Positive growth seen across all dry bulk vessel markets

Capesize

As the market progressed, the Pacific market saw increased activity and rising rates, particularly highlighted by a significant surge mid-week, driven by strong cargo demand. There were reports of more than 10 vessels fixed from West Australia to China, resulting in the C5 index rising by US$1.075 to US$12.16. In the Atlantic there was an influx of new cargo for both trans-Atlantic and fronthaul which helped to bolster sentiment with a market that already had limited availability of tonnage. Reports of robust fixtures led to a significant uptick in the C9 index, which rose by US$2562 to reach US$53 375, and the C8 index, which climbed by US$5496 to US$32 173. From South Brazil and West Africa to the Far East there was a noticeable difference between the bid and offer price, resulting in limited activity although optimism persisted, as evidenced by the C3 index's rise of US$1.205 to US$27 465. As the trading came to an end the positive trend persisted, albeit at a somewhat slower pace, as reflected in the C5 index edging up by 0.875 to 13.645 and the C3 index which has risen by 0.872 to US$28.767. All in all, it has been a very positive end to the week as evidenced by the BCI 5TC which started the week at US$26 233 and has ended at US$32 985.

Panamax

It was an eventful week with the market trend moving one way and then the other. The week began on a negative tone, sparked into life mid-week with an FFA drive only to level off as the week ended. In the Atlantic, it was a less than clear picture in the North with minimal trans-Atlantic activity with rates under pressure all week, conversely decent mineral and grain demand for fronthaul trips lent some support to rates here. EC South America found support for early April arrival dates, US$18 000 concluded a few times for 82 000 DWT types delivery to India for trips via EC South America redelivery Far east. In Asia, good levels of cargo replenishment were witnessed all week, driving rates forward as tonnage was cleared out both in the south and the north of the basin. A solid week too for period with various deals concluded as the nearby optimism in the market persisted.

Ultramax/supramax

Positivity was seen across the Asia Markets. A 64 000 DWT fixed from Caofeidian via Indonesia to EC India-Bangladesh at US$15 000 whilst a 62 000 DWT fixed from the Philippines via Indonesia to Thailand at US$20 000. Nopac was also active, an ultramax linked to fixing from South Korea via Nopac to Bangladesh at US$14 650. In South Africa, a 66 000 DWT fixed from Port Elizabeth to Singapore-Japan at US$28 000 plus a US$280 000 ballast bonus. The Atlantic was more subdued with a lack of fresh enquiry. A 63 000 DWT was fixed from SW Pass via the Cape of Good Hope to Japan with grains at US$28 000. A 64 000 DWT fixed from Southampton to the Eastern Mediterranean with scrap at US$19 000 and a 63 000 DWT fixed from Mersin to Abidjan with a cargo of clinker at US$15 000. Period activity remained with a 58 000 DWT opening in Kwangyang fixing for seven to nine months with PG-Japan redelivery at US$15 400 whilst a 63 000 DWT open in Mundra fixed for a minimum of five months to max 15 October at US$19 600.

Handysize

The South Atlantic showed signs of positivity as water levels in the River Plate improved, a 38 000 DWT was fixed for mid-March dates basis delivery Recalada to Algeria at US$17 000 whilst a 37 000 DWT fixed from Recalada to WC South America at around US$25 000. The Continent and Mediterranean were said to be balanced with a 39 000 DWT fixing from Bourgas to Spain at US$15 000 whilst pressure remained on the tonnage in the US Gulf due to a lack of enquiry, a 36 000 DWT fixed from Key West via the US Gulf to Turkey at US$9250. In contrast, rates have been steadily climbing across the Asia markets with limited tonnage availability as a main factor. A 42 000 DWT opening in Japan fixed via Nopac for a round voyage to Japan at US$13 000 and a 37 000 DWT opening in Chiba fixed for a similar trip at US$12 750. A 32 000 DWT fixed from Semarang via Australia to Taiwan with an intended cargo of salt at US$15 000.

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