Bulk Report: Capesize Grows Strong While Supramax Remains Idle


Fearnleys summarizes weekly bulk report for week 25 of 2024.


On the West Australia front, we see a tick drop in enquiries from operators while those of miners and tenders have held up for first half of July dates. East Australia coal volumes have held up as well while enquiries for other parts of the Pacific remain relatively flat. On C3 ex Brazil to China and West Africa, we see enquiries for full July dates. Far East spot tonnage is increasingly abundant while ballasting volume is relatively healthy for first half of July dates. On C5, we see fixtures concluding at mid USD 10 pmt levels at mid-week. On C3, we see a stronger sentiment compared to last week with fixtures concluding at low to mid USD 26 pmt levels for the first half of July.


This week, the Panamax market began quietly, influenced by holidays in Singapore and the start of Eid, resulting in limited activity and sparse information. The North Atlantic was largely stable with a wide bid/offer spread, while South America saw softer bids and some owners willing to accept lower rates. Following the holidays, grain and mineral activities increased slightly, balancing cargo and tonnage but requiring more volume to keep rates steady. Asia showed mixed rates with a surplus of tonnage in the South. Despite the subdued start, the market outlook remains cautiously positive, with expectations of an upturn driven by seasonal trends and upcoming grain shipments from the Black Sea.


There is no significant change from last week’s sentiment; the market generally has healthy activities in all geographical basins. Grain and minerals led the commodity movements in the Atlantic. The cargo volume is well balanced with the tonnage supply, giving flat rates with little chance to improve. Despite BSI showing green pillars, we need more cargo volume to increase this market. USG had an incredible push, and rates rose to a high number at the end of last week, but it is more stabilized now.

The USG fixtures to Singapore/China were reported at USD 28,000 pd and USD 25,000 pd on Supra. On transatlantic routes, the grains trade to the Mediterranean trading around USD 18,000 pd on Supramax and about USD 20,500 pd on Ultramax. The trips to the Continent paying premium and Ultra was covered at USD 24,000 pd. Indian Ocean and South Africa markets remained stable, with rate keeping a similar level; Ultamax were reported fixed delivery South Africa for trips to China at USD 22,000 pd plus USD 220,000 GBB. The Pacific market remains stable. Supramax trading Pacific coal RV was able to obtain around USD 14,000 pd.

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Source: Fearnpulse