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Quieter week for shipping

Published by , Editorial Assistant
Dry Bulk,

According to the Baltic Exchange the week concluded on a quiet yet optimistic note, with the BCI 5TC experiencing a slight increase of US$178, reaching US$24 867. Cargo volumes have remained stable in the Pacific, where trading activity gradually increased, culminating in a significant rise midweek.


The C5 index saw incremental gains throughout the week, ending at US$11.245. In the Atlantic, sentiment was upbeat, particularly for the South Brazil and West Africa to China markets, resulting in the C3 index consistently rising, closing the week at US$25.765. However, the Trans-Atlantic market remained somewhat subdued, with little trading activity. Additionally, there were a couple of stronger fixtures from East Coast Canada to the Far East, pushing the C9 index up to US$49 156 by the end of the week.


A compelling week for the panamax market, disturbed in parts by shipping functions during Posidonia week, but a strong mid-week push from both the South and North America for route P6 window gave the market as a whole some momentum. The North Atlantic remained underwhelming still but sufficient fronthaul enquiry both grains and minerals ate away at some of the burgeoning tonnage count, indicatively an 82 000 DWT delivery Continent agreed US$27 000 for a coal trip via US East Coast redelivery India. Asia, aided by strength from South America saw healthy rises too, with solid demand all week both from Australia and Indonesia, whilst the NoPac market less so, reports mid-week of an 81 000 DWT delivery Japan fixed at US$17 000 for an Australian round trip, around the mean average for the week. Period activity was limited overall, however did include reports of a newbuilding 82 000 DWT delivery ex yard China fixed basis four to six months at US$19 400.


With the large gatherings from around the world during Posidonia week the sector was rather subdued. In the Atlantic, the US Gulf bucked the overall downward trend as a slightly more positive sentiment was seen, although limited fresh fixing surfaced. As the week closed, green shoots were appearing from the South Atlantic, maybe following the uptick in the Panamax sector again though information remained scarce. Elsewhere the Mediterranean lacked impetus, a 58 000 DWT fixed a trip delivery East Mediterranean redelivery West Africa at US$10 750. Asia also remained rather subdued, a 61 000 DWT fixing a trip delivery Indonesia redelivery China at US$15 500. Whilst a 56 000 DWT fixed delivery South China for a trip via Campha to Chittagong at US$16 000. The Indian Ocean was rather muted, a 63 000 DWT open Tuticorin fixing a trip via South Africa redelivery China at US$17 000. From the Arabian Gulf a 61 000 DWT fixed a trip via West Coast India redelivery China at US$17 000.


With Posidonia attracting many to its shores the Atlantic was muted, with limited fresh enquiry and a sense of negativity shrouding the region. A 40 000 DWT opening in Ijmuiden was fixed basis delivery Brake for a trip to the US East Coast with an intended cargo of steels at US$10 750 whilst a 34 000 DWT was fixed from North France to Morocco with an intended cargo of grains at US$7000. A lack of prompt enquiry in the US Gulf continued and some vessels were said to be taking seven days waiting time to secure their next employment. The South Atlantic similarly saw limited prompt enquiry but signs of improvements for the end of June and into July gave some hope of positivity returning. A week of two halves for the Asia markets which started brightly for Owners with limited tonnage availability with a 38 000 DWT opening in Mundra fixing via Australia to the Arabian Gulf at US$14 000 but activity dwindled as the week progressed.

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