Capesize
The Capesize market experienced a shifting sentiment over the week, starting on a steady but subdued note before softening midweek, before gradually improving across both basins with renewed support towards the close. In the Pacific, consistent miner and operator activity underpinned the market, although C5 fixtures largely held within the $9.95 to low $10.00 range. The South Brazil and West Africa to China routes were more active midweek, with C3 fixtures reported in the mid $23.00s and sustained appetite for second-half October stems. Although activity cooled on Thursday, the demand outlook for later dates provided some support. The North Atlantic proved the week’s brighter spot, with fronthaul fixtures climbing into the low to mid $40,000s. The BCI 5TC opened at $24,455, dipped below $23,000 midweek, and recovered to close at $23,513.
Panamax
The week began on a subdued note but saw a marked shift mid-week as fundamentals improved significantly. Once again, the Atlantic basin was the primary driver of momentum. A persistent shortage of early tonnage in the North Atlantic exerted upward pressure on rates, with robust demand pushing transatlantic round voyage rates into the low $20,000s. Fronthaul trades from the North Atlantic also firmed, with several reports referencing rates in the upper $20,000s for trips via the US East Coast to India, which further fuelling the bullish sentiment. In the Pacific, the market gained steadily throughout the week, buoyed by the positive tone emanating from the Atlantic. Rates for Australia and NoPac rounds remained stable around the $13,000 mark. Several fixtures were reported for EC South America rounds, with headline rates of $18,500 and $17,500 concluded on 82,000-dwt vessels delivering Southeast Asia, reflecting a premium over standard Pacific round voyages.
/Supramax
Somewhat of a protracted week for some as poor sentiment in Asia saw a slight slowdown in the region. The Atlantic overall was positional, with US Gulf demand fluctuating, although generally rates and demand remained relatively healthy, with a 61,000-dwt fixing in the upper $20,000s for a transatlantic run. The South Atlantic was finely balanced, with a 63,000-dwt fixing delivery Santos for a trip to Chittagong in the mid $16,000s plus mid $600,000s ballast bonus. Demand remained from the Continent-Mediterranean, with a 63,000-dwt fixing in the low $20,000s from the Continent to East Mediterranean. The Asian arena was relatively subdued as fresh enquiry lacked impetus. A 58,000-dwt open South China fixing a nickel ore round via Philippines in the $16,000s. Further north, a 61,000-dwt was heard fixed delivery North China redelivery West Africa at $16,750. Activity was seen in the Indian Ocean, with a 63,000-dwt fixing delivery Arabian Gulf for a trip to Bangladesh at $16,500.
Handysize
Overall, the market remained steady and relatively balanced throughout the week. The Continent and Mediterranean regions experienced modest upward movement as rates edged slightly higher and the market appeared better supported. For instance, a 28,000-dwt was fixed from Ghent to the East Mediterranean with scrap at $9,500. In the South Atlantic, fundamentals remained positive, particularly for larger vessels, with a 40,000-dwt fixing from EC South America to Algeria at $22,500.
Meanwhile, the US Gulf showed some signs of softening. A 38,000-dwt was fixed delivery SW Pass to Atlantic Colombia with grains at $19,000. In Asia, sentiment remained largely positional. Some slight tightening of tonnage was observed in both NoPac and Southeast Asia, although rates remained largely steady. A 38,000-dwt was fixed from Zhangjiagang to Thailand with steel slabs at $14,000.
Source: Baltic Exchange
