The Baltic Exchange reports that dry-bulk markets registered a generally positive tone in Week 48. While some areas saw only modest movement, several key routes and vessel segments showed healthy support, driven by rising demand and tightening tonnage availability.
Capesize Market: Strong Upward Push
This week, the Capesize segment delivered a robust performance. The benchmark index (BCI 5TC) climbed steadily from the low-$30,000s to finish in the mid-to-high $30,000s. In the Pacific, consistent demand from miners and active operator interest tightened available tonnage. Rates on the C5 route moved from mid-$10s to reach about $12.00 by week’s end.
In the Atlantic basin, after a quiet start, sentiment improved. South-Brazil to China saw scattered demand and date-sensitive fixtures around the mid-$23s to mid-$24s, which rose toward $25. Meanwhile, the North Atlantic gained strength as nearby positions tightened and fronthaul routes saw renewed enquiry — helping boost C8 and C9 rates.
Overall, Capesize traders ended the week more confident, thanks to firm demand and thinning tonnage supply.
Panamax: Firm, But Cautious
The Panamax space held relatively steady. The BPI time-charter average began at $17,498 on Monday and ticked up to $17,655 by Thursday. In the US Gulf and US East Coast, demand for grain fronthaul helped underpin the Atlantic market. In Asia, Indonesian demand and tight prompt tonnage kept support under Pacific routes.
Still, by mid-week some participants sensed the market might be nearing a peak — especially for prompt fronthaul routes in the Atlantic. In Asia, modern tonnage on Indonesia–Japan trades earned premiums, while shorter Indonesian round-voyages attracted softer bids. Period fixtures continued, though many lacked long-term commitment details.
Ultramax / Supramax: Mixed Signals as Thanksgiving Affects Atlantic
In the Ultramax/Supramax segment, the Atlantic saw a subdued tone. Activity dipped, likely influenced by the Thanksgiving holiday period and general uncertainty. In the US Gulf, rates softened gradually, while the South Atlantic held a more balanced stance.
There were some fixtures of note: for instance, a 66,000-dwt vessel fixed delivery from Recalada toward the Arabian Gulf / Southeast Asia at $17,400 plus a ballast bonus. On the Continent–Mediterranean routes, enquiry remained limited, though a 64,000-dwt trip with redelivery to Brazil was heard fixed at $22,000. In Asia, demand came mainly from the South, whereas North Asia remained quiet. Meanwhile, a 61,000-dwt vessel was reported fixed delivery to Singapore with redelivery to India at $21,000. Further regions north saw a 56,000-dwt steel-cargo run from Dalian to Southeast Asia at $14,000.
Interestingly, the Indian Ocean gained some momentum: a 63,000-dwt ship was fixed delivery from Mina Saqr for a trip with redelivery to West Coast India at $24,500.
Handysize: Calm Overall, With Some Activity
Handysize tonnage saw a broadly steady week. In the Continent–Mediterranean region, enquiry remained limited. Mid-week saw some softening as prompt tonnage surged, but rates remained stable by the close. One fixture reported: a 35,000-dwt vessel fixed delivery Antwerp via North-France to Abidjan with grain at $12,000 — reflecting the slow but stable trading mood.
Meanwhile, the South Atlantic and US Gulf saw firmer demand ahead of Thanksgiving, lifting sentiment slightly. For example, a 38,000-dwt trip from Recalada to West Coast South America was fixed at $26,000. In Asia, activity stayed muted; with tonnage roughly balancing cargo demand, rates saw little change.
What This Means for Shipowners, Charterers, and Trade Planners
This weekly update from Baltic Exchange suggests a market that is broadly balanced but leaning positive, especially in Capesize and Panamax segments. Key takeaways:
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Strong demand and shrinking tonnage in certain basins are supporting upward pressure on Capesize rates.
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Panamax remains stable but cautious — with signs that some routes may be nearing a temporary peak.
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Smaller segments (Ultramax/Supramax and Handysize) show mixed results, with regional variation and sensitivity to holiday-driven demand fluctuations.
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The Indian Ocean and certain Asia-India corridors are showing renewed activity — worth watching for potential demand shifts.
For shipowners and charterers, this could be a juncture to reassess fleet positioning and fixture strategy. For cargo planners and logistics professionals, it signals the need to balance cost, timing, and vessel availability more carefully.
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Source: Baltic Exchange
