The West Australian Capesize market has experienced a significant decline in inquiries this week due to the approaching cyclone. Miners have been actively seeking vessels for end-February cargoes, while some operators are inquiring about March dates, reports Fearnleys.
Capesize
On C3 ex Brazil to China, we see very few enquiries left for end February dates with majority of operators seeking for March dates. Far East spot tonnage is still relatively heavy compared to the volume of cargoes in market. Ballasting tonnage remains heavy for end February and March. On C5, we have approached USD 6 flat pmt levels by mid-week. On C3, fixtures concluded at mid-high USD 16 pmt levels for early March dates by mid-week. For mid March dates, buyers are generally at mid USD 16 pmt levels and sellers in excess of USD 17 pmt.
Panamax
The Panamax market faced continued pressure this week, driven by weak demand in the Atlantic and soft fundamentals in the Pacific coal sector. The North Atlantic experienced persistent challenges with an oversupply of tonnage and limited fresh demand.
In the South Atlantic, further rate corrections were observed for end-February positions. The Pacific demonstrated more stability, supported by steady demand from North Asia (NoPac) and Australia. However, charterers remained cautious amidst broader market negativity.
Supramax
The market continued to experience positive momentum this week, with rates trending upwards across most regions. In the Atlantic, renewed interest contributed to rate increases, although specific fixture details remain limited.
The US Gulf market remained active, while the South Atlantic exhibited a firming trend, further enhancing the overall strength of the Atlantic basin.
In Asia, rates improved, driven by steady demand, particularly for Indo-India and Indo-China coal rounds. The Indian Ocean market remained positional, with some vessels achieving stronger rates.
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Source: Fearnleys
