Capesize

The market came under sustained pressure this week, with the BCI 5TC falling from $46,300 to $41,155 as softer Pacific conditions outweighed pockets of resilience in the Atlantic.

Trading initially lacked momentum due to the Singapore public holiday and the absence of major miners, while the subsequent return of chartering activity failed to provide meaningful support. The Pacific was the principal driver of the decline.

Although miner participation improved, an expanding tonnage list, partly reflecting vessels returning following the previous week’s weather disruptions, shifted the balance firmly in charterers’ favour. Owners increasingly competed for limited cargoes, prompting a sharp correction on West Australia to China, with the C5 index retreating from above $16 to $14.110 by the close. In contrast, the South Brazil and West Africa to China markets remained steadier, supported by relatively strong first half September demand and a tight ballaster list, with C3 fixing around $35 to $36 despite limited overall engagement. The North Atlantic softened more gradually, with softer transatlantic fixtures weighing on sentiment despite intermittent fronthaul enquiry being concluded around the mid-$70,000s.

Panamax-Kamsarmax

After a relatively quiet start to the week, sentiment diverged between the Atlantic and Pacific basins. The Pacific remained supported by consistent demand, with tightening prompt tonnage and weather-related disruptions helping maintain owners' confidence.

Several notable fixtures highlighted the region's resilience, including an 81,000-dwt vessel fixing a North Pacific round trip at $19,000, an 82,000-dwt securing an EC Australia to South China trip at $19,750, and a 75,000-dwt vessel fixing a short Indonesia round at $17,500. In contrast, the Atlantic lost momentum as the week progressed, with vessel availability outpacing demand and increasing competition for cargoes.

This placed pressure on transatlantic and fronthaul rates, prompting owners to lower expectations to secure employment. Among the reported fixtures, an 81,000-dwt vessel fixed a NC South America to the Far East at $25,000 plus a $500,000 ballast bonus. Grain cargoes loading further south for September proved more resilient, with 82,000-dwt vessels open in Singapore fixing at $20,000 and $21,000. Period activity remained active, with an 82,000-dwt vessel fixing for one year at $21,000, while two 85,000-dwt vessels secured similar employment at $22,000 and $20,750 respectively. All three were open in China, reflecting continued appetite for longer-term cover.

Ultramax/Supramax

Overall, the market showed a small improvement this week. The North Americas remained steady with a 63,000-dwt fixed at the beginning of the week at $30,750 for grains to the Continent, and these levels were maintained as the Ultramaxes benefitted from the firm Panamax market recently.

The Continent was relatively quiet but rates unchanged, whilst the Mediterranean saw rates soften for early positions with insufficient demand for available tonnage. The South Atlantic was more positive this week with rates nudging up slightly, although vessels willing to ballast from West Mediterranean counteracted some of the gains.

In Asia North Pacific grains increased and saw improved rates with a 61,000-dwt fixed from Zhoushan via NoPac to Pakistan at $19,000, and round voyages fixed between $18,000-$19,000 on Ultramaxes. There was also more backhaul enquiry supporting the market in the north with a 61,000-dwt in Zhoushan fixed for clinker to West Africa at $15,000. Meanwhile Southeast Asia and the Indian Ocean did not fare as well, with Indonesia quiet at the start of the week rates dropped, and in India a 61,000-dwt fixed from Kandla via South Africa to China at $15,000 which would have achieved around $17,000 last week. There were a few period trades concluded, including a 61,000-dwt ex dry dock in Dalian fixed for 10 to 13 months at $19,000.

Handysize

The market remained subdued over the week, with sentiment largely cautious across both basins, reflecting limited fresh momentum and softer fundamentals in several key regions. The Continent and Mediterranean opened the week with some underlying activity and firmer bidding on selected business, but sentiment gradually turned softer as fresh enquiry remained limited and available tonnage weighed on rate ideas. A 37,000-dwt open Liverpool 20-25 August fixed for a trip via Germany to the East Mediterranean with steels at $19,400.

The South Atlantic showed some signs of support early in the week, although momentum remained very modest. In the US Gulf, activity stayed sluggish throughout, with high tonnage counts and limited fresh demand continuing to pressure rates.

A 37,000-dwt open US Gulf fixed for an inter-Caribbean trip at $13,000. Across Asia, the market was generally quiet but relatively stable, with a steady cargo book and only minor shifts in tonnage availability. A 35,000-dwt was reported fixed via Japan to Thailand with slag at $16,900. Period interest remained present, with longer-duration enquiry gaining attention, highlighted by a 34,000-dwt open Namura fixing for one year at 102% of the BHSI.