Capesize Strength: Healthy Activity And Stable Rates In Early January



We see volumes holding consistent with enquiries from miners and operators on C5 for early January dates. On the East Australia coal and Pacific front, volumes have increased slightly from previous week albeit scarce. On South Africa and Indian business, we see limited enquiries primarily for mid-January stems. On C3 ex Brazil to China and West Africa, we see enquiries for full January with a heavy focus on mid-January. Far East tonnage is moderately tight. Ballasting tonnage is increasing and weights heavily on mid-January onwards. On C5, activity level is healthy with fixtures concluding at low to mid USD 12 levels by midweek. On C3, we see fixtures concluding at USD 24 levels for early January and resistance between offers and bids for mid to late January.


This week’s Panamax market shows a general downtrend due to the off-season for coal and grain shipments, and uncertainties in soybean exports. Minor uplifts may arise from China’s cold weather and slight recoveries in grain shipments. The North Atlantic remains quiet with limited cargo, while the Pacific faces challenges with an oversupply of ships. The Atlantic shows modest improvements in rates, especially for deferred positions, but overall market corrections are evident due to an excess of available tonnage and limited demand.


Positions seems to be covered ahead of holidays approaching therefor market been rather flat with bear action both in the Atlantic and the Pacific. There were fixtures done at below last done in USG while ECSA seemed to still hold up due to some tight laycans and lack of tonnage for those dates. Bit more cargo flows from NoPac otherwise flat in the East as well. All eyes on Red Sea situation and how that would eventually start impacting the market going further.

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Source : Fearn pulse



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