Capesize

The market began the week under pressure, with broad-based softening across both basins before staging a measured recovery to finish marginally firmer overall. Early sentiment was undermined by a lack of conviction, most notably in the Pacific, where the absence of key miner activity and disruption risks linked to Cyclone Narelle limited enquiry and led to a gradual build-up of tonnage. This subdued demand set the early tone, while the Atlantic basin, although initially balanced, struggled to generate upward momentum amid patchy activity.

As the week progressed, a clearer regional divergence emerged. The Pacific remained relatively subdued, with a gradual return of miner enquiry and C5 hovering in the mid-$10s, before a late-week pickup in cargo flow lifted rates towards the low-$11s. In contrast, the Atlantic provided the primary support, with tightening tonnage and improved cargo visibility, particularly from South Brazil and West Africa to China, driving rates higher. Notably, C3 strengthened into the mid-to-high $30s, while firmer West Africa and fronthaul fixtures underpinned the broader recovery.

Panamax

The week opened with a softer tone across both basins, as rates in the Atlantic and Asia eased and overall sentiment remained cautious. The Atlantic saw limited movement, with transatlantic and fronthaul activity subdued and a growing stand-off between owners and charterers. As the week progressed, North Atlantic demand weakened further, with some cargoes absorbed internally and ample tonnage limiting rate upside.

In Asia, activity remained muted throughout, though the North Pacific provided relative support while Australia and India routes showed only modest improvement. Several fixtures were reported, but details remained scarce.

Overall sentiment faded midweek, with limited momentum despite early signs of activity. The P5TC declined steadily over the week, closing at $15,800, reflecting continued downward pressure across key routes.

Ultramax/Supramax

Another rather subdued week for the sector as prompt tonnage remained readily available in many areas. In the Atlantic, the US Gulf experienced further losses with limited amount of fresh enquiry. A 63,000-dwt was reported fixed on a fronthaul voyage to India with petcoke at $19,000, while for transatlantic runs another 63,000-dwt was heard fixed in the low $16,000s for wood pellets from the US Gulf to the Continent. As the week came to an end, the South Atlantic was said to have found a floor, a 66,000-dwt fixing delivery West Africa via South America redelivery SE Asia at $17,000 plus $500,000 ballast bonus. From Asia, again sentiment remained rather negative. The main demand seemingly coming from the North. A 55,000-dwt open North China fixing via NoPac to South Korea at $14,650. Further south it remained rather positional, a 61,000-dwt open Indonesia fixed a trip to the Philippines at $16,000. Demand remained from the Indian Ocean, certainly for coal. A 56,000-dwt fixing delivery South Africa trip redelivery Pakistan at $19,000 plus $190,000 ballast bonus. Period activity was seen a 63,000-dwt open China fixing 1 year’s trading at $17,250.

Handysize

The market softened over the week, with sentiment remaining largely negative across both the Atlantic and Pacific basins. In the Atlantic, the Continent and Mediterranean markets remained subdued throughout the week, with limited cargo availability and a growing tonnage list keeping rates under pressure. A 32,000-dwt vessel was reported fixed for a trip from La Pallice to Morocco at $12,750. The US Gulf followed a similar pattern, as ample vessel supply and cautious chartering activity weighed on freight levels, with a 34,000-dwt vessel heard fixed from the US Gulf to EC Mexico at around $15,000. The South Atlantic appeared comparatively more stable, although bunker price fluctuations continued to influence voyage costs and limited any meaningful improvement in rates. A 40,000-dwt vessel was also heard placed on subjects for a trip from Recalada to the US Gulf at $16,750. In the Pacific, activity remained generally quiet. Tonnage availability in Southeast Asia and the North Pacific increased during the week, while cargo volumes remained relatively limited, resulting in fixtures concluded around or slightly below previous levels. A 42,000-dwt vessel open South Korea was reported fixed via Japan to Malaysia with slag at around $13,500.
Source: Baltic Exchange