Capesize

The Capesize market lost some of its earlier momentum this week, ending on a softer note. Early positivity in the Pacific, driven by steady miner demand, increased operator activity, and weather-related port delays in China, gave way to a quieter close as offers on C5 slipped from the mid to high $10.00s into the upper $9.00s, with limited fixtures concluded.

The Atlantic, initially buoyed by firmer transatlantic and fronthaul levels, also lost ground as fresh demand waned and a mild build-up in tonnage weighed on sentiment. Activity from South Brazil and West Africa to China slowed, with C3 rates easing from the mid $24.00s toward the mid $22.00s.

A notable sell-off in the FFA market further compounded the softer tone across both basins. The BCI 5TC began the week at $25,944, peaked on Tuesday at $26,404, and gradually declined to close the week at $23,811.

Panamax

The Panamax market strengthened throughout the week, driven by firmer sentiment and steady demand across both the Atlantic and Pacific. In the Atlantic, improved mineral demand and a tightening tonnage list supported gain, particularly on U.S. East Coast fronthaul routes.

End-November positions in the South Atlantic also commanded premiums, with an 84,000-dwt reportedly fixed at $16,350 plus a $635,000 gross ballast bonus for a trip via East Coast South America to the Singapore–Japan range. In the Pacific, consistent demand from Australia and NoPac underpinned firm sentiment, with rates holding at strong levels. NoPac rounds hovered around $18,500–$19,000, while Australia round trips averaged $17,500–$18,500. Period activity further boosted confidence, with an 82,000-dwt fixed CJK for 11–13 months at around $14,150 and another 82,000-dwt reportedly fixed for one year index-linked at 113% of the BPI (5TC). Overall, the week closed on a firm note, with balanced supply and demand pointing to continued strength heading into next week.

Ultramax/Supramax

A definite change in direction for the sector. The Atlantic underperformed as of late, brokers sighting that cargo supply from key areas such as the US Gulf dropped which resulted in a drop in rates.

It was rumoured that an Ultramax fixed in mid-upper $20,000s for a fronthaul. The South Atlantic similarly lacked demand but a 63,000 was heard fixed for a fronthaul at $16,750 plus $675,000 ballast bonus. The only bright area seemed to be the North Continent were scrap demand remained.

A 61,000-dwt fixing delivery Dunkirk trip East Mediterranean at $29,000. Asia was a rather split affair as poor sentiment returned to the south, a 58,000-dwt fixing delivery Koh Sichang for an Indonesia round in the mid $12,000s. A bit more enquiry further north from the NoPac and Australasia regions helped maintain a slightly more positive feel. A 63,000-dwt fixing delivery Japan for a trip via NoPac redelivery Bangladesh at $17,500. Period remained under the radar, but an Ultramax open South China was fixed for 5/7 months in the high $15,000s.   

Handysize

The Handysize market experienced a largely steady but mixed week, fluctuating between cautious optimism and mild softness. In the Continent and Mediterranean, rates remained broadly flat throughout and restrained by limited fresh inquiry. A 40,000-dwt open Brake fixed for a trip to US Gulf with timber at $18,000.

The South Atlantic and U.S. Gulf were generally subdued, with few fixtures reported as some owners discounted to secure employment. Notable activity included a 33,000-dwt fixed from Recalada to Algeria at $21,000 and a 40,000-dwt fixed from Savannah to the Continent at $30,000. In Asia, activity was muted at the start of the week due to holidays but gradually improved as players returned, though fundamentals remained largely unchanged.

A 37,000-dwt open Chiba 28 Oct fixed for NoPac round trip at $14,500. Period interest persisted, with the 37,000 dwt reportedly fixed at around $17,000–$18,000 for 4–7 months, the 32,000- dwt securing a short period in the low $13,000s, and the 35,000 fixed for 4–6 months at around $15,500–$16,000. Overall, the market held stable across most regions, though the absence of significant fresh demand suggested potential softening ahead unless new enquiry emerges.