The Baltic Exchange, the world’s independent source of maritime market data, has issued its report for the last week, 13rd – 17th November 2023, to provide information of the bulk market performance.
According to Baltic Exchange reports, highlights of capesize, panamax, ultramax/supramax, handysize include:
Capesize
The week commenced with a subdued market due to Singapore’s Diwali holiday. However, the Pacific region saw a positive turn on Tuesday, marked by increased trading volumes and improved fixtures on C5, supported by a solid volume of coal cargoes. The midweek surge continued in the Pacific, driven by Japanese tender cargoes and heightened coal shipments from East Coast Australia and Indonesia, resulting in a further 40-cent increase on C5. Meanwhile, the Atlantic market witnessed notable activity, especially from southern Brazil and West Africa. Towards the end of the week, the Pacific market maintained the positive momentum. Brokers talked of some port closures in China caused by strong winds potentially causing delays, however, with all three miners actively participating there were further gains. Meanwhile, the Atlantic region sustained its optimistic outlook, with firm fixtures and an upward climb in the C3 index, which gained over $2 to close at $22.589. Overall, the week saw dynamic market conditions, with the Pacific region driving increased activity and positive sentiment persists in the Atlantic.
Panamax
A dramatic week for the Panamax market, chiefly in the Atlantic with rates accelerating sharply. The north of the arena appeared mostly mineral centric but stable grain demand was seen too ex US Gulf and NC South America. This was coupled with a highly firm market ex US Gulf for the Supramax and Ultramax sectors, lending support to the remarkable moves seen in the market. Quick Baltic round trips were achieving $30,000 by the end of the week, with longer trans-Atlantic trips now in the low $20,000s, with some voyage business edging closer to mid $20,000s on an equivalent basis. Whilst rate increases were less spectacular in Asia than the Atlantic, a solid week for the basin saw solid levels of demand predominantly mineral led ex Australia and Indonesia. Multiple short period up to one-year deals concluded this week. The one-year mark averaging out around the low-mid $14,000s mark for 82,000-dwt types delivery to the Far East.
Ultramax/Supramax
A stronger week than recent weeks, with better levels of enquiry and a tightening of prompt tonnage from key areas. The Atlantic was led from the US Gulf where demand was very strong, certainly for fronthaul trips. A 63,500-dwt was heard fixed for a trip from Pascagoula to India with petcoke at $47,500, whilst another Ultramax was heard to have fixed a trans-Atlantic run from the US Gulf at $32,000. There was also a bit more interest from the South Atlantic and again rates seemed to be on an upward trajectory. From Asia, a more positive feel as fresh enquiry from Indonesia led to a reduction of prompt tonnage availability. A 58,000-dwt was heard fixed delivery Singapore for a trip via Indonesia redelivery China at $15,000. Further north, a 56,000-dwt was fixed basis delivery China for a steals run to SE Asia in the mid $6,000s. On the period front, a 63,000-dwt open Haldia was heard to have been extended in direct continuation for 12 months trading at $14,000.
Handysize
Positivity swept back into the Atlantic this week, helping guide the BHSI to an upward trajectory after a sustained period of decline. The US Gulf was said to be lacking tonnage availability and charterers had begun to source tonnage from Europe and West Africa to cover their requirements. The Continent and the Black Sea had shown improvements in levels of fresh enquiry in recent days with rumours of a large handy fixing from the Continent to the US Gulf at around $13,000 but further details had yet to surface. In northern Brazil, levels had also improved for owners, with a 40,000-dwt fixed from North Brazil to Norway at $17,500 in the early part of the week, whilst a 34,000-dwt fixed from Itaqui to Singapore-Japan in the high teens. In Asia, activity was still said to be subdued in general but brokers spoke of the first signs of positivity creeping into some regions as levels of fresh enquiry had improved.
