Ton Mile Trader

Baltic Dry Index closed @ 2715 down -133 points or -4,67% for the week.  Top/bottom performances

SBLK +5.93%, SB +3.29%, DSX +2.04%// NMM -11.91%, OCNF -9.63%, EXM -8.32%

FIDELITY MARI has chartered the Genco Knight (GNK) a 73,941dwt Panamax built in 1999. Laycan was set for Feb 4-6^th at IMMINGHAM on the Humber Estuary (a large tidal estuary on the east coast of Northern England) >via USG > CHINA at a rate of USD 34,500 daily.  Immingham is the UK’s largest dry bulk-handling port. Cargoes, such as coal, ilmenite, petroleum coke, titanium slag, ferrous alloys, pig iron and pyrites, are regularly handled at the port’s in-dock and deep-water riverside facilities.  I could not find the harbor masters report telling us whether she will be laden departing the UK.

Mining Australia: “Rio Tinto is demanding a 40% rise in the benchmark iron ore price following negotiations with Japanese and Korean steel mills.  According to the report, the Chinese are unlikely to accept any raising of the benchmark price above 30%.  Another source was reported as saying that the Korean and Japanese steel companies could be willing to accept up a 40% rise in the benchmark.”  I hope we don’t see any negotiators end up in jail this year.  My first few years in shipping equities I failed to understand the significance of the benchmark.  Now this unfortunate annual reality leaves me glued to the news, fully understanding I cannot believe a word I read. 

Fairplay:  “Russia is being accused of dumping nuclear waste into the Baltic Sea in the early 1990s, the BBC reported today.”  Nowadays in good old Russia, the Mafia gets paid to handle ship scrapping and other tedious environmental concerns.  What a bunch of thugs.  Give a hoot, don’t pollute!!!

Good Fortunes