The Baltic Exchange, the world’s independent source of maritime market data, has issued its report for the last week, 29th April – May 3rd 2024, to provide information of the bulk market performance.
Capesize
After an initially sluggish start to the week, the market picked up pace ahead of the impending holidays, particularly in the Pacific, leading to a slight uptick in the C5 index, which nudged up accordingly by 0.385 cents to $9.965. Conditions in the Atlantic remained challenging as the week got underway, with sporadic improvements. As expected, mid-week was rather subdued with minimal activity, although Thursday marked a significant upswing post-holiday, driving the BCI 5TC up substantially by $2,117, reaching $19,670. Positive sentiment emerged particularly in the North Atlantic, with increased cargo enquiry and a tightening tonnage list and substantially stronger fixtures, reflecting a significant rise in the C8 index, which rose today by $5,215 to $17,429. As the week comes to an end, there’s a noticeable slowdown in activity, but optimism prevails. In the Pacific, the C5 index inched up by 0.255 to reach $10.70, while the C3 index saw a more significant rise of 0.905, reaching 26.665. Overall, it has been a positive conclusion to the week, highlighted by the BCI 5TC climbing by $2,496 to hit $22,166, marking a substantial increase of $4,913 for the week.
Panamax
A week whereby activity was largely fragmented by various holidays spread across the globe. The Atlantic basin saw minimal fresh demand but with a modest tonnage count rates held steady for most part for limited trans-Atlantic and front haul fixtures. A mini grain push came mid-week ex EC South America, rates nudged up for end May arrivals Asia with a host of fixtures concluded in excess of $20,000 delivery SE Asia/India region for South American round voyages. Asia blighted by various holidays also lacked energy this week despite an obvious increase in Indonesia and Australia coal demand, with the Indonesian round coal trips being the most engaging beginning the week around the $14,000 mark but increasing to closer to $16,000 by the close. Unsurprisingly, with minimal support from the FFA market, there returned limited period news, although reports surfaced of an 82,000-dwt delivery in China achieving $17,150 basis one-year period.
Ultramax/Supramax
With widespread holidays both in the Atlantic and Pacific regions it was a rather staggered week. The Atlantic generally saw softer tones as demand slipped from the US Gulf and Mediterranean. Mixed feels from the South Atlantic as the week closed some brokers saw increased volumes of fresh cargo. From Asia, rates remand rather flat albeit at reasonable levels. Fresh enquiry was limited from Southeast Asia, but tonnage supply able to keep up. From the Indian Ocean, demand remained again a rather sideways feel to the market during the course of the week. From the Atlantic, a 63,000-dwt fixed delivery Mississippi River to the Continent with wood pellets at $20,000. Whilst a 60,000-dwt fixed a trip from US Gulf to the Far East in the mid $20,000s. From Asia, a 53,000-dwt fixed delivery Vietnam for a trip via Indonesia redelivery China at $17,000. Elsewhere, a 56,000-dwt fixed delivery WC India redelivery Far East at $16,000. Period activity seen was limited, but a 63,000-dwt open Southeast Asia was heard fixed for 3/5 months trading redelivery Arabian Gulf – Japan at $20,000.
Handysize
In a week littered with widespread holidays including Labour Day and the Greek Orthodox Easter, visible activity was muted and the overall sentiment across the handy sector was softer. Tonnage lists were said to have expanded this week across the Continent and the Mediterranean due to the limited visible fresh enquiry. In the South Atlantic, sources spoke of limited enquiry remaining for the first half of May. Whilst the US Gulf also remained under pressure a 43,000-dwt opening in Havanna was linked to fixing from SW Pass to the Eastern Mediterranean with an intended cargo of grains at $9,250 and a 38,000-dwt fixed from Mobile to the UK-Continent with wood pellets at around $11,000. Activity was also subdued across Asia, levels were said to have remained more stable with many expecting activity and positivity to return next week once a majority of holidays had concluded and players returned to their desks.
