The Capesize market saw fluctuating rates amid rising demand, while Panamax rates declined due to oversupply and weak fundamentals. Supramax activity remained mixed, with the Pacific showing potential for improvement, while the Atlantic market held steady, reports Fearnpulse.
Capesize
On the West Australia front, we see enquiries from miners, some operators, and a notable number of tenders primarily for very end October to early November dates. Volumes out of East Australia started off flat beginning of the week but picked up as we approach mid-week. Relatively little activity on other areas in the Pacific. On C3 ex Brazil to China, we see operators enquiring for various November dates. Far East spot tonnage is abundant with a notable number of prompt vessels deciding to ballast. Ballasting tonnage is heavy for November. On C5, the week started off with fixtures concluding at low-mid USD 10 pmt levels but retreated to low-mid USD 9 pmt levels by mid-week. On C3, fixtures concluded at mid to high USD 24 pmt levels for end November dates and low USD 24 pmt levels for early-mid November dates.
Panamax
This week the Panamax market saw a continued decline in rates driven by weak fundamentals and oversupply in both the Atlantic and Pacific regions. In the Atlantic, early vessels faced difficulty securing employment, leading to aggressive discounts amid scarce cargo volumes, especially in the USEC and USG. Although US grain exports offered some support, volumes were insufficient to balance the oversupply of tonnage, particularly in the South Atlantic. In Asia, despite the end of recent holidays, demand from key routes like NoPac and Australia remained weak, further depressing rates. Seasonal factors, such as Indian coal imports and Brazilian corn exports, underperformed, and worsening macroeconomic conditions in Europe and the US added to the negative sentiment. A potential rebound hinges on increased coal demand for winter, but overall market sentiment remains pessimistic as charterers delay fixing in hopes of securing lower rates.
Supramax
This week in the Atlantic, the market saw limited activity, with only slight improvements as cargoes cleared some tonnage. Tonnage count remains lengthy. TA on a Supra is around USD 10,000 per day. With fresh enquiries, USG was holding up. FH is well paying, Supramaxes earned around USD 23,000 per day. Fresh enquiries also coming up on the West Africa mineral cargoes which are being covered at last done levels. Meantime on the Pacific side, increased demand for Australian and North Pacific grains suggests stronger sentiment for the coming weeks. The market in MEG-WC India remains weak at the moment due to oversupply of tonnage and lack of cargo volumes. With market firm in Pacific, owners are not keen to reposition in WC India. Overall, both Atlantic and Pacific markets saw mixed activity with positive prospects ahead.
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Source: Fearnpulse
