The dry bulk shipping market experienced mixed activity across various vessel segments this week. The Capesize, Panamax, and Supramax markets saw fluctuations in demand and rates influenced by regional factors and seasonal trends. This update provides an overview of the key developments in these markets.
Capesize Market Developments
The Capesize market began quietly in West Australia but saw an uptick in activity mid-week with inquiries for mid to late August dates. East Australia also experienced increased volumes for mid-August to September dates. In Brazil, demand focused on the second half of August, while West Africa saw interest for late August and early September dates. The Far East market was abundant with spot tonnage, and rates for C5 fixtures concluded at low-mid USD 9 per metric ton levels. Offers for C3 routes were generally in the sub-USD 24 to low-mid USD 25 per metric ton range, with bids slightly lower.
Panamax Market Trends
The Panamax market faced declining rates in both the Atlantic and Pacific basins. The Atlantic market suffered from a lack of activity, especially in South America, impacting positions in both regions. Limited mineral voyages and cheaper rates in the North Atlantic contributed to negative sentiment, though grain volumes from NCSA and USG offered some hope for stabilization. Asia saw slightly better activity, but rates continued to fall, with owners discounting shorter runs to avoid low rates.
Supramax and Handysize Market Activity
Supramax and Handysize markets experienced subdued activity across all regions. The Atlantic basin remained lackluster, with minimal inquiries and negative pressure on rates, particularly in the US Gulf and South Atlantic. The Handysize segment saw limited action, with some resistance from owners in the Continent. In Asia, both Supramax and Handysize markets declined due to a lack of fresh inquiries. The Indian Ocean showed some activity for Supramax vessels with sulfur shipments, but it did not significantly impact overall market sentiment. The cautious mood and limited new fixtures contributed to mixed opinions about potential upward pressure in specific regions.
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Source: FEARNLEYS
