The dry bulk market saw mixed results with Capesize vessels ending the week on a firm note, while Panamax and Ultramax/Supramax markets faced pressure, particularly in the Atlantic.
Capesize
The Capesize market closed the week with distinct gains across both the Pacific and Atlantic basins. The BCI 5TC index steadily advanced, rising from over $26,000 at the beginning of the week to $28,504 by the close. In the Pacific, consistent miner activity and a pickup in coal demand led to a firming of rates. The Atlantic market showed resilience, with healthy demand for fronthaul and transatlantic trips driving notable gains.
Panamax
The Panamax market experienced a softer week, especially in the Atlantic basin, as a drop in demand led to a significant correction. The P1A route saw a dramatic loss of approximately $4,000 week-on-week. Activity out of East Coast South America was minimal, with heavily discounted rates for earlier arrivals. In contrast, the Asian market showed better demand, with rates appearing to find a floor mid-week.
Ultramax/Supramax
The Ultramax and Supramax sectors had mixed fortunes. The Atlantic basin maintained a healthy volume of demand, with a 63,000-dwt vessel heard fixed from the US Gulf for a trip to Singapore-Japan at $26,000. However, sentiment was lower from South America. In the Asian market, despite some backhaul demand, sentiment was largely negative. A 56,000-dwt vessel was fixed for a trip from Surabaya to West Coast India at $17,000.
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Source: Baltic Exchange
