Capesize Cargo Limited, Panamax Rates Rise, Supramax Steady

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Mfame Editor
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In Western Australia, the dry bulk shipping market is showing a trend of limited cargo availability. However, there’s some interest in cargoes with loading dates towards the end of April. Conversely, other regions within the Pacific are experiencing a relatively healthy volume of peripheral cargo movements, reports Fearnleys. 

Capesize

Capesize market:

  • C3 Route (Brazil and West Africa):
    • Inquiries are primarily focused on late April loading dates.
  • Pacific Market (C5 Route):
    • There’s a significant amount of spot tonnage available.
    • The number of ballast vessels available for April dates is decreasing, while availability for early May is increasing.
    • The C5 route started the week at low-mid USD 9 per metric ton (pmt) levels and decreased to mid-high USD 8 pmt levels by midweek.
  • C3 Route Pricing:
    • Offers are generally decreasing to levels below USD 25 pmt.
    • Bids are around USD 23 pmt.

Panamax

Panamax market this week:

  • Overall Trend:
    • The Panamax market continued its upward trend, as predicted.
  • Atlantic Market:
    • Demand remained strong, especially for front-haul voyages from the North Atlantic.
    • Late April stems from the East Coast South America (ECSA) were also in demand, though there was a significant gap between bid and offer prices.
  • Pacific Market:
    • Despite concerns about weaker coal trades due to high Chinese inventories and reduced Indian demand, the market strengthened.
    • This strengthening was attributed to strong cargo replenishment from Australia and Indonesia, particularly for shorter Indo rounds and North Pacific (NoPac) grain runs.
  • Market Dynamics:
    • Owners maintained firm rate expectations.
    • Prompt tonnage availability tightened in both the Atlantic and Pacific basins.
    • The market defied typical seasonal pressures and remained resilient as the month-end approached.

Supramax

Supra/Ultra market this week:

  • Overall Trend:
    • The market showed limited movement, with sentiment remaining largely unchanged across different regions.
  • Atlantic Market:
    • The East Coast South America (ECSA) basin displayed signs of imbalance.
    • The Continent-Mediterranean region remained stable but lacked increased demand.
    • The U.S. Gulf (USG) market experienced mixed opinions regarding freight rates.
    • The USEC and North Atlantic market is tight because of the Panamax market, with some cargoes being split into Supra/Ultra sizes.
  • Middle East Gulf (MEG) – West Coast India:
    • The market remained relatively quiet, with low cargo volumes.
  • Asia:
    • Downward pressure continued due to limited new inquiries and an accumulation of tonnage.
    • The 11TC average showed slight fluctuations, reflecting overall market uncertainty.
  • Period Market:
    • The period market remained relatively quiet, with very few reported fixtures.

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Source: Fearnleys