The Baltic Exchange, the world’s independent source of maritime market data, has issued its report for the last week, 18-22 November, to provide information of the bulk market performance.
Capesize
The Capesize market experienced a challenging week, marked by a gradual softening across both basins. Monday began quietly, with rates in the Pacific and from South Brazil and West Africa to China sliding amidst limited fresh cargo and standoffish sentiment between owners and charterers. The North Atlantic showed early signs of tonnage build-up, adding downward pressure. As the week progressed, the Pacific basin experienced notable corrections, where C5 rates dropped by a dollar, driving the Baltic C5TC down by nearly $3,000 to $23,291. Activity from South Brazil and West Africa to China as well as the North Atlantic remained muted, with softer spot fixtures reflecting weaker sentiment. Midweek, the Pacific rebounded slightly, buoyed by robust activity from all three major miners and improved coal demand, which nudged C5 rates upward. Despite this, the Atlantic remained subdued, with limited movement on C3. The week concluded with steady but uninspiring Pacific trading, while Atlantic’s sluggishness persisted, reflected in a softer BCI 5TC, closing the week at $21,778.
Panamax
Despite healthy activity, the Panamax sector continued on its turbulent path this week. There are still mixed views in the Atlantic, the grain versus mineral spread seemingly still exists, whilst fronthaul in general has witnessed further softening of levels. So, we end the week with rates mostly broadside. The Atlantic witnessed better volume but it was still limited chiefly to trans-Atlantic trips where a steady flow ensued, an 82,000-dwt delivery NW Africa fixing at $12,000 for a US Gulf round redelivery Atlantic, vessel’s favourable delivery reflective in rate. Despite steady activity, it returned an unspectacular week in the Asian basin. The longer NoPac and Australia round trips were sparse against tonnage count, but did include an 82,000-dwt delivery Korea agreeing $11,000 for a trip via EC Australia redelivery China. We end the week in need of a fresh injection if we are to see any sustainable improvements. Period news included reports of an 85,000-dwt delivery China achieving $15,700 for 12 months period.
Ultramax/Supramax
Another rather sombre affair for the sector, certainly in the Atlantic as downward pressure remained in most areas. Whilst there had been a bit of activity from the US Gulf rates in the region remained relatively poor. A 63,000-dwt fixing from here to the East Mediterranean at $19,000. The South Atlantic lacked fresh impetus a 64,000-dwt was heard fixed from EC South America for a fronthaul in the $14,000s plus low $400,000s ballast bonus. As week ended, the Asian arena seemed to have turned a corner as demand increased both from the north. A 63,000-dwt was heard fixed basis delivery CJK for a NoPac round redelivery South Korea at $12,000. Further south, a 55,000-dwt fixing delivery Singapore trip via Indonesia to China in the mid $10,000s. Period action remained muted, but a 64,000-dwt was fixed basis delivery Far East January 2025 for 2 years trading at 117 percent of BSI 58.
Handysize
This week, the market has shown a mixed performance across the regions. In the Continent and Mediterranean, there’s a sense of stability, supported by a healthy cargo book and ongoing scrap orders. For instance, A 34,000-dwt open Gijon heard fixed delivery APS Rotterdam redelivery East Mediterranean with scrap in the $12,000. In the South Atlantic, market fundamentals remained strong particularly for larger sizes indicating continued support. A 41,000-dwt open Vitoria 20 Nov fixed delivery APS Recalada for trip to Peru at $20,000. In contrast, the U.S. Gulf is experiencing a sluggish market with limited activity and a continued downward trend, driven by an oversupply of tonnage. A 40,000-dwt open East coast Mexico reported fixed delivery Southwest Pass to redelivery West Coast Central America at $16,500. Meanwhile the Pacific market was showing softer sentiment due to increasing tonnage and limited cargo availability from the North Pacific and Australia. A 38,000-dwt heard fixed delivery DOP Indonesia via West Australia to Indonesia with salt at $13,000.
