The week began with brokers, including Barry Rogliano Salles, prefacing the natural lull brought about by the Chinese New Year with observations that owners would indulge in a ‘wait and watch’ attitude.

All these plans were short-circuited as the week progressed.

Pacific rates led the charge. Fearnleys’ composite round voyage rate on thisroute surged by almost $7,000 compared with last week, to $36,150 per day. More important, backhaul rates on this route were said to have soared past $31,500 per day.

Barry Rogliano Salles surmised that the “clear-out” of spot vessels before the Chinese New Year holidays caused the market to rise.

Other brokers said the recent doldrums that had beset the Pacific market had forced an unnaturally large number of eligible and available ships away from the Pacific basin.

Rates had dropped from $70,000 per day in November to sub-$30,000 levels this month, compared with a decline to only the high $40,000s in the Atlantic trades. When demand increased even slightly as a result, the impact on rates was disproportionately high.

The Far Eastern turnaround was discernible in fixture reports. Unspecified charterers were understood to have fixed the 53,535 dwt, 2002-built Port Moresby on a spot voyage at $38,000 per day, with delivery in Jintang and redelivery in the Singapore-Japan range.

Another notable fixture involved the 55,389 dwt, 2004-built Dubai Energy, fixed by Oldendorff at $60,000 per day with delivery in Lome for a trip via West Africa and redelivery in the Black Sea.

The overall Atlantic market was quieter in comparison, but rates recorded a respectable increase nonetheless. Fearnleys’ round voyage figure was up by around $750, to $48,250 per day.

Nonetheless, and independently of the logical comparison with the East, punters could not shrug off a feeling that this sector had underperformed.

There were valid reasons for the damp market in the Atlantic. Several fixtures in the region were reported to have failed, and there was an abundance of spot ships available. BRS noted a large number of ballasters from west Africa to the east coast of South America. “Several grain and sugar trading companies took advantage,” the brokerage said.

However, these topical factors did not seem to affect perceived long-term viability of the handy sector. Cargill fixed the 53,531 dwt, 2001-built Salamina for one year at $52,900 per day, with delivery in North China and redelivery worldwide. Oldendorff fixed the 55,435 dwt, 2005-built Genco Predator for three to five months at $55,000 per day, with delivery in the eastern Mediterranean and redelivery worldwide.

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