The Baltic Exchange, the world’s independent source of maritime market data, has issued its report for the last week, 15th – 19th July 2024, to provide information of the bulk market performance.
According to Baltic Exchange reports, highlights of capesize, panamax, ultramax/supramax, handysize include:
Capesize
It was only on Thursday that the Capesize 5TC climbed to positive territory and became closer to $25,000. But the correction or Friday eventually settled the week at $24,652. In the Pacific, there was more resistance from owners towards the end of the week, which pushed C5 to $9.725 in the end. Meanwhile, more coal cargoes from East Australia to China were fixed on timecharter trips according to report. Brazil to Qingdao had an active week for both first and second half of August loading. C3 stopped drifting for a day but that was not sufficient to cover the retreat felt throughout the week. The north Atlantic felt under pressure in general, transatlantic and fronthaul runs were marked at $25,750 and $55,188, respectively.
Panamax
Sentiment in the South Atlantic began to decline for the middle of August liftings below the current prompt levels a 76,000-dwt was rumoured to have fixed basis delivery EC South America on the 13th of August for a front haul requirement at $17,000 plus a $700,000 ballast bonus, whilst 80,000-dwt vessel fixed with prompt dates passing Singapore via EC South America to Singapore-Japan at $15,750 against a mid-August delivery was placed on subjects basis delivery passing. Activity in Asia was also said to be improving, but levels had so far remained balanced with an 84,000-dwt fixing from Kinuura with prompt dates via Eastern Australia to South China at $15,000; whilst an 81,000-dwt fixed from Lanshan via Nopac to China at $15,250 earlier in the week. Period activity was also visible with an 81,000-dwt fixing basis delivery in Kaohsiung with prompt dates for five to eight months at $16,500 and a 76,000-dwt rumoured to have been placed on subjects basis delivery CJK for five to seven months in the upper $14,000’s.
Ultramax/Supramax
With the Atlantic in summer holiday mode, it remained a rather positional market. Sentiment from the US Gulf was mixed, as brokers saw a slight weakening of fronthaul rates whilst trans-Atlantic runs remained fairly firm. A 63,000-dwt fixing delivery US Gulf for a trip to Finland in the low $26,000s. The Continent – Mediterranean lacked much fresh impetus with 63,000-dwt vessels seeing in the $11,000s for Mediterranean backhauls to US. The South Atlantic remained fairly active although rates for ultramax size hovered around the mid to low $16,000s plus low to mid $600,000s ballast bonus. From Asia, brokers said that there remained ample tonnage supply although there were still some reasonable levels achieved. A 61,000-dwt open Anyer fixed a trip via Indonesia redelivery South China at $19,000. The Indian Ocean lacked fresh enquiry keeping a downward trend some said. Period activity remained rather muted, but a 63,000-dwt open Indian Ocean fixed for 3/5 months trading redelivery worldwide at $14,500.
Handysize
A week of minimal visible activity across both basins in the handy sector. In the Atlantic, a general lack of fresh cargo enquiry which added pressure to the market. Positivity continued across the South Atlantic with a 43,000-dwt rumoured to be on subjects basis delivery WWR Upriver for early August to West Coast South America intention Ecuador at $27,500, whilst a 37,000 dwt was fixed delivery South Brazil trip to Continent at $17,000. With continued improvement, gains were also seen in the US Gulf region this week with 33,000-dwt fixing from Camden via the US East Coast to Tukey with an intended cargo of Scrap at $17,000. Asia experienced a generally balanced week with backhaul demand and owners’ resistance to fix ships for backhaul trips which has some positive impact on the implied rates for the routes, but numbers had remained steady as the week progressed.
