West Australia is seeing increased Capesize chartering interest from miners and operators for mid-February loadings. East Australia and other Pacific regions remain relatively quiet. For the C3 Brazil to China route, charterers are inquiring about the latter half of February and early March. There’s a growing oversupply of available Capesize vessels in the Far East, reports Fearnleys.
Capesize
Available tonnage for ballasting is low in the first half of February but increases significantly in the second half of February and March. C5 rates have continued to decline, falling below USD 6 pmt. On the C3 route, nuclear cargoes command a premium over standard cargoes, with fixtures around high USD 17 pmt for nukes and low USD 17 pmt for standard shipments.
Panamax
The Panamax market continued its downward trend this week, with rates declining further due to slow activity in both the Atlantic and Asia. In the Atlantic, readily available ships faced pressure due to limited demand, though slightly improved bids were seen for some later arrival windows. The North Atlantic struggled with excess tonnage despite some inquiries, while eco vessels in the south saw some fixtures at previous levels. Asia experienced a sluggish start due to the Chinese New Year holidays, with low bids for longer voyages and stagnant Indonesian cargo activity, resulting in further rate corrections in the region.
Supramax
The Supramax and Handysize markets began the week slowly, with both experiencing continued downward pressure. An oversupply of tonnage in both the North and South Atlantic, combined with limited fresh demand, kept Atlantic rates low. The Lunar New Year holidays further dampened activity in Asia. The lack of new inquiries and widespread holidays contributed to declining index levels and lower rates across both basins.
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Source: Fearnleys
