companies to achieve debt reduction goals.

Output from Japan, the world's third largest producing country, decreased -3.8% year-on-year to 75.6 mln tonnes in the first 9 months of 2019. The European Union as a whole produced 122.5 mln tonnes of crude steel in the first 9 months of this year, down -2.8% year-on-year. Production from top producers Germany, Italy and France over this period declined by -4.4%, -3.9% and -3.1% respectively. Output in Turkey collapsed by -10.1% in the same period.

World - Monthly Crude Steel Output - Seasonality

(Nov 2019 ; source: worldsteel ; in mln tonnes) 165 160 155 150 145 140 135 130 125 120 115

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

2015

2016

2017

2018

2019

Crude Steel Output of Top Producers - Q1-Q3 2019

(Nov 2019 ; source: worldsteel ; in mln tonnes)

900

800 747.8 700

600

500 +8%

+4%

+3%

+3%

400

-3%

-4%

-0% -1%

-7% -10%

300

200

122.5

100

84.2

0 China EU(28) India

75.6 Japan

66.2

54.1

53.8

33.6

24.6

25.3

USA S Korea Russia MENA Brazil Turkey

Steel Production (mln t)

Y-o-Y Growth

market report - week 44/2019

2

mln tonnes mln tonnes

dry cargo chartering

Capesize Market

Rates increased during the first half of the week and then went under pressure: overall 5TC lost $300/d. Tubarao-Qingdao started positively and by Wednesday the increase was 20 cents, after, due to an increasing number of ballasters, the rates softened again and closed at $20.4/mt. W Australia-Qingdao instead started negative losing 30 cents, but at the closing improved a little with rates at $9/mt due to the presence of all major players in the market. Bolivar-Rotterdam was fixed in the low $11s/mt whilst fronthaul remained stable in the very high $40,000/d and BSea-F East in the high $50,000/d basis dely aps, but mainly with tonnage open WC India. Short periods were agreed at rates between $18/19,000/d depending specs on vessels open prompt F East.

Rates

BCI TC Avg. C8 Transatlantic r/v C14 China-Brazil r/v C10 Pacific r/v 1 Year TC Period

Unit

usd/day usd/day usd/day usd/day usd/day

01-Nov

24,637 27,175 21,418 22,650 18,250

25-Oct

24,945 26,900 21,850 23,388 18,500

W-o-W

-1.2% +1.0% -2.0% -3.2% -1.4%

Y-o-Y

+31.8% +48.8% +15.5% +20.2% -6.4%

BCI TC and Capesize 1-YR Period (usd/day) 42,000

35,000

28,000

21,000

14,000

7,000

0 1/11/18

1/ 3/19

1/ 7/19

1/ 11/1 9

1-YR TC

BCI TC

Panamax Market

The market was oversupplied with very weak demand and rates kept decreasing day after day; the holidays at the beginning and at the end of the week played a role limiting the number of fixtures. The FFAs followed the weak physical trades with the consequence that both charterers and operators waited the last moment to fix their cargoes. In North Atlantic the number of units open was big and only a few units got a little premium for InterCont coal trades. Rates from ECSAm remained fairly unchanged around $16,000/d+ 600,000 bb for good quality Kamsarmax on trip East while for redely Atlantic rates were around $17,000/d. In Pacific charterers managed to push rates lower and lower and a Kamsarmax open S Japan fixed and failed an Australia RV around $12,000/d before agreeing $11,000/d. Period activity was extremely limited.

