The Baltic Exchange has issued its report for the last week, 17-21 March, to provide information of the bulk market performance.
Capesize
The Capesize Timecharter Average (C5TC) experienced a decline of $1,507 week-on-week, settling at $22,190 on Friday. In the North Atlantic, a few INL breaching fronthaul cargoes with mid-April loading were fixed, reflecting $42,313 on the C9 route by the end of the week. In Brazil, rates started to improve since mid-week after more cargoes entered the market with second half April dates. There was talk of a tight ballaster list with end April arrival dates. The C3 route ended the week by increasing $0.405, reaching $24.485. In the Pacific, the C5 laycan window has fully shifted to April dates. However, it was a rather slow week overall as miners remained absent from the market for various reasons for a few days within the week. The C5 route was marked at $9.35.
Panamax
Overall, a week of slow erosion for the Panamax market. This is despite some resistance and a limited push on FFAs. Again, the North Atlantic returned a distinct lack of demand, this continued to undermine the market here and there were few deals of note. Activity ex North America still applied some uncertainty in some quarters, but spreads settled down a little this week as the market awaits definitive news.
An 82,000-dwt achieved $17,000 for a trip via NC South America redelivery Singapore-Japan. Trade ex-South America returned an active week, varying rates were witnessed for fronthaul trips, for index dates the mean average returned around $12/12,500 levels. Asia returned a mixed week with varying degrees of rates fixed for the longer round trips. Rates ranging from $12,500 to $15,500 for nice grain clean types ex NoPac. There was limited period activity, although the highlight a nicely described 82,000-dwt delivery China achieving $17,000 for three to five months period.
Ultramax/Supramax
Overall, a week of slightly positive gains was seen for the sector. The US Gulf did see positive moves at the beginning of the week although some said it may a peaked for the time being. The South Atlantic remained finely balanced whilst the Mediterranean – Continent lacked fresh impetus. A 61,000-dwt fixing a trip from the Baltic to West Africa at $14,000. Whilst a 63,000-dwt fixed delivery West Africa for a trip via South Africa to the Far east at $15,500. The Asian arena saw stronger levels with better demand helping the owners side.
The Indonesian market remand active, a 64,000-dwt fixing from here redelivery WC India at $17,000 option redelivery EC India at $18,000. Whilst for trip to China a 58,000-dwt was heard fixed in the mid $15,000s. Demand seem to wane a little further north, although a 63,000-dwt open China fixed a NoPac round at close to $15,000. The Indian Ocean saw increased activity, a 61,000-dwt fixing delivery Port Elizabeth for trip to China at $15,000 plus $150,000 ballast bonus. Period activity remained in play, a 60,000-dwt open Japan fixing 7/9 months trading redelivery worldwide at $14,000.
Handysize
This week, the market saw minimal visible activity across both basins. Rates appeared supported in the Continent and Mediterranean, with sentiment remaining generally positional. A 33,000-dwt open Iskenderun 20/21 March was placed on subjects for delivery Canakkale trip with grains to redelivery USA at $9,250. In the U.S. Gulf, sentiment stayed subdued, with the tonnage count maintaining its length and putting further downward pressure on rates.
The South Atlantic market fundamentals remained balanced, particularly for larger sizes. A 40,000-dwt vessel was fixed for delivery at Recalada redelivering to the US East Coast at $16,000. In Asia, some sources noted a slight increase in the tonnage count, but decent cargo volumes have helped keep rates at healthy levels. A 33,000-dwt vessel was fixed for delivery in Singapore, via Gladstone, redelivering to Samalaju with alumina at $10,500.
