Week 17

Top & Bottom 5 Day: PRGN @2.96 +4.96%, NMM @21.30 +3.64%, NM @5.29 +1.73% >>>
GLBS @8.93 -0.77%, SB @8.15 -1.80%, TBSI @1.72 -2.82%. Navios Partners has been a T&B5 leader four consecutive weeks running. Investors are confident Angel will harvest another tonnage infusion, courtesy of the holding company. I think Partners remains on a suspension of sorts from the omnibus agreement for a prior infraction. It sounded silly when NM announced it, and it sounds silly repeating it today. Anyway… Surf is Up!

The Baltics: BDI @1269 +1.19%, BCI @1564 +1.55%, BPI @1450 +5.30%, BSI @1390 -0.78%, BHSI @797 -0.62%. The Panasisters catch a few waves running ECSA > China. The Handies can’t hold 800 and see the first negative week in over 2 months. With the yards spitting out ships daily (even after slippage) I was surprised by this positive week. Every week it will become mathematically harder to keep even keel at the rate scale.

The Fixtures: Ore =25, Coal =2, Bauxite =1, HSS =1, T/C =71, Period =11, Total =111.
Top Weekly Period Rates and spot.
Capes: KM Kobe 6 – 8 MOS $12,500 spot $6,698
Pmax: Alpha Happiness 4 – 6 MOS $14,750 spot $11,620
Smax: Darya Mahesh 60 – 120 Days $22,750 spot $14,530
The ore chores came in strong considering the shortened week. The coal got scarce with major burners holding back. I am not sure how often this happens but I observed zero fixtures departing USG during the week? Flooding on the Miss River Im thinking plays a big part.

The Vessels: VLOC =0, Capes =31, Post P =2, Kmax =7, Pmax =47, Smax =19, Hmax =2, Hsize =2, Bulkers <30 =1, Total =111.

Ski Notes: The following familiar vessels populated the weeks fixture reports. Genco Aquitaine, Navios Sagitarious, Genco Titus, Genco Maximus. The folks who closely follow NMM will be interested in the negative counterparty performance indicated by the Sagitarious being relet for $12,500 daily while the Partners are being paid $26,195 net of commissions daily. Insured or not, counterparty performance remains critical. Folks observing Eagle will wonder about the company chartering a vessel named Topaz running USG > Imingham at $12,000 plus 400K bonus bucks. Hard to believe with all their tonnage none could catch the gulf loading date?

Good Fortunes
Ski@TonMileTrader