Baltic Exchange: Dry Bulk Report – 29

Capesize

The Capesize market experienced a strong and sustained rally this week, underpinned by firm sentiment and positive momentum across both basins. The BCI 5TC surged by USUS$5942 to close at US$25 575, driven by tightening tonnage lists and increased cargo volumes, particularly on the South Brazil and West Africa to China routes. In the Pacific, C5 rates steadily improved, supported by solid demand from major miners, heightened operator activity, and a gradually tightening tonnage list. A mid-week flurry of fixtures pushed rates close to the US$9.80 mark before easing to the US$9.50–US$9.60 range by week’s end. Meanwhile, the Atlantic basin saw robust activity, especially on C3, with rates climbing from the low US$21s to US$23 for end-August laycans, aided by strong enquiry and a steadily shortening ballaster list. In the North Atlantic, sentiment remained bullish, with firm transatlantic and fronthaul fixtures, one reportedly around US$50 000/d, highlighting the tight tonnage situation and strong demand.

Panamax

A mixed week for the Panamax market. What started out on a firm footing at the start, the gains initially seen would slowly dissipate as the week went on with Charterers drawing breath and reassessing their positions. However, the week ends with strong fundamentals duly restored with tonnage in parts appearing tight on the nearby and rates holding steady again. From the Atlantic, a muted week in the North, whilst in the South US$18 000 agreed early part of the week for an 82 000 dwt delivery Singapore for an EC South America round trip redelivery Far east, for the same trip/type closer to US$16 000 achieved more recently. Asia saw healthy levels of demand from Indonesia and Australia, circa US$16 000 achieved a few times on index type tonnage for Australian round trips. The week saw a decent pick up in period activity, noticeably reports of an 82 000 dwt delivery Japan achieving very high US$15 000’s basis 5/7 months, the highlight on the week.

Ultramax/Supramax

The week started on a very firm footing the lack of vessels and greater demand led to healthier rate levels being achieved in most key areas. However, as the week came to a close this positive momentum seemed to have stalled, and a ceiling was reached. In the Atlantic, from the US Gulf at the beginning ultramax size were fixing around US$30 000 for fronthaul business with similar levels being achieved for trans -Atlantic runs. From the South Atlantic a 63 000 dwt was heard to have been fixed delivery EC South America for a trip to Chittagong at US$19 000 plus US$900 000 ballast bonus. From Asia, demand for backhaul business from the North kept rates at a firm level. A 63 000 dwt fixing delivery Singapore for a trip via Indonesia to WC India at US$17 000. Buoyed with stronger demand from South America, rates from the Indian Ocean also pushed up. A 62 000 dwt was heard to have fixed delivery Port Elizabeth trip to China at around US$19 000 plus US$900 000 ballast bonus. Period cover was sort, although again this seemed to ease as the week progressed. A 63 000 dwt open Mumbai was fixed for short period in the mid US$14 000s whilst a similar size vessel open Veracruz fixed for 9-11 months trading at US$15 000.

Handysize

Overall, it was a positive week, with freight rates rising across most loading regions. While reported activity remained limited, the Continent–Mediterranean market continued to show gradual improvement, with sentiment largely positional. For example, a 38 000 dwt open in the Western Mediterranean was fixed for an inter-Mediterranean trip at US$12 000. The South Atlantic and U.S. Gulf markets maintained their strength, driven by firm sentiment and steady demand, resulting in firmer rates. Notable fixtures included a 39 000 dwt fixed from North Brazil to the Western Mediterranean at US$14 600, and another 39 000 dwt placed on subjects for a trip from SW Pass to Cristobal with agricultural products at US$17 000. Likewise, the Asian market remained active and positive, underpinned by strong cargo flows and limited vessel availability. A 40 000 dwt was fixed from Chittagong to the Continent with steels at US$13 000. Period interest was relatively active in both basins: a 35 000 dwt open Mobile was placed on subjects for a short period at US$11 500, while a 37 000 dwt open Dammam was fixed for a short period at US$12 500.

Read the article online at: https://www.drybulkmagazine.com/special-reports/21072025/baltic-exchange-dry-bulk-report-29/