The Baltic Exchange reported an active week across the dry bulk market, with several segments showing distinct shifts in momentum as trading patterns evolved between basins. The latest assessment offers a clear snapshot of rate movements, operational demand, and segment-specific dynamics, forming a key reference point for stakeholders monitoring dry bulk freight trends and maritime market performance.
Capesize
According to the Baltic Exchange, the Capesize sector registered a steady improvement throughout Week 45. Activity accelerated from Tuesday onward as increased demand and a tightening tonnage list lent support across both basins.
In the Pacific, early-week hesitation was replaced by stronger sentiment midweek, with miner demand pushing C5 route levels from the low $9 range to above $10.50 before softening slightly to around $10.35. The Atlantic reflected a similar trend, with fixtures from South Brazil and West Africa to China rising from the low $22,000s to the mid–high $23,000s.
The North Atlantic, initially subdued, gained momentum later in the week as transatlantic levels approached $30,000 on tightening availability. The BCI 5TC rose steadily from $23,955 at the start of the week to $27,709 by Friday.
Panamax
The Panamax segment showed mixed direction, with the North Atlantic facing pressure for much of the week before stabilising toward the end. The South Atlantic saw improved fronthaul demand for early December loading windows, reflected in a scrubber-fitted 81,000-dwt securing $19,000 for an EC South America to Singapore–Japan trip, with scrubber benefit to charterers.
Asian markets recorded increased coal enquiries from Australia and Indonesia. A well-described 84,000-dwt achieved $18,500 for a run via EC Australia to Japan, while Indonesian cargoes produced rates ranging from $17,000 to $19,500 depending on specification. Period activity remained limited, though an 82,000-dwt in North China fixed at $17,500 for 5–7 months.
Ultramax / Supramax
Trading in the Ultramax and Supramax segment reflected positional shifts. The US Gulf and South Atlantic experienced firmer discussions as the week advanced, with a 62,000-dwt fixing $17,000 plus a $700,000 ballast bonus for a voyage to Chittagong.
The Continent–Mediterranean region was slower, with limited fresh enquiry and little upward movement in rates. In Asia, demand was gradual, with a 63,000-dwt fixing from Gresik for an Indonesia–China run in the upper $16,000s. Northern Asia saw muted sentiment, including a NoPac round fixed in the low $16,000s.
From the Indian Ocean, reported fixtures included a 57,000-dwt securing $18,000 plus a $180,000 ballast bonus for a South Africa to Arabian Gulf voyage, while a 63,000-dwt fixed $14,000 for a run from the Arabian Gulf to West Coast India.
Handysize
The Handysize market recorded a generally quiet Week 45. The Continent and Mediterranean remained positional with limited fixtures, including a 40,000-dwt fixed for a voyage via the Black Sea to West Africa at around $15,000.
In the South Atlantic and US Gulf, activity stayed soft as some owners discounted for employment. Fixtures included a 32,000-dwt from Recalada to Fortaleza with grains at $18,250 and a 37,000-dwt from Houston to Veracruz with scrap at $21,000.
Asian trading followed a similar pattern, with a 38,000-dwt open CJK fixed for an Australian round trip at $12,000. On the period side, a 39,000-dwt newbuilding was placed for two years at 120.5% of the BHSI index.
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Source: Baltic Exchange
