The dry bulk market experienced mixed performance across vessel segments this week. While the Capesize and Panamax sectors showed signs of recovery after a midweek dip, the Ultramax/Supramax and Handysize segments remained more balanced, with regional variations shaping sentiment.
Capesize: Recovery After Midweek Softness
The Capesize market opened steadily but lost momentum midweek before regaining ground toward the close. The Pacific basin saw consistent miner and operator activity, with C5 fixtures largely holding between $9.95 and the low $10.00s.
In the Atlantic, Brazil and West Africa to China routes drew more attention midweek, with C3 fixtures in the mid-$23.00s, while fronthaul rates in the North Atlantic climbed into the low-to-mid $40,000s. Despite Thursday’s slowdown, demand for later dates helped maintain support. The Baltic Capesize Index (BCI 5TC) opened at $24,455, fell below $23,000 midweek, and closed at $23,513.
Panamax: Atlantic Strength Lifts Market
Panamax trading was muted at the start but strengthened midweek, led by the Atlantic basin. A shortage of prompt tonnage in the North Atlantic pushed transatlantic round voyage rates into the low $20,000s, while fronthaul rates climbed into the upper $20,000s, particularly on US East Coast–India runs.
In the Pacific, rates remained steady, with Australia and NoPac rounds hovering around $13,000. EC South America rounds also drew activity, with fixtures at $18,500 and $17,500 on 82,000-dwt vessels, showing a premium compared to Pacific rounds.
Ultramax/Supramax: Uneven Sentiment Across Regions
The Ultramax/Supramax sector faced mixed conditions. In the Atlantic, US Gulf demand fluctuated but remained generally healthy, with fixtures like a 61,000-dwt earning in the upper $20,000s for a transatlantic run.
South Atlantic sentiment was stable, with a Santos–Chittagong run fixed in the mid-$16,000s plus a mid-$600,000s ballast bonus. In the Mediterranean, a 63,000-dwt secured low $20,000s for a Continent–East Med voyage. In Asia, activity slowed, with nickel ore and coal runs in the mid-$16,000s range, while the Indian Ocean saw steady interest, including a Gulf–Bangladesh fixture at $16,500.
Handysize: Regional Balance Maintained
The Handysize market stayed relatively balanced with mild upward momentum in Europe. A 28,000-dwt was fixed from Ghent to the East Mediterranean at $9,500, while South Atlantic sentiment remained strong, with a 40,000-dwt from EC South America to Algeria at $22,500. Conversely, the US Gulf softened, with a 38,000-dwt earning $19,000 on a grains run to Colombia. Asian activity was positional, with a tightening tonnage list but stable rates, as shown by a 38,000-dwt from Zhangjiagang to Thailand at $14,000.
Overall, the dry bulk market displayed a mix of stability and renewed momentum across the major vessel classes. The Atlantic basin continued to drive gains in the larger segments, particularly Panamax and Capesize, while Asia lagged with softer demand for Ultramax/Supramax.
Handysize trade held steady, showing resilience across most regions. With activity levels picking up in the Atlantic, the coming weeks could see further rate adjustments, particularly if Pacific demand rebounds.
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Source: BALTIC EXCHANGE
