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28Th March 2021 | Week 12

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28Th March 2021 | Week 12 22nd - 28th March 2021 | Week 12 It has been a long time since such an enthusiasm has dominated the dry bulk Dry Bulk Freight Market handysize market. These small but versatile units have not attracted such attention W-O-W change amongst investors for many years now, as the prolong imbalance they seemed to have 26 Mar ±∆ ±% faced between demand and supply growth had plunged freight earnings, while many BDI 2,178 q -103 -4.5% perceived that their importance in the market would fade in favor of larger size seg- BCI 2,293 q -51 -2% ments that would gradually take up their role. However, it seems that this trend has BPI 2,827 q -148 -5.0% now been reversed with their annual average earnings for 2021 so far having reached BSI 1,983 q -139 -6.6% BHSI 1,272 q -88 -6.5% US$16,288, a figure more than double compared to last year’s annual average TCE, whilst being the highest figure since 2008. Tanker Freight Market Given the disappointing freight earnings of past years, many in the market had lost W-O-W change interest in this segment, a fact that is clearly illustrated in the declining pattern of the 26 Mar ±∆ ±% orderbook on a y-o-y basis over the past 5 years. The current orderbook is estimated BDTI 765 p 17 2.3% at close to 95 units, an impressive fall when compared to the respective number of BCTI 675 p 94 16.2% 329 units noted in the beginning of 2016. This amounts to an average annual drop of more than 20% since then. The drop in new orders, combined with high scrapping Newbuilding Market activity, has had as a result an annual fleet development of around 1% now, while the Aggregate Price Index M-O-M change growth rate has not been much higher over the past few years as well. Undoubtedly, 26 Mar ±∆ ±% this modest increase on the supply side has been a major bullish factor, but this has Bulkers 87 p 3 4.1% not been enough on its own to boost freight rates to today’s record levels. These lev- Cont 94 u 0 0.0% els could not be reached without a parallel shift of the demand curve. Over the past Tankers 98 p 2 1.8% few years, global economic growth has not been something to write home about, with Gas 91 u 0 0.0% the last 5-years average GDP growth being around 1.8% (heavily affected by the neg- Secondhand Market ative trends of 2020). A disappointing figure, given that the average GDP rise during Aggregate Price Index M-O-M change the period 2011-2015 was almost in the double digits. This has had an important im- 26 Mar ±∆ ±% pact on international seaborne trade. Drilling down to specific commodities, this view Capesize 68 p 9 16.2% is further emphasized. Steel products are one of the key cargoes for this segment and Panamax 71 p 7 11.3% it is interesting to see that after 2016, there was a significant drop in total exports Supramax 70 p 8 13.6% from key exporting nations (China, Japan, Russia). The annual export volume in 2016 Handysize 75 p 11 17.5% was 337.8 million MT, whilst since then the average annual volume has been just VLCC 95 p 2 2.6% 290.2 million MT. However, the gradual recovery of the global economy (expected Suezmax 77 p 3 4.2% GDP growth for 2021 is 5.2%), has seemingly reversed this pattern. After a disap- Aframax 101 p 9 9.3% pointing Q1-Q3 2020 period, steel export figures have showed a robust recovery, MR 120 u 0 0.0% reaching close to their pre-pandemic volumes. According to official data from China, Demolition Market exports during January 2021 surpassed the respective exports of January 2020 by Avg Price Index (main 5 regions) W-O-W change more than 10%. The same pattern is witnessed across other bulk commodities, such 26 Mar ±∆ ±% as grains, wood products and agribulks, where Q4 figures show a clear rebound. Dry 415 u 0 0.0% It is challenging to see how long this balance can hold, although it seems as if this ro- Wet 424 u 0 0.0% bust demand growth will continue as we move further into 2021 (and more countries return to business as usual). This is likely to further feed trading interest, retaining as Economic Indicators such current earnings for owners. However, we