The capesize market endured a challenging time, marked by persistent negativity across both the Pacific and Atlantic regions.
Capesize
The week commenced sluggishly, with the BCI 5TC dropping by US$1133 on Monday, setting a negative tone. Conditions generally deteriorated in both regions, with decreased rates and limited activity, reflecting softer market sentiment. However, the level of activity picked up during the course of the week, particularly in the pacific, with all of the miners active, although the negative trend continued, albeit with a slight slowing in the rate of decline. Weakness in the Atlantic was evident, with subdued sentiment from South Brazil and the North Atlantic contributing to the overall downtrend, with only sporadic upticks of activity towards the end of the week. As the week draws to a close, the BCI 5TC settled at US$18 012, reflecting a loss of US$4398 over the course of the week.
Panamax
The panamax market began the week in a bullish mood continuing the firm sentiment carrying on from the back of last week’s push. EC South America lacked any momentum all week, and despite firmer rates exchanged for early arrivals the P6 window in general remained widely gapped and mostly flat. The North Atlantic saw a real mix, with some trans-Atlantic voyage cargoes returning super cheap time charter equivalents. Front haul runs overall remained steady, talk of an 80 000 DWT delivery Continent agreed US$25 500 for a trip via US Gulf redelivery Far east. Similarly in Asia, talk of some support seen ex NoPac for grains and Australia minerals, thus giving some impetus to the market mid-week US$15 500 agreed several times for 82 000 DWT types delivery China for Nopac round trips. Period activity remained prevalent with a host of deals around the US$19 000 mark agreed for short period up to 1 year basis delivery Far East.
/supramax
A solid week for the sector overall although as the week ended some felt that a ceiling had been reached from the US Gulf and South Atlantic arenas. From Asia, there was a good amount of fresh enquiry from South East Asia with a plentiful supply of Indonesian coal and nickel ore cargoes. With the upcoming holidays in China, it remains to be seen if this moment will continue. From The Atlantic, a 63 000 DWT was seen fixed delivery East Coast South America for a trip to China in the mid US$18 000s plus mid US$800 000s ballast bonus. Elsewhere, a 63 000 DWT fixed delivery Spain via the North Continent to the East Mediterranean at US$18 500. In Asia, a 63 000 DWT fixed delivery Ceba trip with coal via Indonesia redelivery Southeast Asia at US$24 000. Further north, an ultramax fixed delivery China for a backhaul to the Caribbean at US$16 000 for the first 65 days and US$21 000 thereafter. Period activity remained buoyant, a 63 000 DWT open Jebel Ali fixing 11 to 13 months worldwide trading at US$17 500. A 58 000 DWT open in the US Gulf fixed 5 to 7 months redelivery Atlantic at US$16 000.
Handysize
Visible activity was muted across the handysize sector, with a mixed week in the Atlantic as the Pacific showed more promise. In the Mediterranean, cargo availability has reduced, and negative sentiment has crept into the region, with a 37 000 DWT fixing from the Turkish Mediterranean to the US Gulf in the mid-teens and another 37 000 DWT fixed passing Cape Matapan via Iskenderun to the Caribbean with a cargo of clinker at US$14 000 example of the lower levels. Whilst pressure remained on owners in the US Gulf, a 33 000 DWT fixed from Port Arthur to East Coast Mexico with petcoke at US$17 500 and 38 000 DWT fixed from Savannah to the Continent with wood pellets at US$12 000. Asia saw continued positivity with improving cargo availability, a 37 000 DWT fixed from Putain via Australia to China at US$13 000 and a 38 000 DWT fixing from Maptaphut via South East Asia to North China at US$14 000, whilst a 34 000 DWT in North China fixed a trip to South East Asia at US$12 000.
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