Rates Unit

BPI TC Avg. BPI 82 TC Avg. P1_82 Transatlantic r/v P2_82 Skaw-Gib Trip F. East P3_82 Pacific r/v 1 Yr TC Period Panamax 1 Yr TC Period Kamsarmax

usd/day usd/day usd/day usd/day usd/day usd/day usd/day

01-Nov

12,142 13,109 12,411 23,255 12,103 11,500 12,750

25-Oct

13,596 14,497 14,625 25,300 13,250 11,750 13,000

market report - week 44/2019

W-o-W

-10.7% -9.6% -15.1% -8.1% -8.7% -2.1% -1.9%

Y-o-Y

-0.7% -5.0% -13.6% +8.0% -4.5% -8.0% -12.1%

BPI TC and Panamax 1-YR Period (usd/day) 20,000

16,000

12,000

8,000

4,000

0 1/11/18

1/3/19

1/ 7/19

1/11/19

1-YR TC

BPI TC

3

dry cargo chartering

Supramax & Handysize Market

US Atlantic South America

In USG Supramax rates kept softening due to a lack of cargoes and the tonnage list getting longer. Some activity was spotted but not enough to invert the negative trend. Supramax were fixing around $13,000/d for Atlantic trips and $20,000/d to F East, Ultramax were getting the usual $2/3,000/d premium. Handysize followed the same trend and 32/35,000 dwt were fixing in the $11,000s/d to Cont/Med and 37/39,000 dwt around $14,000s/d. The market in ECSAm was very quiet and the mood was negative, but so far rates did not change much especially for smaller units. Handysize were fixing $15,000/d to Med/Cont and around $20,000/d to F East. Supramax achieved $17,000/d to Skaw/Passero and around $15,500/d + 550,000 bb to F East, Ultramax $18/18,500/d and $16,000/d + 600,000 bb respectively.

N Europe Mediterranean

The market in Cont was stable both on Handy and Supramax. There were rumors that one 35,000dwt was traded on firm basis dely Cont at $10,000/d for a RV via Baltic with coal. On the Supramax/ Ultramax a nice Tess58 was rumored between $13/14,000/d basis dely Cont for a trip to E Med for a duration of around 30 days wog. No fronthaul rates were reported, although rates were assessed around $16/17,000/d for trips to Spore/Jpn basis Baltic loading. In Med/BSea the market went down all week. Supramax were fixing around $22,000/d on fronthauls and less than $10,000/d for trips back to USG/US EC. Handies backhauls were paying more around $11/11,500/d, but the mood is quite gloom also for this segment especially because of a lack of grain demand.

India S Africa

Rates came further down. The regular limestone trade from MEG to India saw a nice Ultramax fixed in the low $12,000/d basis dely dop WCI. Supramax from WCI were fixing in the mid/low $11,000/d for similar trips. A 53,000 dwt was fixed around low $11,000/d with dely WCI for a trip via MEG to ECI. A 58,000 dwt got $14,000/d from UAE for a interMEG trip with aggregates and a 57,000 dwt got $13,000/d for a similar trip from Qatar. Fertilizers cargoes were paying better rates, a 58,000 dwt heard around $15,000/d for a trip to WCI. Similar rates were discussed for an Ultramax ex Pakistan for the same trip. From WCI to F East rates were in the low $13,000s/d for smaller Supramax and low $15,000s/d for Ultramax. Activity was spotted also from ECI with a 53,000 dwt fixed in the mid $12,000/d and after a 57,000 dwt achieving $13,000/d to F East with iron ore. From S Africa Supramax were discussed in mid $12,000/d + 250,000 bb to India range whilst F East was still achieving some premiums with an Ultramax getting high $13,000s/d + 350,000 bb.

After a few weeks of fairly stable market in the area, rates finally decreased and most of the trades lost

around $1,000/d compared to the previous weeks both for larger and smaller vessels, the loss equally

Far East Pacific

affected the already thin rates on backhauls.

A 56,000 dwt with dely Indonesia was fixed at $13,750/d for a trip to S China. A fancy 53,000 dwt dely

Vietnam was reported at 13,000/d for SE Asia RV and a 58,000 dwt with dely Taichung got $11,000/d

for a trip via Indo to WC India.

