Strong return from dry bulk shipping market

Capesize

There were significant gains in the North Atlantic with a tightening tonnage list that led to the C8 index climbing by US$10 142 to US$27 571, and the C9 index also saw a notable increase of US$4125, reaching US$49 500. The trend continued with slightly reduced activity in the Pacific, maintaining an upward trajectory. Towards the end of the week the Pacific saw heightened activity but a stabilisation of the Pacific market with steady cargo volumes, while the Atlantic experienced minor adjustments, leading to a softer condition overall. The BCI 5TC experienced a slight decrease of US$937, closing the week at US$27 301.

Panamax

The panamax market returned a week of steady gains with little sign of the firm trend abating, with fundamentals appearing strong in favour of the owners. The Atlantic appeared predominantly fronthaul led with a steady mineral flow ex US East Coast as well as solid grain demand ex NC South America, reports of a scrubber fitted 81 000 DWT delivery Gibraltar trip via NC South America achieving US$31 000 redelivery Singapore-Japan. There was very little to report on trans-Atlantic, with minimal activity. In Asia, the market witnessed significant gains, route P5 yielding a US$2662 gain week-on-week highlighting the spike in activity ex Indonesia with exceptional demand seen, reports of various deals concluded around the US$20 0000/US$21 000 mark for trips via Indonesia redelivery India, delivery SE Asia. There was limited period reporting but did include rumours earlier in the week of an 81 000 DWT delivery to China agreeing US$20 000 basis 5 to 7 months employment.

Ultramax/supramax

All eyes focused on the Asian arena this week as rates pushed higher with stronger demand from Indonesia seeing owners’ expectations rise. This also led to slightly stronger levels being achieved further north. By contrast, the Atlantic remained rather subdued, by the impact of various holidays. A lack of demand from areas such as the Continent – Mediterranean and US Gulf saw the positive sentiment erode. There did remain an appetite for period cover, a newbuilding 64 000 DWT was fixed ex yard at US$19 000 for one year, elsewhere a 57 000 DWT open WC India was heard to have fixed one year at US$15 000. From the Atlantic, a 60 000 DWT was heard fixed delivery East Mediterranean to the US Gulf in the low US$13 000s, whilst a 61 000 DWT fixed a scrap run from the North Continent to East Mediterranean at US$15 000. From Asia, a 52 000 DWT open SE Asia fixed a trip via Indonesia redelivery China at US$19 000. Further north, a 61 000 DWT open China fixed a NoPac round in the upper US$17 000s.

Handysize

A rather subdued week with holidays across both basins with limited visible activity and fresh enquiry surfacing. Pressure remained on owners across the Continent and the Mediterranean with a 32 000 DWT rumoured to have ballast from Annada to fixed passing Canakkale via the Black Sea to Rosyth with a cargo of grains at US$8 250 whilst a 39 000 DWT open in Tyne fixed from Bremen to the US East Coast with a cargo of lumber at US$14 500. There were rumours of a 37 000 DWT fixed from the Eastern Mediterranean to Brazil with an intended cargo of fertilizer in the low US$7000s. Asia in contrast showed positivity as a 35 000 DWT fixed from Port Hedland via Australia to China with an intended cargo of minerals at US$22 000 and a 34 000 DWT fixed from Caofeidan via North China to Vietnam with a cargo of metallurgical coke at US$15 500. The Arabian Gulf also showed signs of more activity with a 35 000 DWT fixing from Dohar to Madagascar in the US$13 000s with bagged cargo.

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