The Capesize market had a volatile week, starting strong and then weakening. Early on, there were positive signs in both the Pacific and Atlantic regions due to increased cargo movement and fewer idle ships. However, a surplus of ships in the Pacific market quickly led to a decline in rates, with the C5 index dropping significantly by the end of the week as owners rushed to secure cargo before the Christmas holidays, reports Baltic Exchange.
Panamax
- Rates in the North Atlantic remained strong, driven by steady mineral demand.
- Asia experienced a challenging week with low demand and increased tonnage, leading to lower rates.
- Limited period activity was observed.
Ultramax/Supramax
- Market remained subdued with limited activity across both basins.
- Rates declined in the Continent and Mediterranean.
- Limited demand and increased tonnage availability impacted the Asian market.
Handysize
- Minimal visible activity across both basins.
- Rates continued to decline in the Continent and Mediterranean.
- Subdued sentiment in the South Atlantic and US Gulf.
- Asian market faced challenges with rising tonnage and lack of cargo.
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Source: Baltic Exchange