Rates

16,000 BSI TC and Supramax 1-YR Period (usd/day)

Unit

01-Nov 25-Oct W-o-W

Y-o-Y

12,000

BSI TC Avg.

usd/day 11,590 13,178 -12.1%

-2.3%

8,000 4,000

Supramax

S4A_58 USG-Skaw/Pass S9_58 WAF-ECSA-Med

usd/day usd/day

13,438 8,954

15,500 11,783

-13.3% -24.0%

-31.3% -28.5%

0 1/11/18

1/3/19 1-YR TC

1/7/19

1/11/19

BSI TC

S1B_58 Canakkale-FEast S11_58 Pacific r/v

usd/day usd/day

23,107 10,519

25,736 12,263

-10.2% -14.2%

+0.0% +14.9%

12,000 BHSI TC and Handysize 1-YR Period (usd/day) 9,000

1 Year TC Period

usd/day 10,750 10,750 +0.0% -10.4%

6,000

Handy

BHSI TC Avg. 1 Year TC Period

usd/day usd/day

8,398 8,600

9,146 8,750

-8.2% -1.7%

-13.0% -14.0%

3,000

0 1/11/18

1/3/19 1-YR TC

1/7/19

1/11/19

BHSI TC

market report - week 44/2019

4

dry cargo chartering

Dry Bulk FFAs (Baltic Forward Assessments)

Capesize

Panamax

Nov (19) Dec (19) Jan (20) Q1 (20) Q2 (20) Q3 (20) Cal 20 Cal 21 Cal 22

Nov (19) Dec (19) Jan (20) Q1 (20) Q2 (20) Q3 (20) Cal 20 Cal 21 Cal 22

Nov (19) Dec (19) Jan (20) Q1 (20) Q2 (20) Q3 (20) Cal 20 Cal 21 Cal 22

Nov (19) Dec (19) Jan (20) Q1 (20) Q2 (20) Q3 (20) Cal 20 Cal 21 Cal 22

Unit

usd/day usd/day usd/day usd/day usd/day usd/day usd/day usd/day usd/day

01-Nov

21,471 21,454 17,818 14,942 13,104 16,057 15,231 13,364 13,557

18-Oct

24,521 23,664 23,868 16,086 14,111 17,014 16,269 13,646 13,664

W-o-W

-12.4% -9.3% -25.3% -7.1% -7.1% -5.6% -6.4% -2.1% -0.8%

Premium/ Discount -12.9% -12.9% -27.7% -39.4% -46.8% -34.8% -38.2% -45.8% -45.0%

usd/day usd/day usd/day usd/day usd/day usd/day usd/day usd/day usd/day

11,414 11,379 10,111 9,908 10,539 10,118 10,152 9,304 9,064

14,382 12,796 12,754 10,946 11,218 10,768 10,892 9,564 9,171

-20.6% -11.1% -20.7% -9.5% -6.1% -6.0% -6.8% -2.7% -1.2%

-6.0% -6.3% -16.7% -18.4% -13.2% -16.7% -16.4% -23.4% -25.4%

usd/day usd/day usd/day usd/day usd/day usd/day usd/day usd/day usd/day

10,179 9,989 8,911 8,558 9,668 9,754 9,475 9,043 8,946

13,382 12,454 11,468 9,375 10,182 10,089 9,973 9,432 9,164

-23.9% -19.8% -22.3% -8.7% -5.0% -3.3% -5.0% -4.1% -2.4%

-12.2% -13.8% -23.1% -26.2% -16.6% -15.8% -18.2% -22.0% -22.8%

usd/day usd/day usd/day usd/day usd/day usd/day usd/day usd/day usd/day

8,488 8,125 7,675 7,477 8,113 7,931 7,915 7,738 7,575

9,513 9,000 8,675 7,863 8,413 8,238 8,250 7,900 7,644

-10.8% -9.7% -11.5% -4.9% -3.6% -3.7% -4.1% -2.1% -0.9%

+1.1% -3.3% -8.6% -11.0% -3.4% -5.6% -5.8% -7.9% -9.8%

45,000

Capesize Forward Curve (usd/day)

36,000

27,000

18,000

9,000

0 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22

20,000

Panamax Forward Curve (usd/day)

15,000

10,000

5,000

0 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22

16,000

Supramax Forward Curve (usd/day)

