Capesize

The market delivered a firm performance over the week, building momentum from a cautious but positive start into a broad-based midweek rally, before showing signs of consolidation at elevated levels by Thursday. The BCI 182 5TC gained over $6,000 across the week, underpinned by improving sentiment and tightening fundamentals. The Pacific led the initial gains, with sustained miner activity driving C5 rates from the mid-$12s to the mid-$13s, supported by consistent enquiry and tightening prompt tonnage. In the Atlantic, the South Brazil and West Africa markets saw robust demand, particularly early in the week, with C3 rates climbing into the mid $32s on index dates. Continued fixing activity progressively reduced the tonnage list, lending underlying support despite some intra-week volatility. The North Atlantic also improved, with firmer fronthaul and transatlantic fixtures reflecting healthier demand.

Panamax

This week saw a steady strengthening across both Atlantic and Asian Panamax markets, with sentiment gradually improving each day. In the Atlantic, tightening cargo supply early in the week gave way to firmer demand, particularly for grains and fronthaul trades, pushing rates consistently higher despite a visible tonnage list. The P1A rose from $13,155 on Monday to $14,270 by Thursday. In Asia, sustained cargo flow from Australia and Indonesia, alongside a gradually tightening tonnage count, supported rate gains and increased period activity. Overall, improving bids, resilient owner resistance, and stronger cargo volumes underpinned a positive market trajectory. The P5TC climbed from $16,757 to $17,773 over the week.

Ultramax/Supramax

A positive week for the sector with increased demand and a slight tightening of prompt tonnage availability in a few key areas. The US Gulf gained momentum as the week progressed, a 63,000-dwt was heard to have fixed in the low $30,000s for a transatlantic run. Better levels of interest from the South Atlantic, a 64,000-dwt fixing delivery Santos trip China in the low $17,000s plus low $700,000s ballast bonus. By contrast, the Continent-Mediterranean remained rather subdued. A 61,000-dwt fixing delivery Spain for a trip US East Coast at $10,750. Both the Indian Ocean and Asian arenas saw upward momentum with demand for coal from South Africa seeing a 64,000-dwt fixing delivery South Africa trip to India at $26,500 plus $265,000 ballast bonus. From Asia, the north remained healthy with a 57,000-dwt fixing delivery North China trip redelivery South Africa at $18,000. Whilst further south, a 60,000-dwt fixed delivery SE Asia trip via Australia redelivery Japan at $19,000. Period activity surfaced, a 61,000-dwt fixing 3 to months trading at $19,000.

Handysize

The market maintained a generally positive tone over the last week, with gradual improvements in rates and sentiment, particularly towards midweek. The Continent and Mediterranean remained the most subdued region throughout, with limited fresh inquiry and largely positional sentiment keeping rates broadly unchanged. A 40,000-dwt fixing delivery East Mediterranean trip to the Continent at $11,000. The US Gulf stabilised compared to previous weakness, showing a more balanced supply-demand dynamic with minimal rate volatility. A 37,000-dwt fixing a scrap run from US Gulf redelivery Peru at $12,500. In the South Atlantic, sentiment continued to firm despite limited reported fixtures, with market participants indicating higher ideas and improving underlying fundamentals. Across Asia, the market showed consistent support, underpinned by tight prompt tonnage and a steady flow of cargoes. Activity and sentiment improved progressively, with increased demand and firmer fixtures reported by midweek. A 37,000-dwt fixing delivery West Australia redelivery China in the $17,000s. Period action was also noted, a 38,000-dwt fixing delivery SE Asia for short period in the upper $8,000s.
Source: Baltic Exchange