Baltic Exchange: Dry Bulk Report – Week 46

Capesize

The Capesize market followed a generally softer trajectory for much of the week, with sentiment steadily eroding through the first half before a late improvement offered some stabilisation. Early support from a busy Pacific, where all three major miners were active, proved short-lived as activity thinned and C5 levels slipped from the low US$10s to US$9.50 by mid-week. The Atlantic similarly struggled to gain momentum, while enquiry from South Brazil and West Africa to China was healthy, wide bid–offer spreads kept fixing muted despite interest. Thursday marked a notable shift, with fresh enquiry in both basins and increased owner resistance lifting sentiment. C5 rebounded toward the low US$10s, while C3 drew firmer bids and saw spreads narrow, with fixtures concluded in the mid US$23s by week’s end, signalling improving confidence. In the North Atlantic, sentiment also strengthened after a softer start, with fronthaul interest returning and higher bids emerging toward week’s end. The BCI 5TC opened at US$27 063, dipped to US$25 067 on Wednesday, and recovered to finish the week at US$26 968.

Panamax

The week returned a mixed feel for the Panamax market. The North Atlantic market lacked any depth with limited information surfacing but despite both sides attempts to drag it their way, rates on the week were mostly broadside. Elsewhere, rates mostly ticked up on the back of reasonable demand versus a balanced tonnage count with some of the few better numbers for Transatlantic were said to focused on thew nearby dates. South America returned a limited week, November arrivals paying a premium to index dates which continued to trade at a discount. Asia returned a firm week, steady activity in the North with sound grain demand ex NoPac along with decent mineral demand ex Australia, with rates of US$18 900 – US$19 000 concluded on several occasions on 82 000-dwt types delivery China/Korea for Australian round trips. An uptick in period activity this week with the headline rate coming from reports emerging of an 82 000-dwt delivery Japan achieving US$18 000 for 5/8 months trading.

Ultramax/Supramax

The market witnessed strong momentum and busy activity this week. Activity increased significantly from the U.S. Gulf, driving rates higher, while options for owners with vessels open in the South Atlantic remained limited. A 63 000-dwt was reportedly fixed delivery Recalada for a trip via Upriver to Chittagong with grains at US$17 000 plus US$700 000 ballast bonus. Across the Continent and Mediterranean, trading was healthy, though sentiment remained largely positional. A 61 000-dwt was fixed delivery Liverpool via Ghent to the East Mediterranean with scrap at US$20 000. In Asia, the market was generally balanced; although most prompt requirements were covered and the cargo book shortened, owners continued to receive steady interest. A 63 000-dwt open Map Ta Phut 15 – 19 November was fixed for a trip via Indonesia to China at US$16 000. On the period side, cover remained limited, with a 64 000-dwt vessel reportedly fixed delivery Tianjin for 5 to 7 months, redelivery Singapore – Japan range, at US$17 000.

Handysize

The Handysize market experienced a largely steady yet mixed week, fluctuating between cautious optimism and mild softness. In the Continent and Mediterranean, conditions appeared more balanced, though owners continued to adjust their offers upwards in response to steady enquiry. A 39 000-dwt reportedly fixed delivery Casablanca to Klaipeda with phosrock at US$11 750. The South Atlantic and US Gulf recorded active trading, with owners pushing their rate ideas higher as firm demand provided support. A 35 000 was fixed delivery Rio Grande for trip via Argentina to Venezuela at US$18 500 and a 39 000-dwt fixed delivery SW Pass to EC Mexico with grains at US$22 500. Across Asia, sentiment stayed soft and trading activity remained slow, as cargo volumes continued to tighten and tonnage availability grew. A 38 000-dwt fixed delivery Koh Sichang for a trip via Cilacap to Kwinana with clinker at US$11 000.

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