12,000

8,000

4,000

0 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22

12,000

Handysize Forward Curve (usd/day)

9,000

6,000

3,000

0 Nov-18 Nov-19 Nov-20 Nov-21 Nov-22

Supramax

Handysize

market report - week 44/2019

5

tanker chartering

Crude Oil Tanker Market

UNIPEC has restarted using tankers owned by COSCO, after the U.S. temporarily eased its sanctions on the Chinese state-owned shipping group. Fears regarding Venezuela sanctions turned out to be unfounded to a large extent: most of first-class charterers lifting from Venezuela are doing so in exchange of old debt repayment or products traded for 'humanitarian reasons' anyhow. The VLCC market seems to have found a bottom, at least for the time being, at levels still very much of owners' satisfaction. Suezmax rates kept on adjusting downwards: 140,000 mt Sidi Kerir-Spain was done at WS120 and 130,000 mt WAfr-Europe fixed at WS110; rates remained more stable from Americas. Eastbound, a ship ex drydock in Portugal, without SIRE, booked $3.95mln for a Libya-Ningbo trip, whilst another unit ex scrubber dock in Turkey went on subs at $5.25mln for CPC-S.Korea. MEG-West was pretty much inactive and rates for eastbound voyages a lot softer. The bottom for Aframax rates was not seen so far, at least in Med where 80,000 mt Libya-UKC went down to WS87.5 and Sidi Kerir-Livorno was fixed at WS97.5. Longer voyages from Cont/Baltic to USG and Med were booked 80@77.5 and 100@80 level respectively.

VLCC

Rates

TD1 MEG-USG TD1 MEG-USG TD2 MEG-Spore TD3C MEG-China TD3C MEG-China TD15 WAF-China Avg. VLCC TCE 1 Year TC Period

Unit

ws usd/day

ws ws usd/day ws usd/day usd/day

01-Nov 54.27 35,006 91.25 89.88 65,330 93.29 50,168 50,000

25-Oct 58.41 40,409 97.21 95.00 71,039 97.29 55,724 52,000

Suezmax

TD6 BSea-Med TD6 BSea-Med TD20 WAF-Cont MEG-EAST TD23 MEG-Med Avg. Suezmax TCE 1 Year TC Period

ws usd/day

ws ws ws usd/day usd/day

141.94 60,762 119.58 110.00 69.58 51,109 39,000

163.33 74,080 188.75 155.00 95.00 67,257 42,000

Aframax

TD7 NSea-Cont TD7 NSea-Cont TD17 Baltic-UKC TD17 Baltic-UKC TD19 Med-Med TD19 Med-Med TD8 Kuwait-China TD8 Kuwait-China TD9 Caribs-USG TD9 Caribs-USG Avg. Aframax TCE 1 Year TC Period

ws usd/day

ws usd/day

ws usd/day

ws usd/day

ws usd/day usd/day usd/day

99.50 11,312 85.00 19,540 103.89 19,123 154.72 28,259 169.38 36,389 52,033 25,500

140.00 38,528 116.67 39,118 126.28 27,810 179.17 36,449 185.63 40,996 37,632 26,000

market report - week 44/2019

W-o-W -7.1% -13.4% -6.1% -5.4% -8.0% -4.1% -10.0% -3.8%

-13.1% -18.0% -36.6% -29.0% -26.8% -24.0% -7.1%

-28.9% -70.6% -27.1% -50.0% -17.7% -31.2% -13.6% -22.5% -8.8% -11.2% +38.3% -1.9%

Y-o-Y +31.9% +812.8% -9.4% -9.2% +26.0% -4.0% +80.2% +66.7%

+11.6% +78.4% -43.9% -8.3% +26.5% +78.8% +56.0%

-28.2% -53.4% -25.0% -22.3% -42.4% -44.6% +9.6% +134.8% -32.4% -18.4% +100.5% +50.0%

360,000 300,000 240,000 180,000 120,000 60,000

0 1/11/18

TD3C VLCC MEG-Far East (usd/day)

