The Baltic Exchange provides an update on the Dry Bulk markets for Week 2:
Capesize
The market delivered a mixed but generally softer week, with sentiment gradually weakening despite a brief midweek improvement in Atlantic activity. Following a post-holiday pickup in participation, the Pacific basin remained under consistent pressure, with C5 rates trending lower as miner support proved insufficient to counter growing tonnage availability. Fixtures drifted from around US$8.30 to the US$7.80 – US$8.00 range by week’s end, reinforcing the softer tone. In the Atlantic, South Brazil, and West Africa to China business remained positional and date-sensitive, with end-January cargoes commanding modest premiums while February stems traded at discounted levels. C3 sentiment weakened as bids slipped toward the US$20.50 – US$20.80 mark, while softer transatlantic and Seven Islands fixtures further weighed on returns. The BCI 182 5TC fell sharply from US$27 652 to US$23 947, reflecting mounting pressure from lengthening tonnage lists and overall weaker sentiment.
Panamax
The market ended the week on a firmer footing following a muted post-holiday start. Early softness, particularly in fronthaul, gradually gave way to more constructive sentiment as participants returned and enquiry built for end-January and early-February positions. The Atlantic remained relatively stable throughout, with fronthaul showing increasing resilience and helping clear prompt tonnage, while transatlantic demand stayed measured. In the Pacific, the owner sell-off seen late last year has largely dissipated, while Indonesian demand gathered momentum, and owners maintained firmer rate ideas, especially for modern vessels. Cargo volumes were mixed but tightening prompt supply in Asia supported rates. Overall sentiment improved steadily, reflected in the P5TC rising through the week to close at US$12 108.
Ultramax/Supramax
The first full week back for many after the seasonal holiday remained a subdued affair. With both basins playing catch up and the inevitable imbalance between cargo supply and vessel availability, as charterers remained in the driving seat. In the Atlantic, rates remained comparatively poor, a 66 000-dwt fixing a trip delivery Recalada redelivery Chittagong at US$15 500 plus US$550 000 ballast bonus. For the transatlantic runs a 61 000-dwt was heard fixed from EC South America in the low $20 000s. The Continent-Mediterranean again lacked much impetus, a 63 000-dwt rumoured fixed from the Continent to the East Mediterranean at US$17,500. A similar story from Asia, with an abundance of prompt tonnage, a new building 64 000-dwt fixing passing Busan for a NoPac round redelivery SE Asia at US$11 000. Further South fixing was sparse, a 56 000-dwt fixing delivery Samarinda trip via Indonesia redelivery Philippines at US$12 500. The Indian Ocean also lacked impetus, a 63 000-dwt fixing delivery Mina Saqr trip Bangladesh at US$15,000.
Handysize
As anticipated, the first full week of the new year has been marked by limited activity across both the Atlantic and Asian basins, with overall market sentiment remaining negative. In the Atlantic, conditions continue to reflect a soft tone, as the tonnage list remains long across most loading areas. A 38 000-dwt was fixed for a trip from Egypt to Brazil at US$6000. The U.S. Gulf and South Atlantic recorded some fresh cargo interest; however, this has not been sufficient to absorb the surplus of open tonnage, keeping rates under pressure and below last done levels. Reported fixtures included a 35 000-dwt fixed delivery Recalada for a trip to the West Coast of South America at US$18 500, and another 35 000-dwt fixed delivery Mississippi River to Turkey with grains at US$14 750. In Asia, sentiment also remains weak, with owners of prompt vessels adjusting expectations amid limited cargo availability, resulting in further rate erosion. A 34 000-dwt was fixed delivery Yantai 13/14 January for a trip to East Coast India with steels at US$9750. Period activity remained subdued, as most operators continue to adopt a cautious approach and are reluctant to take on additional risk at this stage.
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