- The week commenced with a robust start in the C5 region, witnessing active participation from miners, operators, and tenders for second half of March dates.
- However, midweek saw a decline in market engagement. East Australia experienced relatively quieter conditions, while Pacific activity slightly increased.
- South African and Indian business volumes remained flat. In the C3 sector, inquiries focused on second half of March and first half of April dates, with moderate ballasting tonnage observed.
C5 Fixture Trends
The week initiated with strong fixtures on the C5 route, concluding at mid USD 14 per metric ton (pmt) levels. However, rates retreated to sub USD 13 pmt levels by midweek. Notably, some resistance was observed, with offer ideas exceeding USD 30 pmt against bid ideas ranging from USD 28 to USD 29 pmt.
Panamax Market Highlights
Pacific Dominance
The Panamax market displays an upward trajectory, driven by a strategic fleet positioning west of Suez. This positioning has led to a notable spread between Atlantic and Pacific rates. The positive outlook is further supported by robust demand for minerals and grains, along with improved activity in Asia, particularly from Indonesia and Australia. Overall, market dynamics indicate sustained growth and stability in the Panamax sector.
Supramax Market Trends
Regional Disparities
In contrast to the Pacific’s strength, the Atlantic Supramax market experiences a gradual decrease. Tonnage count grows in the US Gulf (USG) area, leading to a substantial drop in fronthaul and Transatlantic (TA) route indices. Trips from USG to Far East recorded rates down to USD 25,000 per day (pd), while TA rates were fixed close to low/mid USD 10,000 pd.
Continent Market Stability
The Continent Supramax market remains stable and well-balanced, with ample ships available to meet cargo demands. Scrap cargoes are reportedly fixed at around USD 19,000 pd on Ultra and slightly less on Supra.
South Africa and ECSA Dynamics
South Africa and East Coast South America (ECSA) complement each other, maintaining a stable pace. An Ultramax 66,000 deadweight tons (dwt) delivery to South Africa was fixed at around USD 28,000 pd plus 280,000 Grabs/Bulkers/Bagged (GBB) for a trip to the Far East. Another noteworthy fixture includes MV Medi Adriatico, a 60,550 dwt vessel built in 2016, fixed at USD 17,250 plus USD 725,000 for a trip via Santos to Malaysia.
Pacific Surge
The Pacific region demonstrates good cargo volume, experiencing a significant increase in the spot market. A Supramax 55,000 dwt vessel, delayed in Indonesia, was fixed at USD 19,500 pd for a trip to South China. Additionally, a Supramax Tess 58 fixed from Vietnam at USD 17,000 pd for a trip to Bangladesh.
Dry Bulk Rates Overview
Selected Rate Changes (USD/Day, USD/Tonne, Daily Change):
- Capesize TCE Cont/Far East: $38,125, +$312
- Panamax Transatlantic RV: $12,260, +$80
- Supramax Atlantic RV: $11,990, -$21
- Newcastlemax 208′: $30,940, +$440
- Handysize 38′: $14,000, +$1,500
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Source: Fearn Pulse
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