1/3/19

1/7/19

1/11/19

150,000

TD6 Suexmax BSea-Med (usd/day)

125,000

100,000

75,000

50,000

25,000

0

1/11/18

1/3/19

1/7/19

1/11/19

TD19 Aframax Med-Med(usd/day)

70,000

55,000

40,000

25,000

10,000

-5,000 1/11/18

1/3/19

1/7/19

1/11/19

60,000 50,000 40,000 30,000 20,000 10,000

Nov-18

1 YR TC Period (usd/day)

Feb-19 VLCC

May-19 Aug-19 Nov-19

Suezmax

Aframax

6

tanker chartering

Product Tanker Market

Weak rates for LRs in the East with MEG-Japan on LR2 dropping from WS175 on Monday to WS151 on Friday whilst on LR1 rates held better and only 5 points were lost to WS152. Clean Handies in Med were softening with tonnage building up and demand slowing CrossMed went down to WS165/170 and BSea-Med to WS175/180. MRs in Cont were active and demand healthy especially to WAfr which pushed rates up to WS187.5 and TC2 to WS150. Handies were softening with Baltic-Cont fixing around WS155 and CrossCont WS145. From U.S. the market was stable until midweek with TC14 at WS95, then a peak of demand was recorded which pushed rates to WS110. Another busy week for dirty products in Med with the tonnage list that remains short and tight. 30,000 mt CrossMed spiked to WS205/210 whilst from BSea rates rocketed to WS220. MRs were fixed at WS160/165 on CrossMed and WS165/170 from BSea. Also the UKC market remained tight and 30,000 mt both on CrossUKC and UKC-Med went up to WS220. Panamax market was quiet again with rates for TA trips that dropped to WS120.

Clean

Rates

TC1 MEG-Japan ( 7 5 k ) TC1 MEG-Japan ( 7 5 k ) TC8 MEG-UKC ( 6 5 k ) TC5 MEG-Japan ( 5 5 k ) TC5 MEG-Japan ( 5 5 k ) TC2 Cont-USAC ( 3 7 k ) TC2 Cont-USAC ( 3 7 k ) TC14 USG-Cont ( 3 8 k ) TC14 USG-Cont ( 3 8 k ) TC9 Baltic-UKC ( 2 2 k ) TC6 Med-Med ( 3 0 k ) TC7 Spore-ECAu ( 3 0 k ) TC7 Spore-ECAu ( 3 0 k ) TC11 SK-Spore ( 4 0 k ) MR Pacific Basket MR Atlantic Basket LR2 1 Year TC Period MR2 1 Year TC Period

Unit

ws usd/day usd/mt

ws usd/day

ws usd/day

ws usd/day

ws ws ws usd/day usd/day usd/day usd/day usd/day usd/day

01-Nov 151.43 28,522 32.45 152.50 20,380 156.33 15,784 110.00 8,925 154.29 164.79 194.44 17,978 10,876 17,885 20,929 26,500 17,750

25-Oct 177.50 36,561 35.65 160.00 22,231 150.83 14,431 94.29 5,617 170.71 175.50 205.28 19,820 10,321 19,340 17,450 28,000 17,750

W-o-W -14.7% -22.0% -9.0% -4.7% -8.3% +3.6% +9.4% +16.7% +58.9% -9.6% -6.1% -5.3% -9.3% +5.4% -7.5% +19.9% -5.4% +0.0%

Y-o-Y +32.4% +233.0% +48.6% +18.3% +153.4% +39.3% +1103.0% -24.5% +27.6% +18.0% +13.3% +14.6% +121.2%

+963.1%

+229.1% +66.9% +68.3% +36.5%

Dirty

TD12 Cont-USG ( 5 5 k )

ws

TD18 Baltic-UKC ( 3 0 K)

ws

BSea-Med ( 3 0 k )

ws

Med-Med ( 3 0 k )

ws

121.31 220.00 220.0 207.5

145.31 217.08 208.0 193.0

-16.5% +1.3% +5.8% +7.5%

-16.2% -2.9% -13.7% -9.8%

Delays at Turkish Straits for Daylight Restricted Vessels

Unit

01-Nov 25-Oct W-o-W

Y-o-Y

Northbound

days

4.5

4.0

+12.5% -10.0%

Southbound

days

4.5

4.0

+12.5% -10.0%

market report - week 44/2019

80,000

TC1 LR2 MEG-Japan (usd/day)

