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The Capesize segment saw a sharp rate drop due to weak Pacific activity and oversupply, with C5 and C3 routes both declining.
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Panamax markets remained active, especially in the Atlantic and South America, while tight tonnage in Southeast Asia supported firmer rates.
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Ultramax/Supramax regions displayed mixed trends, with Asia and South Africa showing strength amid softer Atlantic conditions.
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Handysize performance was steady in Asia, while the Atlantic showed regional fluctuations, with the U.S. Gulf softening toward the week’s end.
The global bulk carrier market displayed a varied performance across vessel classes during Week 26, with Capesize rates facing notable pressure, Panamax sectors showing pockets of strength, and mixed trends emerging in the smaller segments. These shifts reflected changing demand patterns across regions, tonnage availability, and evolving cargo flows. The detailed market movements were outlined in a recent update by the Baltic Exchange.
Capesize
The Capesize market recorded a significant downturn during Week 26, driven by weakening sentiment and a notable drop in activity across both the Atlantic and Pacific regions. A major factor behind the decline was the continued absence of key C5 miners in the Pacific, which led to a buildup of vessel availability and further pressure on rates. The C5 route dropped sharply by the end of the week, reaching the mid-to-high $6.00 range, down from recent highs of $10.00–$11.00. Although coal cargoes from East Coast Australia offered some support, they could not counterbalance the lack of iron ore shipments. Meanwhile, activity out of South Brazil and West Africa to China showed occasional signs of recovery, but the market lacked consistent momentum and rates on the C3 route slipped to the low $20.00s. The North Atlantic was comparatively more stable due to fresh cargoes and a balanced tonnage list, though limited fixtures and softer rates marked the close of the week. The BCI 5TC index fell by $4,959, settling at $18,408.
Panamax
The Panamax segment experienced an active and relatively optimistic week, especially in the North Atlantic where trans-Atlantic routes sparked discussion over rate disparities between West Mediterranean and Continent-based deliveries. Despite varying perspectives, the broader market tone remained firm. From South America, above-index rates were achieved for pre-index arrival windows, particularly with APS load port deals around $15,500 plus a $550,000 ballast bonus. In the Asia-Pacific region, there was healthy demand out of Australia and increased activity from North Pacific origins toward the end of the week. For 82,000-dwt vessels on index-based trips, average rates hovered around $13,000. In Southeast Asia, persistent tight tonnage availability helped push rates up by approximately $1,000 over the week, with fixtures closing at around $11,750. Period business remained limited but included a 95,000-dwt vessel fixed from Japan at $11,250 for a 4- to 7-month term.
Ultramax/Supramax
Conditions across the Ultramax and Supramax markets were largely positional, with mixed developments depending on region. In the Atlantic, limited new enquiries from the U.S. Gulf led to weaker rates early in the week. For example, a 58,000-dwt vessel was fixed from Houston to Nigeria at $20,000. However, the South Atlantic retained some activity, though confirmed fixtures remained scarce. In contrast, Asia displayed stronger momentum. Rising demand from Indonesia and North Pacific routes helped lift sentiment. A 63,000-dwt ship was reported fixed from Singapore via Indonesia to China in the high $13,000s, while a 58,000-dwt from China completed a round voyage at $12,000. In the Indian Ocean, improved demand from South Africa supported firmer activity, with a 63,000-dwt from Port Elizabeth to China carrying manganese ore fixed at $14,000 plus a $140,000 ballast bonus. On the period side, a 63,500-dwt newbuilding was reported fixed ex-yard China in the mid-to-high $13,000s for a one-year charter.
Handysize
The Handysize market showed mixed performance during the week, with only modest rate shifts across regions. The Continent and Mediterranean markets remained subdued, with softening sentiment and rates falling below previous levels. A 35,000-dwt vessel was fixed from Canakkale via CVB to the West Mediterranean with grains at approximately $6,750. Meanwhile, the South Atlantic retained momentum, although activity from the U.S. Gulf began to ease toward the weekend. Noteworthy fixtures included a 38,000-dwt vessel fixed from Santa Marta to ARAG with metcoke at $17,500, and a 39,000-dwt ship fixed from Mobile to the Continent at around $20,000. In Asia, the market remained largely stable due to balanced supply and demand. A 35,000-dwt vessel was reported fixed from Phu My for a South China to Southeast Asia iron ore trip at $12,500. Period interest was active, with a 38,000-dwt open in Houston on subjects for a short period and a 40,000-dwt newbuilding fixed from Hong Kong on an index-linked rate of 118%.
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Source: Baltic Exchange
