The Capesize market experienced a subdued week, with the Baltic Capesize Index (BCI) declining initially before a slight recovery towards the end. The Pacific market was particularly weak due to the Chinese New Year holidays, leading to limited cargo availability and softer rates, reports Baltic Exchange.
Capesize
The market witnessed a slight rebound towards the end of the week, with two miners re-entering the market, lifting the C5 index to close at $6.220.
The South Atlantic market displayed more resilience, with a steady flow of cargo early in the week. While firmer bids emerged later in the week, they were insufficient to significantly bolster market rates. The C3 index experienced marginal movements, hovering around the low $17.00s.
Panamax
The market experienced a lethargic week due to the impact of the Asian holidays. In the Atlantic, a North/South divide emerged. While activity picked up in EC South America, with fixtures for February arrival achieving rates between $12,200 plus $200,000 and $12,750 plus $275,000 ballast bonus, demand in the North remained sluggish, with limited trans-Atlantic activity and increased competition for NC South America grain business.
In Asia, the shortened workweek initially created some confusion. However, towards the end of the week, firmer sentiment returned, with varied rates observed across different trips. Notable fixtures included a scrubber-fitted 82,000-dwt vessel delivered in Korea for a NoPac round trip at $7,250 per day. Limited period rumors also circulated about an 85,000-dwt vessel delivered in China fixing on a one-year index-linked charter at 117% of the BPI time charter average.
Supramax
The Lunar New Year holidays significantly impacted market activity this week, resulting in a lackluster overall performance.
In the Atlantic, while a potential bottom may have been reached towards the end of the week, the market remained relatively weak. A 58,000-dwt vessel was fixed for a trip from the US Gulf to India at $11,000 per day. Similarly, a 56,000-dwt vessel was fixed for a trans-Atlantic voyage from the US Gulf to Morocco at $9,000 per day. In Asia, market activity was subdued. A 57,000-dwt vessel was fixed for a trip from Egypt to West Africa at $4,750 per day.
In the Indian Ocean, despite relatively high activity, rates struggled. A 63,000-dwt vessel was fixed for a trip from Saldanha Bay to China at a flat rate of $10,000 per day, while a 58,000-dwt vessel was fixed for a trip from Salalah to Vietnam at $6,000 per day.
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Source: Baltic Exchange
