Capesize
We see volumes holding consistent from miners and operators alike on C5 for end-December dates. On the East Australia coal and Pacific front, volumes have dampened from last week. On South Africa and Indian business, we see several fresh enquiries for late December to mid-January 2024. On C3 ex Brazil to China and West Africa, we see enquires for the full January. Far East tonnage is relatively tight. Ballasting tonnage has lengthened slightly and weighs heavily on early to mid-January dates. On C5, the activity level has generally ticked upwards with fixtures concluding at low to mid-USD 14 levels at the start of the week to low to mid-USD 13 levels by mid-week. On C3, we see resistance between offers and bids with conclusions at high USD 23 to low USD 24 levels for mid-January.
Panamax
The Panamax market is experiencing diverse trends. In the North Atlantic, a surplus of vessels has led to a softer market, giving charterers the upper hand to negotiate lower rates and favourable terms. This scenario contrasts with the South Atlantic, which is performing well due to increased activity and higher rates driven by regional demands. In Asia, the market is mixed with pressures on Indonesian coal routes, yet there’s potential for growth in the southern regions. Overall, the market is cautious, shaped by regional disparities in supply and demand.
Supramax
The strong Atlantic market keeps a positive trend though the number of ballasters continues to increase. Fronthaul in USG on Ultra was fixed for a trip to India with Petcoke above USD 60,000 pd and about USD 50,000 pd for clean cargo to the Far East with a long duration. Trips across the Atlantic were paying in the region USD 50,000 pd for the trip with coal to the Continent and low USD 30,000 pd for grain cargoes with longer duration. All other markets in the Atlantic, including ECSA, Black Sea, and Continent, have good demand, and rates are firm. Fronthaul on Ultramax delivery to Brazil was fixed at USD 17,500 pd + 750,000 GBB to China. In the Far East, though, we had a very short life of a good market before it started to soften again. Rates fall by USD 2,000-3,000 pd on most of the Pacific routes. Nopac RV with grain was fixed at USD 13,000 compared to the fixture, which was reported a week ago at USD 17,000. The same Indonesia-China RV is now fixed at USD 10,000 pd compared to USD 13,000 pd from last week.
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Source: Fearn pulse
