Capesize

The market began the week lacking clear momentum, with sentiment broadly flat and activity unevenly distributed across the basins. The Pacific provided the main source of liquidity, supported by consistent miner presence and a steady flow of coal and tender cargoes. Despite this, rates remained constrained, with C5 trading within a relatively narrow range in the high $12s to low $13s. In contrast, the Atlantic basin lagged, with limited visible activity and a persistent imbalance between available tonnage and cargo. The South Brazil and West Africa to China market struggled to gain traction, reflected in wide bid-offer spreads and an absence of confirmed C3 fixtures, while the North Atlantic remained notably subdued. Momentum improved into the latter part of the week. Increased miner engagement saw C5 push towards $14 for prompt dates, while the South Atlantic gained traction, with C3 fixtures moving into the mid-to-high $34s to $35, narrowing earlier spreads. By week’s end, the market had edged higher from its initial stagnation, underpinned by a firmer tone. This improvement was reflected in the BCI 182 5TC, which climbed from $38,837 at the start of the week to $40,371 by week’s end.

Panamax

The week saw a clear divergence between Atlantic and Pacific Panamax markets. In the Atlantic, sentiment remained subdued as a growing tonnage list, especially in the North Continent, combined with limited transatlantic grain and mineral demand continued to pressure rates. Fronthaul activity from the US Gulf and North Coast South America showed occasional support, but overall levels weakened, with the P1A and P2A indices declining through most of the week despite a modest late recovery. Market sources stated that owners increasingly resisted lower ideas as the week progressed. In contrast, the Pacific market continued to demonstrate resilience, supported by sustained demand from Australia, Indonesia, and the wider North Pacific. A steady volume of coal cargoes and Pacific basin activity kept momentum healthy, with modern and scrubber-fitted tonnage continuing to command firmer returns. Despite some caution ahead of regional holidays, sentiment remained broadly positive throughout the week, with charterers remaining active and owners holding firm on pricing. As a result, the P5TC index recorded gradual gains over the course of the week with Monday posting $17,617 and concluding at $18,018 on Friday.

Ultramax/Supramax

A rather subdued week overall for the sector with widespread holidays in many places at the end, players took advantage and cleared their desks early. The Atlantic was described as positional, the recent demand from the US Gulf eased and there was a slight build-up of prompt tonnage and rates eased. The South Atlantic remained finely balanced. Elsewhere, a 56,000 fixed from the Mediterranean to EC India with fertiliser at $18,000. The Asian arena similarly lost ground with a slowing of demand from Indonesia and further north. A 64,000-dwt was fixed delivery North China trip redelivery Sri Lanka at $23,000. Further west a 63,000-dwt fixed delivery Chittagong trip via Indonesia redelivery India at $19,500. Period cover was limited although a 60,000-dwt open Chittagong fixed for 13-15 months trading redelivery worldwide at $16,000.

Handysize

The market maintained a cautiously firm tone through the week, although underlying fundamentals remained fragile and highly dependent on regional dynamics. Conditions were uneven, with the Continent and Mediterranean continuing to struggle amid limited fresh enquiry and softening rates, while the US Gulf and South Atlantic showed midweek support on improved cargo flow before sentiment in the South Atlantic weakened toward the end due to increasing spot tonnage. Notable fixtures included a 37,000-dwt fixed from SW Pass to Spain with grains at $17,000 and a 38,000-dwt from Recalada to the Mediterranean at $25,000. In contrast, the Asian market gained momentum as the week progressed, supported by tightening tonnage in Southeast Asia and the North Pacific, which encouraged charterers to raise bids and underpin firmer rates; a 43,000-dwt open Phu My was heard on subjects for a trip to the Far East with salt at $17,000.
Source: Baltic Exchange