Capesize sees steady demand in West Australia and Brazil with firming rates on key routes. Panamax suffers from oversupply and limited demand, particularly in the Atlantic, pushing rates down. Supramax and Handysize markets remain weak, facing low inquiries, especially in the Atlantic, though Asian rates stabilize, reports Fearnpulse.
Capesize
On the West Australia front, we see enquiries from miners, some operators, and tenders alike for mid-end November dates. Few operators are out enquiring for December forward dates. Volumes out of East Australia dipped slightly from last week. Relatively little activity on other fronts in the Pacific. On C3 ex Brazil to China, we see many operators seeking for first half of December dates with some enquiries for end November dates. West Africa volumes remain relatively robust for first half of December dates as well. Far East spot tonnage is gradually thinning with the clearing out of many spot vessels last week and earlier of this week. Ballasting tonnage is thinning for second half of November with some owners choosing to slow steam into early December dates. On C5, we see an overall improvement from last week with fixtures concluding at low-mid USD 9 pmt levels. On C3, we see an uptick in optimism and a gradually firming market with fixtures concluding at mid-high USD 20 pmt levels for late November dates.
Panamax
This week, the Panamax market experienced a notable downturn across both the Atlantic and Pacific regions. In the North Atlantic, an oversupply of vessels, coupled with a lack of mineral cargoes, exerted significant downward pressure on rates. While transatlantic activity from the US Gulf provided some support, it was insufficient to counteract the prevailing bearish sentiment. ESCA mirrored this trend, with a notable absence of demand leading to further rate declines. In the Pacific, despite isolated instances of niche trades achieving favorable rates, the overall market remained subdued due to an excess of available vessels. Overall, the market sentiment is cautious, with charterers delaying rate negotiations and owners offering discounts to secure business. Without a significant increase in demand or a reduction in ship supply, the outlook remains uncertain.
Supramax
The market continued to face some challenges across both Supramax and Handysize segments, with weak sentiment and limited fresh inquiries placing downward pressure on rates. In the Supramax market, the Atlantic remained sluggish, particularly in the US Gulf and South Atlantic, while Asian routes showed some signs of stabilizing after recent declines. The Handysize market also experienced a quiet week, with increased tonnage availability in Asia contributing to softening rates. Activity was slow in the Continent-Mediterranean region, where rates largely held at previously established levels. A notable fixture involved a 37,000 dwt vessel fixed at USD 12,500 for a Casablanca to Caribbean trip.
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Source: Fearnpulse
