The Baltic Exchange has issued its report for the last week 21-25 April, to provide information of the bulk market performance.
The Capesize market showed a clear upward trajectory this week following a subdued start due to the Easter holidays. The BCI 5TC rose steadily, closing the week at $15,667, up from $13,774 on Tuesday. In the Pacific, sentiment improved significantly midweek as C5 rates climbed from early lows, supported by growing cargo volumes and increased miner activity. By week’s end, a tightening tonnage list and firmer fixing levels pointed to a strengthening market, with the C5 index rising from $7.085 to $7.815. The Atlantic basin mirrored this positive trend, buoyed by a firmer FFA market and strong demand from South Brazil and West Africa to China. A midweek flurry of fixtures pushed rates higher, resulting in the C3 index climbing from $18.685 to $19.755. In the North Atlantic, the Fronthaul market also saw solid activity, particularly on EC Canada to China cargoes, contributing to a reduced tonnage list.
This week, the Atlantic market was once again the centre of attention, possibly influenced by the easing of US tariffs before Easter. Strong demand across the basin significantly impacted rates, which surged forward with reports of various fronthaul fixtures from North Coast South America. It was rumoured that $20,000 was fixed a few times for North Coast South America to China runs on 82,000-dwt vessels, pushing headline rates higher. Additionally, the increasing demand for North Atlantic Trans-Atlantic grain added further momentum. In Asia, the market rose steadily throughout the week, supported by the positive sentiment from the Atlantic market for southern tonnage. Meanwhile, in the North, consistent NoPac demand kept rates stable at around the $12,000 average mark. Although limited period fixtures were reported, the outlook improved with rising paper values. Towards the end of the week, there were rumours of $15,500 being fixed on a well-described 82,000-dwt vessel for delivery in Indonesia, trading for 5 to 8 months.
Two sides of a coin this week, whilst the Atlantic was a rather muted affair, the Asian arena saw renewed interest. The Atlantic was described generally as very slow although as there week closed there was better activity from the South Atlantic. The Continent-Mediterranean lacked fresh impetus and rates struggled. Similarly, the US Gulf remained rather dull an ultramax heard fixed in the mid $14,000s for a trans-Atlantic run. From Asia, it was a more buoyant affair. Better levels were being achieved from South Africa, a 63,000-dwt fixing from here for a trip to China at $17,000 plus $170,000 ballast bonus. Demand remained from Indonesia, a 54,000-dwt fixing delivery Bontang trip via Indonesia redelivery China at $16,000. Whilst a 63,000-dwt open South China fixed a trip via Indonesia redelivery WC India at $17,000. Period activity remained sluggish, but a 58,000 open North Asia was heard fixed in the mid $11,000s for 4/6 months trading.
The market this week saw minimal visible activity across both basins, with the overall sentiment remaining flat. The Continent and Mediterranean market appeared generally weak, with rates drifting slightly below previous levels. A 33,000-dwt fixed for a trip delivery Damietta to redelivery NC South America at $7,000. In the South Atlantic, activity continued at a steady pace with tonnage counts remained stable and supported by some fresh demand, leading to a slight upward trend in rates. A 36,000-dwt heard fixed delivery South Brazil redelivery Continent- UK at $13,500. In the U.S. Gulf, sentiment remained unchanged, with the tonnage count maintaining its length, which continued to put pressure on rates. A 42,000-dwt vessel was fixed for delivery SW Pass and redelivery WC Central America at $14,250. The Asian market also remained flat, despite a gradual increase in tonnage, some fresh demand has helped to maintain current rates, with no significant changes in cargo volumes to drive rates higher. A 36,000-dwt delivery Hakata trip via Far East redelivery SE Asia at $9,750.
