Capesize
The week began quietly due to a holiday in Singapore, leading to a minor initial dip. However, as the week progressed, market activity picked up significantly, especially with the re-entry of miners into the market in the Pacific, which boosted cargo volumes. The Pacific saw a steady increase in activity, helped by an increase in coal shipments from East Coast Australia, with the C5 index experiencing upward trends. By the end of the week, the C5 index had risen, reflecting the healthy cargo volumes and late-week fixtures reaching up to $11.095. In the Atlantic, the market showed robust support, especially for the South Brazil and West Africa to China markets. This increased activity was reflected in the C3 index, which also saw a rise by the week’s end to close at $27.375. Notably, the C9 index saw a significant boost due to higher rates for tender cargoes from East Coast Canada to the Far East. Overall, it has been a positive conclusion to a busy week, with the BCI 5TC rising by $526 to reach $26,059.
Panamax
A subdued week for the Panamax sector. Trans-Atlantic trades were few and far between, and a general decline became evident in both grain and mineral demand in the basin. EC South America returned a contrasting week with some mixed rates reported, limited activity overall but P6 index dates appeared well balanced whilst first-half July arrival dates remained softer with committed and ballaster tonnage undermining any potential upside in rates. Typically, midweek fixtures on an Aps load port basis were circa $19,250 + $925,000 basis 82,000-dwt types. The Asian market continued to ease throughout the week, with support hard to come by as the tonnage count continued to grow, and with limited enquiry ex NoPac mineral demand ex Australia and Indonesia returned insufficient to prevent the softening of rates in the arena. On the period front, there were reports of an 82,000-dwt delivery China agreeing $17,500 basis 12/15 months trading.
Ultramax/Supramax
‘’Steady as she goes’’ summarised the week for the sector, while some described the Atlantic as rather positional as rates were under downward pressure in the US Gulf. A 53,000-dwt fixed delivery southwest pass trip to the East Mediterranean in the low $20,000s. Other areas such as the Continent-Mediterranean saw better demand than of late, which helped owners. From the South Atlantic, there was a slight pick-up in levels being traded. An Ultramax was heard to have fixed and EC South America fronthaul at $18,000 plus $800,000. As the week progressed the Asian arena saw demand for backhaul steels and general cargoes from the north, which helped keep owners’ expectations high. A 63,000-dwt fixing from North China to the Continent via the Cape at $15,000 for the first 65 days and $18,000 for the balance. From the south, demand remand rather steady, with a 59,000-dwt fixing delivery SE Asia via Australia redelivery WC India at $20,000. Period interest remained fairly slow, although a 64,000-dwt open Thailand fixed for period up to minimum September/maximum December 2024 redelivery worldwide at $19,500.
Handysize
The highlight in the handy sector was the resurgence of the US Gulf with limited tonnage availability helping levels improve substantially. A 37,000-dwt fixing from SW Pass to Ireland at $17,000 whilst a 38,000-dwt fixed from Morocco via the St Lawrence to the Mediterranean with iron ore at $12,000. A 34,000-dwt was fixed from Puerto Cabello for two to three laden legs with Atlantic redelivery at around $13,500. The was also positivity across the Mediterranean and the Continent with improving levels of enquiry, with a 36,000-dwt fixing from Constanta to Morocco at $13,500. The South Atlantic showed negative sentiment as the current supply of cargo was unable to satisfy the demand of open tonnage. In Asia, visible activity was muted with holidays in Singapore also a factor, with a 38,000-dwt fixed from Lianyungang to the Arabian Gulf-West Coast India with steels at $15,500 whilst a 38,000-dwt fixed from Singapore via Cigading to the Continent also with steels at $12,000.
Did you Subscribe to our daily newsletter?
It’s Free! Click here to Subscribe
Source: balticexchange
