Capesize
Throughout the week, the capesize market experienced shifts in sentiment and activity. The week commenced robustly in the Pacific, with all three miners bustling with activity, driving up rates, and causing C5 to spike by at least $1.00. However, as the week progressed there was a notable softening in market sentiment, particularly evidenced by a substantial drop in the BCI 5TC which plummeted by $3,142 to reach $31,260, and the C5 index experienced a significant drop of $1.56 to $12.90. This decline was attributed to subdued activity in both the Pacific and Atlantic markets. In the Atlantic, bids were swiftly withdrawn from South Brazil and West Africa to the Far East, widening the gap as owners sought to resist. However, the market saw a turnaround towards the end of the week, influenced by positive movements in the FFA market and a pickup in activity in both basins. In the Pacific brokers have also noticed an increase in operator-controlled cargoes helping the C5 index to edge back up, with the C5 index ending the week at $14.40. Activity in the Atlantic notably picked up, particularly from South Brazil and West Africa to the Far East. With reports of fixtures in the high $29.00s from Tubarao to Qingdao, followed by $30.50, and today there are reports of $31.25 concluded. All in all, it has been a volatile but positive week, illustrated by the BCI 5TC rising by $2,205 to close at $35,201.

Panamax
Mixed market signals highlighted well with a volatile FFA market failed to dampen spirits in the Panamax sector, with significant gains made. Transatlantic volume remained thin still, but positive sentiment radiated from firmer rates on the fronthaul trips. South America mid-week became the market’s driving force, with the April arrival window absorbing several vessels at firmer rates compared to end March where rates inevitably became discounted. Typically, some of the well described units were able to achieve around the $20,000 mark arrival delivery Singapore for route P6 trips. This seemingly impacted positively on south positions in the Pacific basin with solid levels of demand from Indonesia and Australia adding some gravitas to an already well supported market, with $20,000 achieved a few times on 82,000-dwt types on Australia mineral round trips. Period activity was muted possibly impacted by a volatile FFA market, but reports emerged of a 93,000-dwt delivery China fixing at $16,250 basis four to seven months, also an 81,000-dwt open North China fixed 12 to 14 months trading at 122.5 percent of BPI.

Ultramax/Supramax
A week of mixed fortunes for the owning side of things. The Atlantic overall lacked much fresh impetus certainly from the US Gulf, whilst there was also limited possibilities from the South Atlantic. The Continent-Mediterranean saw some action although rates generally remained flat. However, a more positive feel from the Asian arena with tonnage supply remaining tight, the rates being seen were healthy. Period cover was short, a 58,000-dwt open China was fixed for one year at $16,500, and a 56,000-dwt open SE Asia fixed seven to nine months at $16,000. From the Atlantic, a 61,000-dwt open West Africa fixed a trip to China with manganese ore at $28,500 and a 58,000-dwt open Mediterranean fixed a trip to the US Gulf at $16,000. From Asia a 61,000-dwt open Singapore fixed a trip via Malaysia redelivery SE Asia at $21,000. A 56,000-dwt open Philippines fixed a trip via Indonesia redelivery Bangladesh at $24,000. It remains to be seen if the optimism in the Asian basin can continue through to the upcoming week.

Handysize
After an extended period of decline, the first shoots of positivity emerged in the US Gulf, with more visible activity, a 39,000-dwt opening in Tampa fixing to the Continent with grains at $11,500 whilst a 40,000-dwt fixed from Baltimore to Turkey with an intended cargo of scrap at $13,000. The South Atlantic also showed promise of improvements with a 36,000-dwt rumored to have fixed from Antonina to the Continent with sugar at around $18,500 and a 38,000-dwt fixing from Recalada to WC South America with grains at $27,000. The positivity seen in Asia last week continued for a majority of the week with rumors of upper teens being achieved on larger handies for trips from South East Asia via Australia to China and a 38,000-dwt logger was rumored to have fixed for 2 to 3 laden legs in the $17,000’s but as the week progressed there was a shift in balance and numbers had begun to soften as cargo availability reduced.

Source: Baltic Exchange