Capesize
Following the UK Bank holiday, Tuesday marked a strong start for the Capesize market with rising rates in both the Pacific and Atlantic regions, driven by increased miner activity and healthy cargo volumes particularly in the Pacific. The C5 index moved up by $0.84 to $11.650. There were significant gains in the North Atlantic with a tightening tonnage list that led to the C8 index climbing by $10,142 to $27,571, and the C9 index also saw a notable increase of $4,125, reaching $49,500. The trend continued into Wednesday, albeit with slightly reduced activity in the Pacific, maintaining an upward trajectory. Towards the end of the week the Pacific saw heightened activity but a stabilization of the Pacific market with steady cargo volumes, while the Atlantic experienced minor adjustments, leading to a softer condition overall. The BCI 5TC experienced a slight decrease of $937, closing the week at $27,301.
Panamax
The Panamax market returned a week of steady gains with little sign of the firm trend abating, with fundamentals appearing strong in favor of the owners. The Atlantic appeared predominantly fronthaul led with a steady mineral flow ex US East Coast as well as solid grain demand ex NC South America, reports of a scrubber fitted 81,000-dwt delivery Gibraltar trip via NC South America achieving $31,000 redelivery Singapore-Japan. There was very little to report on trans-Atlantic, with minimal activity. In Asia, the market witnessed significant gains, route P5 yielding a $2,662 gain week-on-week highlighting the spike in activity ex Indonesia with exceptional demand seen, reports of various deals concluded around the $20/21,000 mark for trips via Indonesia redelivery India, delivery SE Asia. There was limited period reporting but did include rumors earlier in the week of an 81,000-dwt delivery to China agreeing $20,000 basis 5 to 7 months employment.
Ultramax/Supramax
All eyes focused on the Asian arena this week as rates pushed higher with stronger demand from Indonesia seeing owners’ expectations rise. This also led to slightly stronger levels being achieved further north. By contrast, the Atlantic remained rather subdued, by the impact of various holidays. A lack of demand from areas such as the Continent – Mediterranean and US Gulf saw the positive sentiment erode. There did remain an appetite for period cover, a newbuilding 64,000-dwt was fixed ex yard at $19,000 for one year elsewhere a 57,000-dwt open WC India was heard to have fixed one year at $15,000. From the Atlantic, a 60,000-dwt was heard fixed delivery East Mediterranean to the US Gulf in the low $13,000s, whilst a 61,000-dwt fixed a scrap run from the North Continent to East Mediterranean at $15,000. From Asia, a 52,000-dwt open SE Asia fixed a trip via Indonesia redelivery China at $19,000. Further north, a 61,000-dwt open China fixed a NoPac round in the upper $17,000s.
Handysize
A rather subdued week with holidays across both basins with limited visible activity and fresh enquiry surfacing. Pressure remained on owners across the Continent and the Mediterranean with a 32,000-dwt rumored to have ballast from Annada to fixed passing Canakkale via the Black Sea to Rosyth with a cargo of grains at $8,250 whilst a 39,000-dwt open in Tyne fixed from Bremen to the US East Coast with a cargo of lumber at $14,500. There were rumors of a 37,000-dwt fixed from the Eastern Mediterranean to Brazil with an intended cargo of fertilizer in the low $7,000s. Asia in contrast showed positivity as a 35,000-dwt fixed from Port Hedland via Australia to China with an intended cargo of minerals at $22,000 and a 34,000-dwt fixed from Caofeidan via North China to Vietnam with a cargo of metallurgical coke at $15,500. The Arabian Gulf also showed signs of more activity with a 35,000-dwt fixing from Dohar to Madagascar in the $13,000s with bagged cargo.
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Source : balticexchange
