Capesize sees mixed activity with falling rates, Panamax faces a continued downtrend due to weak demand, and Supramax remains sluggish with limited inquiries, except for stability in the Pacific, reports Fearnpulse.
Capesize
On the West Australia front, we see enquiries from miners, operators, and some tenders primarily for mid to late October dates. Volumes out of East Australia have dropped compared to last week with few of the limited orders seen seeking for prompt dates. On the Pacific and west coast South America front, some enquiries were present for mid October and late October dates, respectively. On C3 ex Brazil to China, operators were seeking for late October to early November dates. Far East spot tonnage is moderate with some availability of prompt vessels. Ballasting tonnage is reasonably heavy for late October. On C5, fixtures concluded at mid USD 11 pmt levels as the week started and retreated to low USD 11 pmt levels by mid-week. On C3, we see fixtures concluding at high USD 26 pmt levels for end October dates and low/mid USD 27 pmt levels for early October dates.
Panamax
This week in the Panamax market, despite strong fundamentals such as shipment volume growth outpacing supply growth, the market continues to face a notable downtrend, contrary to typical seasonal patterns. The weakness is largely attributed to the absence of a cyclical recovery in industrial demand from the US and Europe, which has prevented any substantial uptick in rates. Earlier hopes for a recovery in Q3 have now shifted to the beginning of 2025, further dampening sentiment. Activity in the North Atlantic has been limited, with rates softening as vessel availability increases. Meanwhile, holidays in Asia have also contributed to the overall slowdown in trading, keeping the market under pressure. Even with some demand emerging from Australia, rates have continued to ease, and bearish sentiment remains the dominant theme.
Supramax
The Supramax market continued to remain sluggish in the Atlantic, with limited new inquiries, especially from the US Gulf and South America. Although mineral cargoes offered some support, the volume of sugar and grains remain low, and there is a clear oversupply of vessels. In contrast, the Pacific market is more stable, fueled by stronger demand from India. Activity in the Pacific Handy market was minimal, however seeing increased demand in the Atlantic. The South Atlantic and US Gulf markets faced pressure from growing tonnage lists and limited inquiries. In the Pacific, the market is slow in view of the holidays in China. Overall, while some regions experienced slight improvements, both segments began the week in a cautious and largely positional manner.
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Source: Fearnpulse
