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SAFETY4SEA

Baltic Exchange: Maritime market highlights 7 – 11 October

by The Editorial Team
October 11, 2024
in Shipping
bulk carrier

Credit: Shutterstock

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The Baltic Exchange, the world’s independent source of maritime market data, has issued its report for the last week, 7 – 11 October 2024, to provide information of the bulk market performance.

Capesize

The Capesize market faced a generally soft week with declining rates across the board. The BCI 5TC fell every day besides Friday, which closed at $23,509, a significant drop from Monday’s $26,213. The Pacific market saw reduced miner activity, with C5 rates declining from the low $10’s early in the week. Despite continued rate drops, particularly in the Atlantic, the pace of decline began to decrease. Increased coal cargoes offered some support in the Pacific, helping the C5 index nudge back up, ending the week after a couple of stronger fixtures at $10.025.

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The South Brazil and West Africa to China markets experienced more activity, but rates softened with C3 fixtures dipping into the low $25’s by week’s end. The North Atlantic also contributed to the weaker sentiment with fronthaul and trans-Atlantic rates decreasing steadily. Fronthaul fixtures dropped from around $52,000 on Monday with the C9 index ending the week at $48,250, while trans-Atlantic routes saw similar declines, there was a shift in sentiment resulting in C8 closing the week at $22,384.

Panamax

After a promising opening to the week, activities in the Panamax market slowly but surely became something of a grind as confidence eroded in both basins. The North Atlantic struggled for any momentum all week. South America saw a brief rally mid-week for end October arrival dates, with reports of an 81,000-dwt achieving $14,250 delivery Haldia for a trip via EC South America redelivery Singapore-Japan. Following various holidays last week, Asia returned with a bang, particularly from Indonesia, with a surge of fresh demand creating quite a stir. $15,250 was achieved for said run on an 82,000-dwt delivery Vietnam, which had reverted closer to $14,000 by Friday with smaller LME types locking in at cheaper levels. Aside from some NoPac grain stems evident, the longer round trips lacked support but hovered around the $14,000 mark. Period activity included unconfirmed reports of an 82,000-dwt delivery Singapore fixing at $15,750 basis 10/14 months.

Ultramax/Supramax

A rather positional week was described by many. Whilst upward pressure was seen from the US Gulf, an Ultramax was rumoured to have fixed a fronthaul trip at around $27,000. Other areas lacked fresh impetus with limited fresh enquiry from the Mediterranean saw a slight easing on rates from the East Mediterranean, a 56,000-dwt fixing delivery Iskenderun for a trip via Gulf of Aden to China in the mid-teens.

The South Atlantic was described as balanced, a 61,000-dwt fixing delivery Santos for a trans-Atlantic run at $15,000. With various holidays in the Asian arena, there was a positive start, but as the week closed this sentiment dropped away. A 55,00-dwt fixing a trip from China to Bangladesh at $16,500 whilst further south a 61,000-dwt open Koh Sichang fixed a trip to Tawan min the mid $16,000s. There was activity in the Indian Ocean, although again it was rather positional, a 61,000-dwt open South Africa fixing a trip to China at $18,500 plus $185,000 ballast bonus.

Handysize

The market this week saw minimal visiblity activity across both basins. The rates were rather steady across the Continent and the Mediterranean with sentiment appearing positional. A 32,000-dwt open Rotterdam fixed via Rouen to Atlantic Colombia at $9,000. In the U.S. Gulf, activity picked up with several fresh cargoes across various sizes, though negative sentiment kept rates relatively stable. On 13 October, it was reported that a 39,000-dwt Fairless Hills, which is currently open for charter, was fixed for a fronthaul voyage from the U.S. East Coast at a rate of $20,000.

Meanwhile, the South Atlantic showed positive momentum as new requirements entered the market, prompting owners to raise their offers as tonnage availability is tightening. On October 5, a 36,000-dwt Monrovia, which is currently open for charter, was fixed for delivery in Maceió for a trip to the Continent carrying sugar, at a rate of $13,500. The rates on the Pacific side appeared rather stable this week, although the market felt more supported. A 40,000-dwt vessel was fixed for delivery from Japan via the U.S. West Coast to Chittagong at a rate of $16,000.

Baltic Exchange: Maritime market highlights 7 – 11 OctoberBaltic Exchange: Maritime market highlights 7 – 11 October
Baltic Exchange: Maritime market highlights 7 – 11 OctoberBaltic Exchange: Maritime market highlights 7 – 11 October
Tags: Baltic Exchangebulk carriersshipping market
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