should be prepared for the possibility M-O-M change of an optimal equilibrium point being reached sooner or later, once production rates 26 Mar ±∆ ±% and inventories around the world return back to pre-pandemic levels. At the same Gold $ 1,719 q -40 -2.3% time this increased profitability could just as easily lead to a fresh newbuilding rush, Oil WTI $ 58 q 0 -0.5% something that would push this freight market micro-cycle quicker over its peak. Oil Brent $ 62 q 0 -0.4% Iron Ore 161 q -11 -6.2% Yiannis Vamvakas Coal 100 p 15 17.6% Research Analyst 1 22nd - 28th March 2021 Capesize – A slight correction took place as of the past week, with the BCI 5TC BDI BCI BPI BSI BHSI figure losing 2.2% of its value. The downward turn was relatively attuned across 5,000 most of the main trades, with the overall market sentiment being slight under 4,000 “pressure” too. Despite the vivid attitude, both basins moved on a more sluggish tone, given the limited activity in the regions. 3,000 2,000 Panamax – After the remarkable boost noted earlier, the segment experienced a considerable correction during the past week or so, with the BPI TCA figure losing 1,000 US$1,326 of its value (5% decline on a w-o-w basis). The Atlantic basin fell almost 0 10%, given the negative pressure in demand levels. In Asian markets, we wit- -1,000 nessed some contrasting signs, with the northern part being adequately support- ed by the robust grain activity. With some already thinking of a quick recovery, it is yet to be seen how thing will evolve the upcoming period. Supramax – A shift in the overall trend was noted here too. The BSI TCA de- 40 creased by 6.6% as of the past week, with the negative tone being spread across '000 US$/day most of the benchmark trade figures. A relatively limited number of fresh enquir- 30 ies was the main characteristic for most key routes. 20 Handysize – Inline with the bigger sizes, things here too moved on the negative 10 side during the past week. After many weeks of an upward movement, the BHSI 0 TCA declined by 6.5%, with the negative pressure being rather apparent on most of the main trading areas. Stringer cargo availability on some key regions has al- ready placed pressure on overall sentiment, with freight rates though still remain- ing at their “unusual” very high levels. 30 Spot market rates & indices Average '000 US$/day 26 Mar 19 Mar ±% 2021 2020 20 Baltic Dry Index BDI 2,178 2,281 -4.5% 1,715 1,066 Capesize 10 BCI 2,293 2,344 -2.2% 2,056 1,450 BCI 5TC $ 19,014 $ 19,437 -2.2% $ 17,047 $ 13,050 0 ATLANTIC RV $ 17,025 $ 17,625 -3.4% $ 20,413 $ 13,734 Cont / FEast $ 32,515 $ 33,810 -3.8% $ 33,394 $ 27,572 PACIFIC RV $ 21,529 $ 21,958 -2.0% $ 16,079 $ 13,069 FEast / ECSA $ 19,023 $ 18,886 0.7% $ 13,864 $ 11,711 Panamax 25 BPI 2,827 2,975 -5.0% 2,011 1,103 '000 US$/day BPI - TCA $ 25,447 $ 26,773 -5.0% $ 18,098 $ 9,927 20 ATLANTIC RV $ 20,975 $ 23,150 -9.4% $ 19,048 $ 9,527 15 Cont / FEast $ 33,764 $ 35,045 -3.7% $ 26,805 $ 17,999 10 PACIFIC RV $ 27,626 $ 29,838 -7.4% $ 17,581 $ 9,104 FEast / Cont $ 14,125 $ 14,269 -1.0% $ 6,326 $ 2,729 5 Supramax 0 BSI 1,983 2,122 -6.6% 1,485 746 BSI - TCA $ 21,813 $ 23,347 -6.6% $ 16,331 $ 8,210 USG / FEast $ 27,675 $ 30,736 -10.0% $ 28,991 $ 19,867 Med / Feast $ 29,918 $ 32,164 -7.0% $ 27,112 $ 17,570 PACIFIC RV $ 23,629 $ 24,457 -3.4% $ 14,652 $ 7,188 FEast / Cont $ 16,550 $ 16,250 1.8% $ 8,732 $ 2,634 27 24 '000 US$/day USG / Skaw $ 19,089 $ 24,179 -21.1% $ 25,325 $ 13,320 21 Skaw / USG $ 18,247 $ 19,009 -4.0% $ 15,749 $ 7,598 18 Handysize 15 12 BHSI 1,272 1,360 -6.5% 905 447 9 BHSI - TCA $ 22,893 $ 24,484 -6.5% $ 16,288 $ 8,040 6 3 Skaw / Rio $ 19,871 $ 20,614 -3.6% $ 15,906 $ 8,269 0 Skaw / Boston $ 19,896 $ 20,668 -3.7% $ 15,898 $ 8,606 Rio / Skaw $ 24,972 $ 33,056 -24.5% $ 21,459 $ 10,415 USG / Skaw $ 18,964 $ 22,957 -17.4% $ 19,052 $ 10,065 SEAsia / Aus / Jap $ 25,344 $ 25,813 -1.8% $ 15,334 $ 7,264 PACIFIC RV $ 24,531 $ 23,906 2.6% $ 14,120 $ 6,510 2020 2021 2 22nd - 28th March 2021 Crude Oil Carriers— The recovery mode continued in the crude oil freight market BDTI BCTI for yet another week, with the BDTI “climbing” 2.3% higher (at 765bp).
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