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