Fearnleys summarizes the dry bulk scenario for week 38 of 2024.
Capesize
On the West Australia front, we see inquiries from miners and operators for early October dates. Volumes out of East Australia have held up from last week with the presence of some tenders as well seeking from early October to mid/late October dates. On the Pacific and West coast South America front, enquiries were for late September to late October/early November dates respectively. On C3 ex Brazil to China, enquiries were primarily for first half of October dates with interest slowly building for second half of October dates. Far East spot tonnage is moderate for early October dates. Ballasting tonnage is dwindling for first half of October dates and tonnage weighs primarily on second half of October dates. On C5, fixtures concluded at mid/high USD 11 pmt levels at the start of the week and retreated to mid USD 11 pmt levels by mid-week. On C3, we see offer ideas in the USD 27s pmt levels and bid ideas in the low to mid USD 26 pmt levels for October.
Panamax
This week’s Panamax market began with slow activity, showing minimal movement and limited visibility across most routes. In Asia, regional holidays led to a quieter market with reduced activity, and rates continued to erode as nearby tonnage chased lower offers to secure deals. Meanwhile, the Atlantic basin, particularly in the North, saw some positive momentum, with rates gaining support. Overall, the market started the week sluggishly, with little progress in bids and offers, as both sides hesitated to commit, influenced by mixed views on market value and the impact of holidays in both Asia and the Middle East.
Supramax
Seeing more activity this week with healthy volume of cargo across basins. However, with ample vessels, we see cargo being covered basis last done levels. The usual South Africa/China route is being fixed at 18,000 + BB on an Ultramax. A trip from WC India to China is paying USD 11,000 levels on a Supra. The ECSA activity has picked up with quite a few cargoes popping up for direction Mediterranean, some fronthauls. ECSA fronthaul on an Ultra fixed at USD 15,000 + BB. Period interest is healthy, and hearing Ultramax opening China fixed at USD 17,000 levels for 5/7 months. With Q4 and grain season around the corner, we will see more cargoes until end of this year.
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Source: Fearnleys
