In Western Australia, the dry bulk shipping market has seen a notable increase in inquiries from miners and operators at the beginning of the week. However, as the week progresses towards the middle, there’s a shift towards requests for split delivery dates and dates that are slightly pushed forward. Additionally, the market is receiving some support from smaller, related cargo movements in other areas of the Pacific region, reports Fearnleys.
Capesize
Capesize market conditions are as follows:
- C3 (Brazil/West Africa):
- Most market participants are seeking end-April loading dates.
- Offers are generally around $25 per metric ton (pmt), while bids are around $23 pmt.
- A “tug of war” exists due to limited tonnage versus limited cargo availability.
- Fixtures have been concluded in the mid-to-high $23 pmt range for mid-to-late April dates.
- C5 (Pacific):
- Spot tonnage for miner/operator dates is decreasing, although some prompt vessels remain.
- Ballasting tonnage for April dates is rapidly thinning.
- Fixtures initially concluded at low $10 pmt levels, but have since retreated to the mid-to-high $9 pmt range.
Panamax
The Panamax market experienced cautious optimism with mixed signals this week.
- Atlantic Basin:
- Transatlantic activity decreased slightly, putting some downward pressure on rates.
- Strong fronthaul grain and coal trades from the US and North Coast South America (NCSA) helped stabilize the market.
- East Coast South America (ECSA) grain fixtures remained steady, but increasing tonnage supply could become a concern.
- Pacific Basin:
- The market held a firmer tone, supported by consistent North Pacific (NOPAC) grain demand, especially for non-Chinese-built vessels.
- A growing tonnage list allowed charterers to push for lower rates, widening the gap between bids and offers.
- Overall:
- Market participants are carefully evaluating their next actions, waiting for clearer market indicators before making firm commitments.
Supramax
Supramax and Handy market conditions are as follows:
Supramax Market:
- Overall: Continued positive trend with strengthening demand in key regions.
- US Gulf: Maintained upward momentum, particularly for transatlantic voyages.
- South Atlantic: Mixed sentiment; some saw stable demand, while others felt rates had reached their peak.
- Asia: Remained firm, bolstering owner confidence.
- Indian Ocean: Steady activity.
Handy Market:
- Overall: A relatively active week with slight rate increases.
- Continent and Mediterranean: Fresh demand supported rate improvements.
- South Atlantic and US Gulf: Sluggish due to stable tonnage levels and limited new inquiries.
- Asia: Market fundamentals remained strong, driven by steel shipments and consistent cargo flow.
- Overall: Both sectors experienced rate improvements.
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Source: Fearnleys
