The Baltic Exchange, the world’s independent source of maritime market data, has issued its report for the last week, 16th – 20th September 2024, to provide information of the bulk market performance.
According to Baltic Exchange reports, highlights of capesize, panamax, ultramax/supramax, handysize include:
Capesize
The Capesize market experienced a week of mixed activity, highlighted by a strengthening Pacific, South Brazil and West Africa to China routes, while the North Atlantic market struggled initially. Early in the week, the Pacific gained momentum with the involvement of all three major miners and increasing fixtures, driving up the C5 index. However, mid-week saw a slight softening as miner activity waned, leading to lower bids and a slight decline in rates. In contrast, the Atlantic, which was initially quiet, showed a gradual recovery. The South Brazil and West Africa routes picked up steam mid-week, with the C3 index significantly firming by Thursday, with rates rising above $28 for C3 fixtures, supported by a stronger FFA market. As the week draws to a close activity has tapered off both in the Pacific and Atlantic. The BCI 5TC ended the week higher at $26,826, reflecting improved sentiment, particularly in the latter half.
Panamax
A cautiously optimistic week for the Panamax market as period demand crept into the market, with the Atlantic routes the most prominent risers. This was largely led by solid mineral and grain demand especially from the US Gulf, with an aps rate of $18,500+$850,000 reported fixed on a scrubber fitted 82,000-dwt for a trip redelivery China, whereas slight increases seen for rates ex South America for first half October arrival window. In Asia, numerous holidays in the region impacted trading and a two-tier market ensued but overall, it returned a flat week, with NoPac demand being the catalyst for the P3A route hovering flat at around $14,000 on the week for 82,000-dwt types. In the south of the arena, rates fluctuated but generally hovered around the $12,000 mark for smaller LME types. Various period deals concluded, the highlight being an 82,000-dwt delivery China achieving close to $17,000 basis 6/8 months.
Ultramax/Supramax
Mixed fortunes this week for the sector. The Atlantic was varied with the US Gulf being fairly firm at the beginning of the week but towards the end, some said it had eased. A 64,000-dwt fixing from there for a trip to WC India with petcoke at $27,50 whilst there was a 63,000-dwt fixed a trans-Atlantic run redelivery East Mediterranean at $23,000. The South Atlantic lacked fresh impetus and rates remained under downward pressure. The Continent-Mediterranean were described as positional, with a 63,000-dwt fixing from Rotterdam via the Baltic to the East Mediterranean with scrap at $17,000. The widespread holiday in Asia at the beginning of the week saw a rather slow start, but positive sentiment grew in the latter stages. A 63,000-dwt open South China fixing a trip redelivery Bangladesh in the mid $20,000s. Demand from Indonesia slowly gathered pace, with a 63,000-dwt fixing delivery Koh Sichang via Indonesia redelivery China at $16,000. The Indian Ocean saw active rates remain fairly stagnant, with a 56,000-dwt fixing from Durban to China at $15,500 plus $155,000 ballast bonus. Period action was limited but a 60,000-dwt open Southeast Asia fixed for 13-15 months trading at $15,750.
Handysize
Mixed performance this week as activity picked up in the US Gulf, leading to slight increases in rates. A 40,000-dwt open in Houston was fixed via the US Gulf to West Coast South America at $22,000. However, owners with vessels open in the South Atlantic continued to face limited options, with negative sentiment persisting throughout the week. The Continent -Mediterranean appeared more supported, with prompt cargoes being covered and an uptick in fresh demand, resulting in rates being exchanged a tick above the last done levels. A 39,000-dwt vessel was reported fixed delivery Canakkale to the US Gulf with steels at $9,500 whilst another 39,000-dwt was fixed delivery Liverpool via Skaw redelivery East Mediterranean with scrap at $12,750. In Asia, the market remained generally balanced. Despite spot orders being covered and the cargo book shrinking, vessels were still in demand.