64,000

48,000

32,000

16,000

0 1/11/18

1/3/19

1/7/19

50,000

MR Atlantic Basket (usd/day)

40,000

30,000

20,000

10,000

0 1/11/18

1/3/19

1/7/19

1/11/19 1/11/19

50,000

MR Pacific Basket (usd/day)

40,000

30,000

20,000

10,000

0 1/11/18

1/3/19

1/7/19

1/11/19

30,000 26,000 22,000 18,000 14,000 10,000

Nov-18

1 YR TC Period (usd/day)

Feb-19 May-19 LR2

Aug-19 MR2

Nov-19

7

containers

Containership Market

Chartering activity slowed and rates overall kept drifting sideways; on the other side, freight levels were picking up. The ConTex dropped another 2 points from last week down to 440 points, the softer chartering market seems to be affecting also the larger 4,250 teu units that dropped slightly.

Recent Fixtures

Vessel Name Castor N

Irenes Rose Cape Quest Asian Moon

Jrs Corvus

Built 2007 2007 2017 2006

2008

TEUs 3108 2553 2202 1118

698

TEU@14 2500 1887 1574 700

436

Gear no no no yes

no

Fixture

fixed to Cosco

extended to Interasia Lines

extended to Xpress

extended to Nirint Lines fixed to Shanghai Hede

Shipping

Period 7/9 m 5/7 m 3/5 m 5/7 m

Rates $11,900/d $10,500/d $12,700/d $7,300/d

2/4 m $5,000/d

VHSS Containership Timecharter Assessment

(source: Hamburg Shipbrokers' Association)

Unit

31-Oct 24-Oct W-o-W

ConTex 4250 teu (1Y, g'less) 3500 teu (1Y, g'less) 2700 teu (1Y, g'less) 2500 teu (1Y, geared) 1700 teu (1Y, geared) 1100 teu (1Y, geared)

index usd/day usd/day usd/day usd/day usd/day usd/day

440 13,688 11,254 10,463 9,633 8,650 6,286

442 13,690 11,296 10,527 9,707 8,653 6,309

-0.5% -0.0% -0.4% -0.6% -0.8% -0.0% -0.4%

Y-o-Y

-2.2% +25.9% +2.9% -2.6% -7.1% -3.2% -5.1%

Shanghai Containerized Freight Index

(source: Shanghai Shipping Exchange)

Unit

01-Nov 25-Oct

Comprehensive Index Services: Shanghai - North Europe Shanghai - Mediterranean Shanghai - WC USA Shanghai - EC USA Shanghai - Dubai Shanghai - Santos Shanghai - Singapore

index

usd/teu usd/teu usd/feu usd/feu usd/teu usd/teu usd/teu

847

707 735 1,588 2,604 830 2,117 130

774

594 710 1,361 2,411 786 1,965 122

W-o-W +9.4%

+19.0% +3.5% +16.7% +8.0% +5.6% +7.7% +6.6%

Y-o-Y -11.4%

-7.1% -5.5% -38.6% -20.9% +67.7% +61.6% -13.9%

market report - week 44/2019

16,000

Gearless - 1 YR TC Period (usd/day)

14,000

12,000

10,000

8,000

6,000 31/10/18

28/2/19

30/6/19

31/10/19

4250

3500

2700

13,000

Geared - 1 YR TC Period (usd/day)

11,000

9,000

7,000

5,000 31/10/18

28/2/19

30/6/19

31/10/19

2500

1700

1100

1,000

Shanghai Container Freight Index

900

800

700

600 1/11/18

1/3/19

1/7/19

1/11/19

8

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