Capesize

The market delivered a volatile but constructive week overall, underpinned by a strong early rally and broadly supportive sentiment despite some mid-week consolidation.

The Pacific led the initial charge, with C5 rates rising sharply through Tuesday as sustained miner activity and tightening tonnage pushed fixtures above $9.00.

Momentum cooled slightly later in the week, before strengthening again into the close, with C5 ending back in the upper $9.00s. In the Atlantic, South Brazil and West Africa to China emerged as the clear outperformers. C3 rates climbed steadily through the week, supported by tightening February laycans and consistent demand.

After a brief mid-week pause, renewed buying interest drove fixtures to fresh highs, with late-week activity pushing C3 into the low $26.00s, reinforcing confidence in near-term demand. The North Atlantic remained comparatively measured but well supported. Acute supply constraints drove aggressive gains early in the week across fronthaul and transatlantic routes, alongside firmer time charter levels, before a moderate correction emerged toward the end of the week.

Panamax

The Panamax market started the week on a calm and balanced footing across both basins, with rates largely steady and sentiment cautious. In the Atlantic, grain continued to outperform minerals, while earlier tightness eased into a more patient environment, despite weather-related delays creating short-term spot demand.

Midweek saw a firmer tone, with increased fixing activity and improving levels supported by fresh grain and mineral cargoes for mid-February, although owners showed little urgency as tonnage replenishment loomed. Asia remained generally subdued throughout, with limited South Pacific mineral demand and only brief pressure from weaker Indonesian enquiry. Overall sentiment stayed constructive, reflected in a steady rise in the P5TC and BPI averages by week’s end with the P5TC settling at $15,686 on Friday.

Ultramax/Supramax

Overall, a positive week for the sector, whilst it remained a rather positional market, most areas saw increased demand and strong levels. In the Atlantic, drawing of the demand seen from EC South America on the larger sizes, Ultramax did gain some traction and 63,000s seeing in the upper $15,000s plus $500,000 ballast bonus for fronthaul business.

Whilst for transatlantic runs 56,000-dwt fixed in the low $20,000s basis delivery Recalada trip to the East Mediterranean. Demand was seen from West Africa, a 56,000-dwt fixing delivery Onne trip China at $14,500. From Asia, remained from the North with a good amount of NoPac and backhaul demand. Further south it remained rather positional, a 59,000-dwt fixing delivery Indonesia redelivery China in the $9,000s. The Indian Ocean remained steady, a 55,000-dwt fixing delivery Bin Qasim trip via Arabian Gulf redelivery Bangladesh at $12,000. Period action was recorded; a newbuilding Ultramax ex-yard Japan was fixed for 10-14 months trading at $16,000.

Handysize

The Handysize market strengthened steadily over the week, with sentiment improving across both the Atlantic and Asian basins. In the Atlantic, the South Atlantic and US Gulf led the momentum, supported by rising cargo demand and tightening tonnage.

A 32-000-dwt reported fixed for a trip delivery Recalada to Casablanca at $15,250 and a 41,000-dwt reported fixed from US Gulf to Mediterranean with grains at $19,000. The Continent–Mediterranean remained comparatively stable, as ample tonnage capped further upside despite pockets of new enquiry. A 40,000-dwt open Gaeta fixed for a trip delivery Cape Matapan via Iskenderun to US Gulf at $10,900 for 40 days at $12,000 thereafter. Asia also showed clear signs of strengthening.

Although fixture volume was limited, charterers consistently bid above previous levels, and tonnage lists began to tighten across NoPac and Southeast Asia. Several trades into Southeast Asia and the Far East were fixed at firmer levels. A 38,000-dwt placed on subjects for delivery passing Singapore for a trip via Australia to the Far East at $10,000. Period activity remained subdued, as most operators continue to adopt a cautious approach and are reluctant to take on additional risk at this stage.