- Capesize showed relative resilience, while Panamax and smaller segments stayed under pressure
- Seasonal slowdown and limited fresh cargo weighed on overall sentiment
- Market remains split, with no clear near-term catalyst for recovery in smaller sizes
The Capesize market proved the most resilient this week. Early optimism faded into midweek consolidation, but sentiment steadied toward the end. Pacific activity, supported by miner demand, helped absorb tonnage, while Atlantic flows from South America and West Africa offered intermittent support. Prompt vessel positioning, especially in the North Atlantic, kept volatility elevated but prevented a sharper correction.
Panamax: Charterers Stay in Control
Panamax remained firmly on the defensive across both basins. A lack of fresh cargo and thin fixture volume allowed charterers to keep pushing rates lower. Excess open tonnage in the Pacific further weakened fundamentals, while the Atlantic saw continued pressure on trans-Atlantic and longer-haul routes. Period interest offered little relief, reinforcing the bearish tone.
Ultramax & Supramax: Holiday Effect Sets In
Activity softened further as the approach of extended holidays reduced enquiries. Both Atlantic and Asian markets faced weak demand and ample vessel supply. Limited cargo flow and cautious chartering dominated, with the Indian Ocean following a similar pattern as confidence continued to fade.
Handysize: Still Searching for a Floor
Handysize markets struggled the most, with minimal activity and growing tonnage lists across all regions. Both Atlantic and Asian trades remained subdued, showing no clear signs of recovery. Seasonal headwinds and lack of cargo visibility continue to weigh heavily on the segment.
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Source – Intermodal
