- Capesize showed early strength but eased toward week’s end
- Panamax remained under steady pressure across all basins
- Smaller sizes softened amid thin demand and excess tonnage
The Capesize market opened the week on a firm footing, supported by steady Pacific miner activity and tightening availability in parts of the Atlantic. Early gains from South Brazil and West Africa to China pushed rates into the mid-$20s before resistance emerged. As the week progressed, sentiment cooled, with Pacific rates drifting toward $10.00 by Friday, though underlying support remained visible around mid-week levels.
Panamax: Pressure Builds Further
Panamax sentiment weakened consistently throughout the week as a lack of fresh cargoes weighed heavily on fundamentals. Oversupply of prompt tonnage in Asia allowed charterers to test lower levels, while owner resistance gradually faded. Activity stayed muted across both Atlantic and Pacific routes, pushing the P5TC index down sharply from $14,796 to $11,908 by week’s end.
Ultramax / Supramax: Demand Thins Ahead of Holidays
The Ultramax and Supramax sectors lost ground across most regions as enquiry slowed ahead of the holiday period. Atlantic rates softened noticeably, with weaker returns seen from the US Gulf and South Atlantic. Asian markets also remained under pressure due to abundant prompt tonnage, while the Indian Ocean saw fading interest and fewer firm fixtures.
Handysize: Continued Downward Drift
Handysize markets stayed under pressure across both hemispheres, with limited activity reported in the Continent and Mediterranean. Tonnage lists continued to build in the Atlantic, keeping rates capped, while Asian markets showed no clear signs of recovery. Overall sentiment remained negative, with owners struggling to defend previous levels.
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Source – Baltic Exchange
