The Capesize market in West Australia is witnessing inquiries from miners and operators for voyages in early to mid-February, with some interest extending into March. Activity remains relatively subdued in East Australia and other Pacific regions. On the C3 route from Brazil to China, operators are actively seeking vessels for February and early March, reports Fearnleys.
Capesize
There is an abundance of spot tonnage in the Far East market. Ballasting tonnage is thinning for prompt end-January to early February dates but remains heavy for the second half of February.
On the C5 route, fixtures concluded at low-mid USD 6 pmt levels. On the C3 route, a general trend of backwardation is observed. Early February fixtures concluded at high USD 17 to USD 18 pmt, mid-February fixtures at mid-high USD 17 pmt levels, and end-February fixtures at low USD 17 pmt levels.
Panamax
The Panamax market continues to face significant pressure this week, with weak sentiment prevailing in both the Atlantic and Pacific basins. In the Atlantic, transatlantic and fronthaul rates are under pressure due to an oversupply of tonnage, limited fresh demand, and reports of fixtures below index levels. The USG remains quiet, and only marginal support is coming from NCSA. While ECSA volumes show promise, they have yet to significantly impact rates, with ample tonnage still available for early February.
In the Pacific, sentiment has deteriorated further despite moderate volumes. Long tonnage lists and softening derivatives are weighing on rates. Nopac grains, which previously showed strong performance, are now slowing down. Australian and Indonesian trades are also struggling at depressed levels.
Supramax
The Supramax and Handysize markets experienced a challenging week with limited fresh cargo availability across key regions.
In the Atlantic, both segments faced subdued conditions with weak demand in the North and South Atlantic, and further softening in the US Gulf. The Mediterranean and Continent markets remained sluggish, prompting owners to consider ballasting due to a lack of employment opportunities.
In Asia, vessel supply remained high, and despite some activity in the Indian Ocean, the market lacked momentum, with no notable pre-Chinese New Year cargo rush.
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Source: Fearnleys
