Baltic Exchange: Dry Bulk Report – 8

Capesize

The Capesize market maintained its continued momentum throughout the week, improving US$2277 week-on-week to close at US$8216, which is the highest value since late January. West Australian miners remained relatively inactive despite the reopening of West Australian ports and vessels returning to berths. The C5 route gradually strengthened, reaching US$6.485 by week’s end, with the laycan window now fully shifted to March dates. In the North Atlantic, market appeared firmer overall, although premiums were still being paid for breaking INL. From Brazil, the C3 route showed positive movement with increased fixture activity later in the week. Rates exceeded US$18 fixed for mid-March loading. A few period fixtures were reported including a 203 000 dwt delivery Rizhao fixing for one year at US$22 500, as well as a 175 000 dwt delivery Sunda Strait fixing for one year at US$19 000 and a 208 000 dwt delivery Tianjin fixed for two years at US$24 500.

Panamax

The Panamax market had another an eventful week, with the market trend finding some strength in both arenas as strong fundamentals came to the fore. The week began sedately, only to spark into life mid-week with an FFA drive, only to level off as the week ended. In the North Atlantic, it was a less than clear picture, with minimal trans-Atlantic activity with rates generally flat all week, conversely decent mineral, and grain demand for fronthaul trips lent some support to rates here with rates edging up for both. EC South America found support for mid-March arrival dates, with US$11 500 concluded a few times for 82 000 dwt types delivery 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 around the US$14,00 mark for one year as optimism in the market persisted.

Ultramax/Supramax

Overall, a more positive week for the sector, led by the increased demand seen in Asia. The Atlantic started on a positive note, although as the week progressed demand from the US Gulf tapered off slightly and there was an easing of rates, with a 61 000 dwt fixing from here for a trip to Chittagong at US$17 500. The South Atlantic was described as positional with better demand for trans-Atlantic runs. Brokers said that better levels of enquiry were seen from the Continent-Mediterranean, with a 58 000 dwt fixed from Rotterdam to the East Mediterranean at US$12 000. From Asia, upward momentum continued as strong demand for both backhaul and trans-Pacific business entered into play. A 57 000 dwt open China fixed a trip to the Mediterranean at US$14 000 for the first 65 days and thereafter US$14 500. Further south, a 64 000 dwt open Philippines fixed a trip via Indonesia redelivery China at US$11 000. Period activity increased, with a 64 000 dwt open China heard fixed for one year’s trading at US$13 500. In the Atlantic, a 58 000 dwt open Continent fixed 3/5 months trading redelivery worldwide at US$11 500.

Handysize

A positive week in general with rates across most loading areas were showing increases compared to previous levels. The Continent-Mediterranean region continued to see gradual improvement throughout the week, with sentiment remaining largely positional. For instance, a 37 000 dwt vessel was placed on subjects for delivery Brunsbuttel trip via Mukran to redelivery Conakry at US$14 000. The South Atlantic maintained a positive tone with market conditions particularly active, driven by tight tonnage availability for February dates and a healthy volume of cargo bookings. A 36 000 dwt was heard fixed delivery aps Recalada redelivery Lebanon in the high US$16 000s. Meanwhile, the US Gulf market remains subdued with very little information surfaced and rates were holding steady in general. In Asia, the market maintained a firm outlook, with tonnage in the North China region tightening and weather disruptions in Southeast China, which have caused delays in vessel schedules. As a result, charterers had no choice but to raise their bids. A 39 000 dwt vessel was heard fixed delivery Indonesia via Australia to redelivery Japan for US$8700.

Click here for free registration to Dry Bulk

Read the article online at: https://www.drybulkmagazine.com/shipping/24022025/baltic-exchange-dry-bulk-report-8/