Coal news and updates

Time-charter rates for Panamax and post-Panamax dry bulk ships were heard fixed in the market at $100,000/d or more Feb. 16, causing a stir among market participants.

 

Freezing temperatures across Europe have driven up coal demand on mid-sized dry bulk ships in recent weeks, and low levels of spot tonnage — especially of ice-class ships — have seen time-charter rates spike to levels not seen since before the 2008 global financial crisis. Despite low numbers of coal cargoes out of iced-over Baltic loading ports, an even lower supply of spot ice-class or Institute Warranties Limits-breaching ships meant that time-charter rates have gone parabolic since early February.

In the market, the NBA Van Dyck, 95,527 dwt, 2014 built, was reported as fixed for delivery Ijmuiden, Feb. 23-28, for $100,000/d with redelivery in Skaw/Gibraltar range or at Brazil. At the same time, the Kamsarmax NBA Magritte, 82,099 dwt, 2013 built, was reported as fixed for delivery Liverpool Feb. 23-March 3 at $110,000/d, with redelivery Skaw/Gibraltar or Brazil. Both ships were reported to be breaching IWL in fixing these cargoes, giving rise to large premiums.

 

Source : https://www.spglobal.com/platts/en/market-insights/latest-news