The Capesize market saw a strong upward trend this week, with rates climbing significantly. The 5TC index rose by $2,277, reaching $8,216, the highest point since late January. Despite the reopening of West Australian ports and vessels resuming operations after disruptions, West Australian miners showed limited activity, reports Baltic Exchange.
Capesize
The C5 route saw a steady increase, ending the week at $6.485, with March loading dates now dominant. The North Atlantic market showed general strengthening, although premiums remained for breaking INL. In Brazil, the C3 route rose due to increased fixture activity, with rates surpassing $18 for mid-March loadings. Several period fixtures were reported, including one-year deals at $22,500 and $19,000, and a two-year deal at $24,500.
Panamax
The Panamax market experienced a dynamic week, with both Atlantic and Pacific regions showing increased strength. The market started quietly but gained momentum mid-week, driven by FFA activity, before stabilizing. In the North Atlantic, trans-Atlantic activity was minimal and rates remained flat, while fronthaul mineral and grain demand provided some upward pressure. EC South America saw improved rates for mid-March arrivals.
Asia witnessed strong cargo replenishment, pushing rates higher as tonnage was absorbed. The period market also performed well, with numerous one-year deals concluded around $14,000, reflecting continued market optimism.
Supramax
The Supramax/Ultramax sector experienced a generally positive week, driven by increased Asian demand. The Atlantic started strong, but US Gulf demand softened later, leading to slightly lower rates.
The South Atlantic market was positional, with stronger demand for trans-Atlantic voyages. Inquiries from the Continent-Mediterranean region improved. Asian markets saw continued upward momentum due to strong backhaul and trans-Pacific demand. Period activity increased, with several one-year and shorter-term deals concluded.
Handysize
The Handysize market experienced a generally positive week, with rates increasing in most loading areas. The Continent-Mediterranean region saw steady improvement, with positional sentiment driving activity. The South Atlantic maintained a positive trend, with tight tonnage availability and healthy cargo volumes. The US Gulf market remained relatively quiet, with rates holding steady. Asia maintained a firm outlook, with tightening tonnage in North China and weather-related delays in Southeast China pushing charterers to increase their bids.
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Source: Baltic Exchange
