Weekly Dry Bulk Market Overview: Capesize, Panamax, and Supramax Insights


In the dry bulk market, Capesize vessels witnessed steady demand with healthy volumes of enquiries for various dates, particularly in the first half of April, while activity in East Australia remained relatively subdued. Panamax rates surged due to a shortage of ships and robust demand, especially from the North Atlantic and East Coast South America regions, leading to increased rates and positive sentiment. Supramax market stabilization was noted, with rising demand in the US Gulf and East Coast South America, coupled with improving rates in the Mediterranean and Continent regions. Overall, the market showed resilience and confidence in future performance across different vessel segments, according to Fearnleys.


On the C5 front, we see a reasonably healthy volume of enquiries from miners, operators, and tenders primarily for first half of April, and limited volume for late March and forward May to June dates. In comparison, things are relatively quieter on the East Australia coal front. Enquiries in other Pacific regions started off quiet in the week but soon picked up by mid-week. Volumes on South African business remains relatively flat. On C3 ex Brazil to China and West Africa, enquires are primarily for April and forward May dates. Tonnage in the Far East remains moderately tight. Ballasting tonnage is relatively tight for late March and first half of April. On C5, the week started off strong with fixtures concluding at USD 13 pmt levels, retreating to mid-high USD 12 pmt levels by mid-week. On C3, we see fixtures concluding at USD high 28 to mid 29 pmt levels for early April dates. One known fixture of a 180k dwt, 2016-built, scrubbered for 12 months at USD 35,000 per day.


The Panamax market has seen a significant increase, mainly in the Atlantic due to a shortage of ships and strong demand, primarily from the North Atlantic and East Coast South America (ECSA), driving rates up. The Panamax Timecharter Average (P5TC) rose to USD 18,353, reflecting this positive trend. Although Asia’s market started slowly, it remained stable, supported by reliable demand and the recent surge from ECSA, maintaining a positive outlook despite limited visibility. The market demonstrated resilience with increased grain inquiries and expectations for further gains, particularly in the Atlantic, buoyed by firm demand and lower tonnage availability. The week started slowly but maintained a strong sentiment, with the market responding positively to the Atlantic and Pacific dynamics, indicating sustained strength and confidence in future performance.


The market started stabilizing in a positive direction. Demand increased in the USG and ECSA , where the Panamax stems were decreased in size and fixed on Ultra. We see a good number of fresh cargoes for Atlantic trade.

Fronthaul from USG to Singapore-Japan was covered at USD 24,000 pd. Transatlantic trips from USG and NCSA to Mediterranean were reported to be fixed at USD 14,000 pd, and to the Continent at USD 15,000 pd.

The Continent and Mediterranean markets also improved in better rates, and some healthy fixtures were reported. Ultra 63,000 dwt was fixed for scrap to East Mediterranean at USD 18,000 pd. Russian fertilizers from Baltic to Morocco are fixed at USD 25,000 pd on Ultramax, and Supra to USG from Ust Luga at USD 17,000 pd. India Ocean and South Africa were stable, and rates kept a firm pace.

The Pacific market was increasing in most routes and charterers were willing to pay better than last done by more than USD 1,000 pd. Supra dely Vietnam was reported at USD 15,000 pd for a trip with coal to South East Asia, while another 55,000 dwt with dely South China fixed at USD 16,000 pd for a trip via Indonesia to EC India. The market has a firm undertone, and we believe it will continue to be so in the coming weeks.

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Source: Fearnleys


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