The Baltic Exchange, the world’s independent source of maritime market data, has issued its report for the last week, 26th February – 1st March 2024, to provide information of the bulk market performance.
According to Baltic Exchange reports, highlights of capesize, panamax, ultramax/supramax, handysize include:
Capesize
The week started with a modest increase on the BCI 5TC, accompanied by steady activity in the Pacific and relatively calm conditions in the Atlantic. As the days progressed, the Pacific market saw increased activity and rising rates, particularly highlighted by a significant surge mid-week, driven by strong cargo demand. There were reports of more than 10 vessels fixed from West Australia to China, resulting in the C5 index rising by $1.075 to $12.160. In the Atlantic there was an influx of new cargo for both trans-Atlantic and fronthaul which helped to bolster sentiment with a market that already had limited availability of tonnage. Reports of robust fixtures led to a significant uptick in the C9 index, which rose by $2,562 to reach $53,375, and the C8 index, which climbed by $5,496 to $32,173. From South Brazil and West Africa to the Far East there was a noticeable difference between the bid and offer price, resulting in limited activity although optimism persisted, as evidenced by the C3 index’s rise of $1.205 to $27,465. As the week comes to an end this positive trend has persisted, albeit at a somewhat slower pace, as reflected in the C5 index today edging up by 0.875 to 13.645 and the C3 index which has risen by 0.872 to $28.767. All in all, it has been a very positive end to the week as evidenced by the BCI 5TC which started the week at $26,233 and has ended at $32,985.
Panamax
It was an eventful week with the market trend moving one way and then the other. The week began on a negative tone, sparked into life mid-week with an FFA drive only to level off as the week ended. In the Atlantic, it was a less than clear picture in the North with minimal trans-Atlantic activity with rates under pressure all week, conversely decent mineral and grain demand for fronthaul trips lent some support to rates here. EC South America found support for early April arrival dates, $18,000 concluded a few times for 82,000-dwt types delivery to India for trips via EC South America redelivery Far east. In Asia, good levels of cargo replenishment were witnessed all week, driving rates forward as tonnage was cleared out both in the south and the north of the basin. A solid week too for period with various deals concluded as the nearby optimism in the market persisted.
Ultramax/Supramax
Positivity was seen across the Asia Markets. A 64,000-dwt fixed from Caofeidian via Indonesia to EC India-Bangladesh at $15,000 whilst a 62,000-dwt fixed from the Philippines via Indonesia to Thailand at $20,000. Nopac was also active, an Ultramax linked to fixing from South Korea via Nopac to Bangladesh at $14,650. In South Africa, a 66,000-dwt fixed from Port Elizabeth to Singapore-Japan at $28,000 plus a $280,000 ballast bonus. The Atlantic was more subdued with a lack of fresh enquiry. A 63,000-dwt was fixed from SW Pass via the Cape of Good Hope to Japan with grains at $28,000. A 64,000-dwt fixed from Southampton to the Eastern Mediterranean with scrap at $19,000 and a 63,000-dwt fixed from Mersin to Abidjan with a cargo of clinker at $15,000. Period activity remained with a 58,000-dwt opening in Kwangyang fixing for seven to nine months with PG-Japan redelivery at $15,400 whilst a 63,000-dwt open in Mundra fixed for a minimum of 5 months to max 15 October at $19,600.
Handysize
The South Atlantic showed signs of positivity as water levels in the River Plate improved, a 38,000-dwt was fixed for mid-March dates basis delivery Recalada to Algeria at $17,000 whilst a 37,000-dwt fixed from Recalada to WC South America at around $25,000. The Continent and Mediterranean were said to be balanced with a 39,000-dwt fixing from Bourgas to Spain at $15,000 whilst pressure remained on the tonnage in the US Gulf due to a lack of enquiry, a 36,000-dwt fixed from Key West via the US Gulf to Turkey at $9,250. In contrast, rates have been steadily climbing across the Asia markets with limited tonnage availability as a main factor. A 42,000-dwt opening in Japan fixed via Nopac for a round voyage to Japan at $13,000 and a 37,000-dwt opening in Chiba fixed for a similar trip at $12,750. A 32,000-dwt fixed from Semarang via Australia to Taiwan with an intended cargo of salt at $15,000.
