The Capesize market weakened this week, with the 5TC index falling significantly. This marks the lowest level since late February 2023. Disruptions in West Australia due to a cyclone and a fire at a Brazilian coal terminal further impacted the market, reports Baltic Exchange.
Capesize
The C3 Tubarao to Qingdao route closed the week at $16.755, while the C5 West Australia to Qingdao route ended at $6.03.
A growing number of ballasters were observed in the South Atlantic, with some competing with vessels in the Continent-Mediterranean region for transatlantic and fronthaul business.
The C8 transatlantic round voyage was marked at $3,643, while the C9 fronthaul run stood at $24,906.
Panamax
The Panamax market experienced a week of steady declines. In the North Atlantic, with pressure prevailing, charterers effectively drove down bids, particularly for available trans-Atlantic runs. South America witnessed discounted rates for nearby dates, while some support emerged for index dates, as evidenced by an 82,000-dwt vessel achieving a $10,000 rate for a trip via South America with redelivery in Singapore-Japan.
In Asia, after an initial period of decent activity and firmer rates, the market stabilized towards the end of the week. NoPac rounds hovered around the $10,000 mark, with several deals concluded. From Australia, the average round trip rate was approximately $9,000.
Supramax
The Handysize market experienced a buoyant week with renewed interest pushing demand higher across most regions.
In the Atlantic, demand strengthened from the East Mediterranean, although fixing information remained limited. From the US Gulf, rates improved further, with a 63,000-dwt vessel fixing a trip from the US Gulf to the Far East in the mid-$19,000s.
The South Atlantic also showed positive signs with a 63,000-dwt vessel fixing delivery Recalada for a trip to the Continent at around $20,000.
In Asia, positive sentiment prevailed. A 63,000-dwt vessel fixing delivery South China for an Australian round achieved a rate of $10,000. Furthermore, increased demand on backhaul runs saw a 58,000-dwt vessel securing mid-$10,000s for a trip from China to the Mediterranean.
The Indian Ocean lagged slightly, with a 56,000-dwt vessel fixing delivery Port Elizabeth for a trip to China at $9,000 plus a $90,000 ballast bonus.
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Source: Baltic Exchange
