The Capesize market experienced a mixed week, with an initial strong start followed by a decline, reports Baltic Exchange.
Capesize
The North Atlantic market initially showed signs of strength, bolstered by reports of a significantly stronger fronthaul fixture. However, this momentum quickly slowed down midweek. Despite steady cargo inflows, fixing volumes tapered off, and the market entered a period of stagnation. Pacific activity remained subdued, hampered by weather uncertainties off the coast of West Australia. Meanwhile, the Atlantic market witnessed muted trading with a widening gap between bids and offers on C3.
Panamax
The Panamax market experienced a volatile week, with activity fluctuating throughout. After a slow start, there were signs of recovery mid-week, but activity tapered off towards the end. Despite some gains, rates remain barely above operating costs.
In the Pacific, the market showed some improvement, particularly in the North Pacific, where an 82,000-dwt vessel achieved $9,250 for a trip. In the South Pacific, rates were more moderate, around the mid to high $6,000s.
Period activity increased, with some 82,000-dwt vessels achieving mid-$12,000s for short-term charters in the China-Korea region. Notably, an 82,000-dwt vessel was fixed at $13,750 for months with a grain house.
Ultramax
The dry bulk market witnessed a continued period of malaise this week, with limited fresh inquiries and readily available prompt tonnage. Charterers maintained a strong negotiating position, leading to further declines in rates across various routes.
Notable fixtures included a 64,000-dwt vessel from the US Gulf to West Coast South America in the mid-$19,000s, a 58,000-dwt vessel from Santos to Egypt at $12,750, and a 53,000-dwt vessel from Spain to West Africa at $8,000.
Demand from the Indian Ocean remained weak, with a 60,000-dwt vessel fixing a trip from South Africa to China at $12,250 plus a ballast bonus. In Asia, a 55,000-dwt vessel fixed an Indonesian round trip in the mid-$4,000s, and another 56,000-dwt vessel fixed a trip from Thailand via Indonesia to China at $4,000.
Handysize
In the Continent and Mediterranean, limited scrap cargo availability and a lack of eastbound trips from the Black Sea contributed to lower rates. A notable fixture included a 39,000-dwt vessel fixing delivery APS Black Sea for redelivery in the US Gulf with steels at $5,500.
In the South Atlantic and US Gulf, sentiment remained subdued with an oversupply of tonnage. A 39,000-dwt vessel fixed delivery APS Veracruz for redelivery in the SW Pass, East Coast Mexico with grains at $10,500. Another 35,000-dwt vessel fixed delivery APS Recalada for redelivery in Vitoria at $10,500.
The Asian market remained weak with no signs of recovery. A 37,000-dwt open Japan fixed delivery APS Tianjin for redelivery in Southeast Asia at $6,000.
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Source: Baltic Exchange
