Capesize

The market regained momentum over the course of the week, recovering from a subdued opening to finish on a significantly firmer footing as confidence returned across both the Pacific and Atlantic basins.

Early weakness was driven by limited activity and a lack of fresh enquiry, leaving owners under pressure and voyage rates drifting lower. However, sentiment improved steadily as fresh cargoes emerged and buying interest returned, lifting the BCI 5TC from its early-week low of $31,768 to finish the week at $38,860.

The Pacific market found renewed support despite relatively restrained miner participation for much of the week, with activity increasing towards the close as two major miners re-entered the market alongside increased operator activity and a pick-up in coal cargoes, steadily pushing C5 levels into the upper $12.00s. In the Atlantic, the recovery proved more pronounced, with sustained fixing activity from both South Brazil and West Africa driving C3 sharply higher as charterers progressively raised bids to secure August positions. By the end of the week, owners' confidence had strengthened noticeably, with offers advancing into the $35s-$36s region.

Panamax-Kamsarmax

The market weakened steadily throughout the week, with negative sentiment persisting across both basins as limited enquiry and cautious participation continued to pressure rates, reflected in daily declines of the P5TC. In the Atlantic, transatlantic demand remained subdued, although some fresh cargoes emerged midweek. Increased competition among owners pushed rates lower, while fronthaul business provided only limited support.

An 82,000-dwt was reported fixed retroactively, sailing Singapore for an East Coast South America to the Far East at $17,500. The Pacific also came under pressure from growing vessel availability and a lack of cargoes. Demand from North Pacific, East Australia and Indonesia remained lacklustre, forcing owners to become increasingly competitive. A 75,000-dwt fixed for a Pacific round trip at $15,500 earlier this week compared to a 76,000-dwt fixing for a similar trip later in the week at $15,000. Period activity was evident with an 82,000-dwt fixing for one year at $18,750 and an 83,000-dwt fixing for the same duration at $20,500.

Ultramax/Supramax

A slow decline throughout the week as the summer holiday season brought its usual lull in activity. The North American routes were the hardest hit again with both routes down over $2,000 this week with a 61,000-dwt fixed for a grains fronthaul at around $28-29,000 and a 58,000-dwt agreeing $23,000 from the US Gulf to Spain with grains.

The Continent market saw a lack of scrap cargoes erode levels, although there was little reported, whilst the East Mediterranean remained positive supported by fresh grain demand.

The Indian Ocean had a busy week and levels were slightly better with a 63,000-dwt fixed basis delivery Kandla for a trip via South Africa to China at $20,250, whilst the Asian market saw rates under pressure with increased tonnage availability, with two 63,000-dwt vessels reported fixed for NoPac round voyages with grains at $18,000 delivery Weihai and $19,000 delivery Busan. Despite softening spot rates, period levels were similar to last week with a 63,000-dwt covered at the beginning of the week at $22,500 for 4 to 6 months delivery Nansha, and later in the week a 60,000-dwt achieving $22,750 delivery Vietnam for a similar period.

Handysize

The Handysize market closed the week on a quiet note, with Atlantic weakness offset by growing positive momentum in Asia. The Continent and Mediterranean remained broadly flat and balanced, with limited fresh enquiry and rates mostly close to last-done levels.

A 40,000-dwt was fixed for a trip delivery Diliskelesi to Spain at $16,800. The US Gulf and South Atlantic stayed under pressure throughout the week, as excess tonnage and insufficient fresh demand continued to weigh on sentiment and rates. A 37,000-dwt open EC Central America was fixed for an inter-Caribbean trip at $18,500, while a 38,000-dwt open Matadi was fixed for a trip delivery Recalada to Singapore-Japan with grains at $21,500. In Asia, sentiment shifted from quiet to firmer, supported by improving cargo enquiry, clearing tonnage in Southeast Asia and the North Pacific, and charterers raising bids. A 37,000-dwt open Singapore was fixed for an Australian round trip at $18,000.