In the West Australian shipping market, operators and miners are actively seeking vessels for loading dates in late April 2025. Additionally, there’s some preliminary interest from operators exploring options for May 2025 loading. Across other areas of the Pacific region, the volume of cargo available for shipment is reported to be at a generally healthy level, reports Fearnleys.
Capesize
On the C3 route from ex Brazil and West Africa, there are inquiries for May loading dates. In the Pacific, the availability of spot tonnage is high, while the volume of vessels ballasting for the first half of May is also significant. The C5 route (West Australia to China) has concluded at low USD 7 per metric ton levels, while the C3 route (Brazil to China) is currently trading in the high USD 18 per metric ton to low USD 19 per metric ton range.
Panamax
The Panamax market continued to face downward pressure this week, with both the Atlantic and Pacific basins experiencing significant rate declines. This was primarily driven by a persistent oversupply of vessels and a lack of robust cargo activity.
In the Atlantic, despite initial signs of increased vessel movement towards the East Coast of South America (ECSA) due to appealing soybean prices, this uptick has not been sufficient to counteract the broader market weakness. Charterers have maintained a strong negotiating position, leading to a sharp decline in Atlantic rates.
Similarly, in the Pacific, the market has been negatively affected by limited new inquiries from the North Pacific (NoPac) and Indonesia. This, combined with a steadily increasing list of available vessels, continues to erode rates and widen the gap between bids and offers, leaving owners with limited leverage in negotiations.
Supramax
The Supramax/Ultramax market remained subdued across most regions this week, characterized by limited fresh inquiries and increasing caution among market participants.
In the Atlantic, rates experienced downward pressure due to an oversupply of available tonnage and weak demand, particularly for backhaul voyages. The South Atlantic showed some semblance of balance, but owners displayed caution and were hesitant to concede further rate reductions.
The Pacific market also suffered from weak demand, especially for cargoes originating from Indonesia, which kept freight rates at low levels.
In the Mediterranean and Indian Ocean regions, owners showed resistance to lowering rates further, but the overall market sentiment remained soft.
Reflecting this general weakness, the 11TC average (Baltic Supramax Index 11 Timecharter Average) steadily declined throughout the week, falling from USD 12,429 on April 1st to USD 12,058 by April 8th. The period charter market remained quiet, indicating a lack of confidence in near-term market improvements.
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Source: Fearnleys
