Capesize

The capesize market experienced a varied week with distinct developments in both the Pacific and Atlantic regions. At the start of the week, a lacklustre trend prevailed as the Pacific faced downward pressure, resulting in a 20-cent decline on C5. The Atlantic exhibited restrained activity with a decline in sentiment. Tuesday saw a slight increase in coal enquiry from East Coast Australia, but with a healthy tonnage list limited potential upside, maintaining a flat C5 market. Mid-week, there was a sense of stabilization in the Pacific as fixtures were concluded at last done levels, and weather conditions in Chinese ports impacted by fog added an element of uncertainty. The Atlantic experienced increased activity, influenced by Japanese fronthaul tenders, while trans-Atlantic routes faced downward pressure. Thursday marked a notably active day with an improvement in market sentiment, leading to rate increases on C5. The positive momentum extended to the Atlantic, driven by positional factors, resulting in a busy and positive day. As the week draws to a close the level of activity has slowed in the Pacific, nevertheless, the market has continued its upward trajectory, marked by a further 60-cent rise on C5. The Atlantic market wraps up the week on a positive note, with prevailing bullish sentiment evident in the BCI 5TC, which records a robust increase of $3,243, culminating in a week-ending value of $18,608.

Panamax

A week of gains for the Panamax market as a build-up in activity from South Atlantic came to the fore once again, with South America absorbing tonnage demand worldwide, in turn adding support to markets elsewhere. The Atlantic was described as largely grain centric, better levels reflected on the front haul routes with several NC South America front haul deals reported basis delivery Aps load port, rates ranging from $18,000+$800,000 to $18,750+$875,000 ballast bonus whilst an 82,000-dwt fixed delivery West Mediterranean for a trip via NC South America redelivery China at $24,000. In Asia, a mixed week with the draw from EC South America enticing some owners to consider the ballast option as Indonesia and Australia returned an underwhelming week. Further north, strong grain demand ex NoPac helped support rates here, with $12,000 rumoured fixed a couple of times on BPI82 types. Period interest improved, with an 82,000-dwt delivery China agreeing around $16,000 basis 8/10 months.

Ultramax/Supramax

A mixed week for the sector. In the Atlantic downward movement was seen from the US Gulf with lower enquiry rates eased, from South America some said as the week closed there seemed to be more enquiry for February dates, which indicated a bottom may have been reached. From the Pacific, whilst in the South sentiment remained rather poor with little fresh enquiry from Indonesia, the North saw increased demand from both the NoPac and more backhaul demand saw rates stabilise. Period activity increased, a 63,000-dwt open North China fixing four to six months trading at $14,500. In the Atlantic, a 63,000-dwt was heard to have been fixed from the US Gulf for a fronthaul around $23,000. Elsewhere, a 64,000-dwt was fixed from EC South America to Spain at $18,000. In Asia, a 56,000-dwt fixed basis delivery passing Taiwan trip via Indonesia redelivery China at $8,650. Whilst another 56,000-dwt fixed delivery Surabaya trip via Indonesia redelivery Bangladesh at $11,000. Better levels were seen from South Africa, with a 61,000-dwt fixing delivery Port Elizabeth redelivery EC India at $20,000 plus $200,000 ballast bonus.

Handysize

The first glimmers of positivity were seen in the Atlantic as lists of open tonnage reduced. On the Continent there was a flurry of activity for grains ex France with a 36,000-dwt fixing from Rouen to Morocco at $8,500 one of several fixtures. In the Mediterranean, activity was more subdued, but a 34,000-dwt fixed from Alexandria via the Black Sea to Morocco at a rate of around $9,750. In the US, a 35,000-dwt fixed from Savannah to UK-Continent with wood pellets at $19,000 whilst a 35,000-dwt fixed from Lake Charles to Tukey at $18,000 with grains. The South Atlantic was also said to be turning with a 38,000-dwt fixing from Campana to Algeria with grains at $15,000. Southeast Asia was also more active with a 35,000-dwt fixing from Singapore via Australia to South Korea at $8,000. Further North enquiry was said to be limited as a 32,000-dwt fixed from CJK via China to EC India at $10,100.

Source: Baltic Exchange