The Capesize Timecharter Average (C5TC) decreased by $1,507 over the week, ending at $22,190 on Friday, reports Baltic Exchange.
Capesize
Capesize market activity was as follows:
- Brazil (C3 Route):
- Rates began to rise mid-week due to increased cargo availability for the second half of April.
- There were reports of a limited number of ballast vessels available for end-April arrivals.
- The C3 route rate increased by $0.405, closing at $24.485.
- Pacific (C5 Route):
- The laycan window has shifted entirely to April dates.
- The week was relatively slow, with miners largely absent from the market for several days.
- The C5 route was marked at $9.35.
Panamax
Panamax market’s performance this week:
- Overall Trend: The market experienced a gradual decline in rates.
- North Atlantic:
- Demand was notably low, contributing to rate erosion.
- Few significant transactions were recorded.
- North American trade caused some uncertainty.
- South America:
- Trade activity was relatively robust.
- Fronthaul trip rates varied, with index dates averaging around $12,000 to $12,500.
- An 82,000 dwt achieved 17,000 for a trip via North Coast south America, redelivering in the Singapore-Japan range.
- Asia:
- The market showed mixed results.
- Rates for longer round trips ranged from $12,500 to $15,500 for grain-clean vessels from the North Pacific.
- Period Activity:
- Limited period activity was observed.
- An 82,000dwt ship delivery in China got 17,000 for a 3 to 5-month period charter.
Supramax
Supramax market this week:
- Overall Trend: The Supramax sector saw slight positive gains.
- US Gulf:
- Experienced positive rate movement at the start of the week.
- Some believe rates may have reached their peak.
- South Atlantic:
- The market remained relatively balanced.
- Mediterranean/Continent:
- Lacked fresh demand to drive rate increases.
- A 61,000 dwt fixed baltic to west Africa at $14,000.
- A 63,000 dwt fixed west Africa via south Africa to far east at $15,500.
- Asia:
- Stronger levels were observed, driven by increased demand.
- Indonesian market was active, example a 64,000 dwt fixed Indonesia to west coast India at $17,000 or east coast india at $18,000.
- A 58,000 dwt fixed to china in the mid $15,000’s.
- Demand decreased in northern Asia, but a 63,000 dwt fixed a North Pacific round trip at close to $15,000.
- Indian Ocean:
- Increased activity was noted.
- A 61,000 dwt fixed Port Elizabeth to China at $15,000 plus a $150,000 ballast bonus.
- Period Activity:
- Period charters were still being concluded.
- A 60,000 dwt open Japan fixed 7 to 9 months worldwide trading at $14,000.
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Source: Baltic Exchange
