Capesize

The market experienced a mixed week, with the Pacific providing the main source of volatility while the Atlantic remained comparatively steady, albeit lacking consistent momentum.

The Pacific initially came under pressure before recovering through midweek, supported by regular miner participation on C5, with fixtures progressing from the low $18s to around $18.50. However, this improvement proved short-lived as late-week fixing slipped back below $18/tonne, leaving sentiment softer heading into the close. South Brazil and West Africa were quieter, with limited engagement around index dates. C3 values generally held in the low $41s, with occasional fixtures reported towards $42.

In the North Atlantic, sentiment was mixed to softer, particularly following weaker fronthaul fixtures, although tighter prompt tonnage and a limited number of remaining stems provided some support for the trans-atlantic route. Overall, the BCI 182 5TC ended the week at $55,139, down $1,492 from Monday's $57,011. Higher bunker prices and ongoing uncertainty in the Middle East remained additional factors for market participants to consider.

Panamax-Kamsarmax

This week began on a subdued note as the US Labor Day holiday led many market participants to reassess positions and rate expectations. Activity remained limited across both basins, although Pacific sentiment stayed positive, supported by steady demand on shorter-haul routes. Notable fixtures included a 73,000-dwt and 74,000-dwt vessel fixing Indonesia to South China at $17,000 and $18,000, respectively. As the week progressed, Atlantic sentiment remained under pressure due to an oversupply of prompt tonnage, particularly in the North Continent, with an 82,000-dwt vessel fixing a trans-atlantic round at $20,750. Fronthaul activity proved more resilient, supported by ongoing coal and grain demand, with an 82,000-dwt vessel securing $24,000 for an EC South America trip from EC India and an 81,000-dwt fixing $24,000 basis delivery Singapore.

In contrast, Pacific fundamentals strengthened, highlighted by an 85,000-dwt vessel fixing an Australian round voyage at $27,000. Period activity was limited, with an 82,000-dwt vessel reported fixed for one year at $22,000 and an 81,000-dwt fixing for 5-7 months for the same rate. Overall, the Pacific outperformed the Atlantic, with sentiment remaining broadly supportive despite only modest index movements.

Ultramax/Supramax

A week of steady improvement, with the index posting gains every day and finishing the week over $500 higher on the 11TC average. North America was the main driver again with the fronthaul market the most active. A 63,000-dwt fixed a grains stem to the east at $34,000, and at the end of the week there was a rumour of a similar type fixed for a petcoke cargo for US Gulf to India at $38,000. In the south, rates were largely maintained with the highlight being a 63,000-dwt achieving $20,000 plus $1,000,000 ballast bonus for grains Recalada to the East.

In Asia, the market was relatively flat with the odd positional increase, with North Pacific grains and the backhaul market the main strength, whereas Southeast Asia was slightly softer due to ballasters from EC India and Bangladesh with a 55,000-dwt fixed basis Singapore delivery via Indonesia to China at $17,000. Rates from South Africa remained steady with a 64,000-dwt fixed from WC India at $18,000 for coal to the Far East. The period market was subdued this week.

Handysize

The Handysize market showed a firmer tone over the week, with the Atlantic remaining the main source of support. The US Gulf and South Atlantic strengthened as tightening tonnage and steady demand helped push rates above previous levels. A 37,000-dwt was reported fixed from Mobile to Ushant-Skaw with wood pellets at $19,000, while a 28,000-dwt was reported fixed basis delivery Matadi on 7-10 September via Recalada to Tema with grains at $10,000. The Continent and Mediterranean were generally steady, with limited visible fixing activity but firm underlying fundamentals. A 33,000-dwt fixed from Spain via Arzew to the US Gulf with bagged cement at $10,000. In Asia, sentiment was more balanced to subdued, with activity varying by area, while some Pacific routes showed modest improvement and a slight increase in Southeast Asian tonnage kept participants cautious. Reported fixtures included a 38,000-dwt open Jakarta 9-10 September fixed via Dampier to China with salt at $19,000.