Baltic Exchange: Dry Bulk Report – 35

Capesize

The Capesize market delivered a mixed yet broadly steady performance this week, with underlying demand offering support despite some midweek pressure on rates. The Pacific started strongly, driven by strong miner activity and firmer C5 fixtures that helped absorb tonnage. However, momentum faded midweek, with C5 values easing despite continued miner and operator presence, with rates slipping back towards the US$10.00 level and then edged up on Friday with fixtures at US$10.20. In the Atlantic, South Brazil and West Africa to China maintained consistent engagement, with fixtures broadly ranging between the low-to-mid US$24 on C3 for the end of September, while fresh October demand began to surface. The North Atlantic also saw more activity as the week developed, with fronthaul and transatlantic enquiry evident, although rates were trimmed from earlier highs. Overall, the BCI 5TC opened the week at US$25 140 but lost ground midweek before recovering part of the decline to close Friday at US$24 257, up US$339 on the day.

Panamax

It proved to be a muddling week for the Panamax market, which started out positively for owners but ends on something of a tepid nature. In the Atlantic, much of the activity early part of the week was on the fronthaul trips from the Americas with solid levels of support. The September arrival window ex EC South America was perhaps the exception with fundamentals unchanged; tonnage count tighter. Transatlantic rates via US East Coast/NC South America hovered around the US$20 000 level depending on the respective ship’s specs and delivery. Asia returned a similar story, with the coal runs ex Australia supported early part, with several deals concluded around the US$15 500 – 16 000 mark for index types. However, rates eased back as the weekend approached. The longer NoPac trips were lacking and Indonesia coal runs into China were the only trip supported. Plenty of period activity on the week, with US$16 000 agreed for one year on an 82 000-dwt delivery China being the highlight on the week.

Ultramax/Supramax

With many returning to their desks after the summer vacation period, it was a more positive week overall certainly in the Atlantic. Stronger numbers were again seen from the US Gulf, as prompt tonnage availability remained tight, with some saying that offers for the ultramax size being around US$30 000 for fronthaul business. From US East Coast, a 63 500-dwt vessel was heard fixed delivery Bristol trip redelivery Egypt at US$30,000. The South Atlantic also saw better demand, with a 63 000-dwt fixing delivery Santos for a trip via Red Sea redelivery Port Said at US$27 000. From Asia, it was a similarly stronger week, although as the weekend approached some felt that demand might have been easing a little. A 55 000-dwt reported fixing delivery China for a trip to Bangladesh at US$21 500, while a 63 000-dwt fixed delivery Campha for a trip Chittagong at US$23 000. The Indian Ocean remained rather calm, with a 63 000-dwt fixing delivery Mumbai trip via South Africa redelivery China at US$12 000. Period activity remained, with a 61 000-dwt fixing about 6 months at US$17 000 basis delivery Weda.

Handysize

It was a positive week, with rates firming across most loading regions. Although reported activity was limited, the Continent–Mediterranean continued to show gradual improvement, with sentiment largely positional. For instance, a 37 000-dwt was fixed delivery Antwerp for a trip to the US Gulf with steels at US$9750. The South Atlantic and US Gulf markets maintained their strength, supported by steady demand and firm sentiment, which lifted rates further. Notable fixtures included a 39 000-dwt fixed from Recalada to Peru with grains at US$21 000 and a 37 000-dwt fixed for a trip from SW Pass to West Coast with grains at around US$21 000. Likewise, the Asian market also remained active and positive, underpinned by healthy cargo flows and limited vessel availability. A 39,000-dwt was fixed for a trip delivery Huludao via North China to Oman at US$13 000. Period activity also drew interest, with a 36 000-dwt open in Lagos was fixed for 3 to 5 months redelivery Atlantic at US$12 500, while another 36 000-dwt open Abidjan 20 Aug fixed for 3 to 5 months with redelivery worldwide at US$12 750.

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