Baltic Exchange: Dry Bulk Report – Week 12

Capesize

It was a week of mixed route performance in the Capesize market. Following a positive close on Friday, the Capesize Timecharter Average (C5TC 182) ultimately rose by US$817 week-on-week. The C3 Brazil to China route edged above US$30, a level last seen in July 2024 with the current laycans across both the first and second halves of April. By contrast, the C5 West Australia to China route remained under pressure, sliding from US$13.475 on Monday to $11.71 on Friday, a weekly decline of US$1.765. In the North Atlantic, market activity strengthened from mid-week onwards as fresh transatlantic and fronthaul cargoes emerged. This improvement was reflected in firmer earnings by the close, with transatlantic rounds at US$28 575 and fronthaul trips at US$51 111. On the period front, there was talk of a 182 000-dwt delivery China in the first half of April fixing for 3 years at US$32 000.

Panamax

The week progressed from early caution to firmer momentum, with bunker price uncertainty still underpinning volatility. Monday saw mixed sentiment, as the Atlantic hinted at a potential floor while Asia softened on weaker volumes. By Tuesday, demand picked up, particularly in the Atlantic, driving rate improvements despite ample tonnage, with Asia also rebounding on stronger regional trades.

Midweek, gains accelerated. Atlantic activity strengthened, supported by mineral and grain demand, tightening prompt tonnage in the north and lifting rates. Asia mirrored this trend, with solid Pacific and Australian cargo flows and rising fixtures. By Thursday, the positive tone was sustained across both basins, with continued rate increases and improved sentiment. Overall, the market closed the week on a firmer footing, showing clear signs of recovery and underlying demand support with the P5TC finalising the week at US$17 132.

Ultramax/Supramax

The market closed the week on a cautious note, as limited cargo availability and ample tonnage supply continued to weigh on rates across both basins. In the Atlantic, conditions remained weak throughout the week. The US Gulf continued to face downward pressure amid limited cargo demand and a growing list of prompt vessels, while the South Atlantic gradually lost momentum as the week progressed. A 56 000-dwt vessel open Veracruz was reported fixed for a trip delivery SW Pass to East Coast Mexico with grains at US$16,250, while another 56 000-dwt unit was heard fixed from Recalada to Puerto Quetzal at US$21 000. Activity in the Continent–Mediterranean region remained largely muted, with only sporadic enquiry and little movement in rates. A 58 000-dwt vessel open Naples 19–21 March was reportedly fixed for a trip delivery Garrucha to Conakry with gypsum at US$13 000. Across Asia, sentiment remained soft as charterers continued to push lower rate ideas while cargo volumes stayed limited. Rising bunker prices also contributed to the cautious tone seen across the region. Despite the softer sentiment in the spot market, the period sector saw pockets of activity. A 61 000-dwt vessel was placed on subjects from Guangzhou for 4–6 months at US$17 000, while a 63 000-dwt unit was reportedly fixed from Zhoushan for 4–6 months at US$17 500.

Handysize

The market continued to soften over the course of the week, as limited fresh enquiry across most regions weighed on overall sentiment. In the Continent and Mediterranean, activity remained largely muted throughout the week, with little notable change in rate levels. Across the South Atlantic and US Gulf, sentiment gradually weakened as the week progressed. A persistent oversupply of tonnage combined with a lack of fresh cargo pushed rate discussions lower, with charterers increasingly testing softer levels. Reported fixtures included a 39 000-dwt vessel fixed from the US Gulf to Turkey with grain at US$19 250, as well as another 39 000-dwt unit fixed delivery Upriver to North Brazil at US$18 250. In Asia, trading activity remained slow and sentiment largely negative. While some brokers noted slight tightening of tonnage in the North Pacific toward the end of the week, limited cargo volumes and ongoing uncertainty surrounding bunker prices kept rates broadly stable. A 38 000-dwt vessel open Bahudopi was placed on subjects for a voyage via West Australia to Japan with gypsum at US$13 500. On the period front, a 40 000-dwt newbuilding was reportedly fixed ex-yard Japan for three years at 122% of the BHSI, with delivery scheduled for May–June 2026.

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