The West Australia market has seen a surge in inquiries for early to mid-March shipments, with a miner seeking slightly more prompt dates. Activity across the Pacific is picking up, with East Australia seeing more trader involvement and increased volume from West Coast South America (WCSA).
- Brazil to China & West Africa (C3): February is fully booked, with March dates now the main focus.
- Far East Spot Tonnage: Tightening as prompt ships move into ballast.
- C5 Route (Australia/China): Rates climbed from USD 6 pmt at the week’s start to mid-USD 6 pmt.
- C3 Route (Brazil to China): A slow start to the week, but late March rates improved from low USD 17 pmt to mid-USD 17 pmt.
Panamax Market Strengthens
The Panamax segment remained firm, driven by seasonal trends and strong ECSA market sentiment.
- Atlantic Basin: Limited tonnage kept North Atlantic rates stable, while the ECSA market gained momentum.
- Pacific Basin: Rates pushed above USD 11,000 per day for grain shipments, with minerals closely following.
- Outlook: FFAs indicate further gains into mid-March, keeping a constructive market outlook.
Supramax & Handysize Market Trends
- Supramax & Handysize markets remained firm across both the Atlantic and Pacific.
- US Gulf & South Atlantic: Strong demand stabilized rates.
- Continent & Mediterranean: Recorded modest improvements.
- Asia: Tight tonnage supply boosted rates, with owners maintaining firm rate expectations.
- Period Interest: Growing discussions around long-term chartering, reflecting positive market sentiment.
Key Dry Bulk Rates & Trends
The dry bulk market continues to show positive momentum, especially in the Panamax and Supramax segments, with increasing demand in both the Atlantic and Pacific basins. Capesize rates are stabilizing, while FFAs suggest further upside potential into March and April.
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Source: Fearnleys
