The Baltic Exchange, the world’s independent source of maritime market data, has issued its report for the last week, 26th – 30th June 2023, to provide information of the bulk market performance.
According to Baltic Exchange reports, highlights of capesize, panamax, ultramax/supramax, handysize include:
Capesize
Throughout the week, the Capesize market experienced mixed dynamics. Monday began with a relatively active start as the major players fixed cargoes from West Australia to China, alongside tender and operator cargoes. However, rates softened slightly despite the activity. Tuesday saw increased pressure in the Pacific and Atlantic markets, resulting in further rate declines. By the middle of the week the Pacific experienced minimal activity leading up to the upcoming holiday in Singapore. Nevertheless, the market appeared to be finding a certain level of stability. In the Atlantic, despite a significant surge in activity with brokers reporting the fixing of five to six ships by a major, the market sentiment turned negative, resulting in further easing of rates. Moreover, the growing number of ships in ballast has exacerbated the downward pressure on the market earlier in the week. Overall, the week witnessed a combination of activity, rate fluctuations, and market pressures across both regions.
Panamax
A muted week in the Panamax market, with rates easing in all areas as the week progressed. In the Atlantic, the trans-Atlantic trades were lacking yet again and despite slightly better rates paid for grain clean ships ex-Continent for fronthaul grains trip, the north of the basin remained under pressure. Activity remains steady ex-EC South America a host of deals concluded for mid-July arrival window, with rates around the $14,500 + $450,000 mark basis delivery aps load port for 82,000-dwt types. Despite less salvation from EC South America and for most days weaker FFA values, there was less of a decline in rates out of Asia. However, easier rates concluded over the week, with some appealing design types achieving rates in the low $10,000s for the longer Pacific round trips, although the rate on Friday for both Australia and Indonesia round trips was more akin to $9,250 for BPI index types.
Ultramax/Supramax
A week of split sentiment. Whilst the Asian arena remained fairly buoyant, although it did quieten down at the end with holidays, the Atlantic overall lost traction. From the US Gulf an abundance of tonnage and limited fresh enquiry saw downward pressure on rates. From South America it remained finely balanced. Better levels of activity were reported from Asia and rates slowly gained momentum. Period activity was seen, with a 63,000-dwt fixing for 12 months trading delivery Italy redelivery worldwide in the low to mid $13,000s. From the Atlantic, a 63,000-dwt fixed delivery North Brazil redelivery Singapore-Japan at $14,000 plus $400,000 ballast bonus, whilst a 56,000-dwt was heard fixed from the US Gulf to the Continent in the mid $5,000s. From Asia, a 61,000-dwt fixed a trip from Indonesia to China in the low $10,000s, whilst a 63,000-dwt fixed delivery Japan via NoPac redelivery Bangladesh at $11,500.
Handysize
In a week with national holidays and shipping events, the handy sector was generally in decline due to the lack of fresh enquiry. East Coast South America, which has been positive of late, displayed signs of slowing down and even softening with an oversupply of tonnage beginning to show. A 37,000-dwt was rumoured to have been placed on subjects for a trip from Santos to Casablanca at $11,000 and a 38,000-dwt rumoured to have been fixed from North Brazil to Tunisia at $12,000. A 37,000-dwt was fixed from Canakkale via the Black Sea to Algeria at $7,000 with an intended cargo of grain. In Asia, a 33,000-dwt was fixed from Singapore via Australia to Japan at $7,850, whilst a 38,000-dwt opening in Japan was fixed for a trip to Southeast Asia with an intended cargo of slag at $5,700. Period activity saw a 28,000-dwt open Vila Do Conde fixing for three to five months with Atlantic redelivery at $8,000.
