Weekly Dry Bulk Market Report Capesize Weakens, Panamax Gains Strength

The Capesize market began the week on a positive note but weakened as activity failed to maintain momentum. The BCI 5TC started at $22,311 but declined to $20,503 by the week’s end.

• Pacific Market: Early optimism from miner activity faded due to rising vessel availability. C5 rates dropped from $9.30 to $8.65, while TC rates struggled to stay above $20,000.

• Atlantic Market: Initial tight tonnage in ballast gave way to softer fixtures. C3 rates fell from the high $25s to the low $23s, as market resistance remained weak.

• North Atlantic: Fronthaul demand, especially from West Africa, offered some support, but a lack of trans-Atlantic cargoes added to the bearish sentiment.

Panamax

The Panamax market saw strong gains across both the Atlantic and Pacific basins.

• Atlantic Market: North Coast South America (NC South America) drove fronthaul and trans-Atlantic demand.

  • $20,000 concluded on an 82,000-dwt ship from Jorf Lasfar to the Far East.

  • Demand for April-May shipments kept timecharter rates firm.

• Pacific Market: Rates steadily increased, supported by demand from NoPac and Australia.

  • $15,000 concluded on several index-type vessels.

  • Indonesian cargo flow remained steady, with rates for the P5 route gaining $1,800 week-on-week.

• Period Market: Limited activity, with rates between $14,500-$16,500 for short-term charters on 82,000-dwt vessels.

Ultramax/Supramax

A quiet week for the sector, with political uncertainty leading to cautious sentiment.

• Atlantic Market:

  • Continent-Mediterranean: Some positive signs with higher inquiry levels.

  • US Gulf: Remained flat, with fronthaul Ultramax rates in the mid-to-upper teens.

  • South Atlantic: Balanced market, with a 63,000-dwt fixing Recalada to Egypt at $18,000.

  • South Africa: A 64,000-dwt fixed Lagos to China via Saldanha Bay at $15,000.

• Asian Market:

  • Rates declined as sentiment weakened.

  • Ultramax fixed in the Far East for a NoPac round at mid $13,000s.

  • 64,000-dwt fixed Yangzhou to Bangladesh at $16,000.

  • Backhaul activity was slow, with a 52,000-dwt fixed Jingtang to Mediterranean at $15,000.

• Period Market: Limited, but a 57,000-dwt vessel fixed in Hong Kong for 1-year trading at $13,000s.

Handysize

The Handysize market showed mixed performance across regions.

• Atlantic Market:

  • Continent/Mediterranean: Stable cargo demand supported the market.

    • 33,000-dwt fixed Rotterdam to West Med at $14,000 (grains).

    • Same route to Algeria fixed at $15,000.

  • South Atlantic/US Gulf: Slow fundamentals.

    • 39,000-dwt fixed Recalada to Salvador-Fortaleza at $14,750.

• Asia Market: Steady demand kept rates firm.

  • 38,000-dwt fixed Villanueva via Dampier to China at $13,300 (salt).

  • Period activity limited, but 28,000-dwt fixed in North China for 3-5 months at $10,350.

Overall, Panamax remained the strongest performer, while Capesize softened and Ultramax/Supramax saw limited movement.