Panamax Market : Demonstrating A Mixed Outlook

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MFame Editor
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279

Capesize

We see a drop in overall C5 enquiries this week. Miners and some operators were seeking primarily late January to early February dates. On the East Australia coal and Pacific front, volume has somewhat maintained from last week. On South Africa and Indian business, we see several interests for early February dates. On C3 ex Brazil to China and West Africa, we see an uptick in enquiries for early to mid February dates. Far East tonnage is building up. Ballasting tonnage is heavily weighted for February. On C5, we see fixtures concluding at mid to high USD 7 pmt levels by midweek. On C3, we see offers at 21 pmt levels for early February and sub 20 pmt levels for mid February. There is resistance with bids seen at mid to high 18 pmt levels.

Panamax

The Panamax market is currently demonstrating a mixed outlook, influenced by regional dynamics. In the Pacific basin, robust coal shipments are helping maintain market levels. In contrast, the Atlantic region is facing varied trends: the North Atlantic is showing a softer trend due to excess tonnage despite a slight increase in demand, while the South Atlantic, particularly ECSA, is firmer with rising bids and showing signs of stabilization. The market overall is expected to remain stable in the coming weeks. However, concerns are growing due to recent attacks in the Red Sea, drawing significant industry focus and adding an element of caution as the market closely observes these developments and their potential implications.

Supramax

It has been a rather quiet start to 2024 on the cargo side. However, lots of activity on period front and operators are rushing to take in tonnage on the Handy and Supra market. 60/61k dwt vessels being fixed at around USD 14,000-15,000 levels for 1 year duration and Handy market hovers around high USD 11,000/12,000 for 1 year. Meantime, the usual Indonesia-India Supra being fixed around 8k levels, Indonesia-China on a Supra around USD 12,000. Pacific RV on Supra being done at low USD 10,000 levels and at mid to high USD 8,000 levels on Handy. Far East to Indian ocean/MEG on an Ultra paying around 7-8k levels and a backhaul trip around 7k on a Supra. Overall, market sentiment remains positive. Market will see some amidst the various geo-political developments over the past weeks.

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Source : Fearn pulse

 

 

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