Market Reports
19/4/2012

Baltic Panamax Index up


PANAMAX
=======

Fresh cargoes from east coast South America provided most of the support today
and benefited both basins. Tighter tonnage availability in the Atlantic
pushed rates up again, but charterers appeared to be attemping to mount resistance to
any further gains.  ADM took an LME for a trip out from the Continent via the
U.S. Gulf at $20,000 daily.  Pacific business saw more tonnage in ballast to
the West, with knock-on support for rates on tonnage staying in the East. A
backhaul round from Singapore was done at $12,250 daily in the East.  A NoPac
round has fixed in the mid-$10,000 daily range, while short period business of
4-6 months trading was done in the low-$11,000 daily range.  The Baltic
Panamax index was up 59 today to 1291.

For Atlantic Panamax business, ADM was said to be the charterer of the
2007-built 82,688 dwt Barock for April 24-29 delivery Amsterdam on a trip via
the U.S. Gulf with redelivery China at $20,000 daily.

The 2008-built 75,500 dwt Goya has gone to Swiss Marine for April 25-27
delivery Amsterdam on a trip via the Baltic with redelivery UKC at $13,000
daily.

K-2 Shipping reportedly fixed on subjects the 2003-built 76,629 dwt Red Rose
for April 21-23 delivery Rotterdam on a trip with 2-3 laden legs and redelivery in
the Skaw-Cape Passero at $13,000 daily.

The 2011-built 79,600 dwt Kiran Eurasia has fixed with Louis Dreyfus for April
23-30 delivery passing the Cape of Good Hope for a trip via east coast South
America with redelivery Singapore/Japan at $12,500 daily plus a $650,000
ballast bonus.

Cobelfret was linked with the 2001-built 73,910 dwt Klaveness-relet Tetien
Trader for May 10-15 delivery Pascagoula on a trip via the U.S. Gulf with
redelivery on the Continent at $12,000 daily plus a ballast bonus of $475,000.

Norden took the 2007-built 76,611 dwt Shi Dai 1 for April 21-26 delivery
Rotterdam on a trip via Murmansk with redelivery UKC at $11,000 daily.

In voyage business it emerged that the 2007-built Aris T recently went to
Endesa for April 18-22 loading 75,000 tons 10% coal from Riga to Carboneras at
$10,80.

In the Pacific, the 2005-built 74,432 dwt Catalina for April 20-30 delivery
passing Singapore on a trip via east coast South America with redelivery
Singapore-Japan at $12,250 daily.

The 2005-built 74,000 dwt Calipso will earn $12,000 daily frm Safe Arrival
Bulk for April 23-25 delivery Singapore on a trip via east coast South America with
redelivery Singapore-Japan at $12,000 daily.

Cargill agreed the same rate for the 2005-built 76,440 dwt Michele D'Amato for
April 21-26 delivery Kosichang for a trip with 1-2 laden legs and redelivery
Singapore-Japan.

The 2010-built 93,273 dwt Fulvia reportedly fixed to Oldendorff for April
22-27
delivery Port Kelang on a trip via east coast South America with redelivery
Singapore-Japan at $11,000 daily.

Louis Dreyfus was linked with the 1999-built 74,732 dwt North Friendship for
spot delivery Ningbo on a trip via NoPac with redelivery Singapore-Japan at
$10,500 daily.

Pacific period business included word of the 2012-built 82,000 dwt Mokpo Star
fixing on subjects to an undisclosed charterer for April 25-30 delivery Jinhae
for 4-6 months trading and redelivery worldwide at $11,250 daily.

CAPESIZE
========

Capesize business remained becalmed at mid-week with little fresh inquiry
heard in the market.  There was talk of a few vessels fixing, but details failed to
emerge.  Rates in the Atlantic are reportedly under pressure, but evidence was
lacking.  In the East, the key west Australia/China run was unchanged at about
$7,75.  The Baltic Capesize index dropped a further 8 to 1534.

For Atlantic Capesize business, Salzgitter was linked with the 2011-buit
115,000 dwt Magsenger II for May 22-June 10 loading 110,000 tons 10% ore from
Tubarao to Hansaport at $12,65.

From the Pacific, the 2010-built EDF-relet Cape Leonidas has gone to BHP
Billiton for May 06-12 loading 170,000 tons 10% ore from Port Hedland to
Qingdao at $7,75.

HANDY/SUPRAMAX
==============

Supramax business saw EBC fix tonnage for USG/Egypt-Med business at $18,000
daily.  From West Africa, a trip via east coast South America to the Black Sea
earned $12,500 daily for modern tonnage.  There was talk of a trans-Atlantic
run having fixed a supramax at $16,000 daily from the U.S. Gulf, but additional
details were lacking.  In the East, an Indonesian round paid $18,500 daily for
Spore/EC India and $19,500 daily for Spore/WC India business.  The Baltic
Supramax index was plus 17 at 974, while the Handysize index gained 4 to 550.

Out of the Atlantic came word that Egyptian Bulk Carriers took the 2010-built
56,726 dwt Royal Flush for spot delivery in the U.S. Gulf for a trip with
redelivery in the Egyptian-Mediterranean at $18,000 daily.

Noble proved to be the charterer of the 2011-built 58,923 dwt Lusitania G for
spot delivery Angola on a trip via east coast South America with redelivery
Singapore-Japan at $16,750 daily plus a $375,000 ballast bonus.

It emerged that D'Amico took the 2011-built 57,000 dwt Portoroz at the end of
last week for spot delivery in the U.S. Gulf on a trip with redelivery Spain
at $15,750 daily.

The 2006-built 53,483 dwt IDC Diamond has gone to an undisclosed charterer for
end-April deliveyr aps South Africa on a trip with redelivery in the
Mediterranean at $14,000 daily.

Cargill has the 2010-built 57,000 dwt Assos Striker for April 16 delivery
retro-Lagos for trip via east coast South America with redelivery in the Black
Sea at $12,500 daily.

Pacific Handy business included reports of the 2011-built 56,882 dwt Heilan
Star fixing to an unnamed charterer for April 19-20 delivery Singapore on a trip
via Indonesia with redelivery east coast India at $18,500 daily or optional
redelivery west coast India at $19,500 daily.

The 2001-built 50,777 dwt Jin Fu went to an unnamed charterer for April 21-25
delivery Rizhao for a trip via the Philippines with redelivery China at
$16,000 daily.

The undisclosed charterer of the 2006-built 53,556 dwt Maple Grove took the
vessel for end-April delivery Hong Kong on a trip via Indonesia with
redelivery China at $12,500 daily.

Period business saw IVS-Phoenix fix the 2011-built 57,381 dwt Beks Halil for
April 20-25 delivery Caofedian for 3-5 months trading with redelivery
worldwide at $10,750 daily.

Market Reports

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