Capesize

The market enjoyed a convincingly firmer week overall, with sentiment steadily improving across both basins as reduced vessel availability and sustained cargo flow gradually shifted the balance back in owners’ favour.

While the Pacific opened in a relatively stable and subdued manner, consistent miner presence on C5 throughout the week provided an important underlying floor to rates.

Activity ultimately firmed midweek as fixtures pushed towards the high $15s, although charterer resistance re-emerged into Thursday amid a quieter Ascension Day-affected session, with rates easing back closer to $15.00.

The primary driver behind the week’s gains came from the South Brazil and West Africa to China markets, where a surge in C3 fixing activity rapidly absorbed prompt tonnage and materially reduced vessel availability for early-to-mid June laycans. This shift in balance lifted sentiment considerably, with C3 rates climbing steadily from the low $36s into the high $37s at the week’s peak, before easing back into the high $36s by week’s end. The North Atlantic also improved as the week progressed, supported by fresh transatlantic demand and a progressively tighter tonnage list, resulting in notable gains for both front-haul and transatlantic rates.

Panamax

The Panamax market maintained strong upward momentum this week, with the P5TC rising from $20,548 on Monday to $22,691 by Friday. In the Atlantic, firm owner sentiment persisted, largely driven by robust fronthaul levels, tightening vessel supply, and continued grain exports from North and East Coast South America, while mineral demand showed signs of gradual improvement.

Transatlantic activity remained relatively balanced but subdued, with limited fixtures offset by firmer rate expectations. In the Pacific, consistent mineral flows from Indonesia and Australia, combined with improving North Pacific grain demand, helped sustain rates despite a slightly more cautious tone later in the week.

Period activity has been evident throughout the week with multiple clean fixtures recorded. Overall, tightening prompt tonnage and steady cargo flows supported a positive outlook, with rates continuing to firm across both basins.

Ultramax/Supramax

It was a rather settled week overall for the sector with no significant changes. The Atlantic remained relatively calm although with the Ascension Day holiday it was a slow affair.

A 52,000-dwt was heard fixed from the West Mediterranean to EC Mexico at $8,000. The US Gulf trended sideways, with a 63,000 fixing from the US Gulf to Spain in the mid $20,000s.

The South Americas saw demand it was rumoured that an ultra was fixed around $19,000 plus $900,000 ballast bonus for a fronthaul. Stronger demand was seen from Asia, helping keep rates relatively firm from the area. Backhaul activity saw a 53,000-dwt open China fixing in the low $19,000s to West Africa, whilst a 63,000-dwt fixed again, delivery China, trip Caribbean at $18,000. Also, a 58,000-dwt fixed delivery North China trip to Vietnam at $19,500 with a cargo of steels. Period activity was seen, a 60,000-dwt open Chittagong, mid-May, fixing short period at $18,000.

Handysize

The Handy market remained mixed but broadly firmer over this week, with overall gains driven mainly by stronger sentiment and healthier cargo demand in Asia, while the Atlantic basin stayed quieter and more positional.

The Continent and Mediterranean saw limited fresh activity and only minor rate changes, while the South Atlantic and US Gulf were mostly steady, with some softening emerging toward the end of the period. A 37,000-dwt fixed a trip delivery Upriver to North Brazil at $18,500, and a 34,000-dwt fixed a trip from US East Coast to Denmark at $18,000.

In contrast, Asia consistently provided support through steadier trading volumes and gradually improving rate ideas, helping the market maintain a firm underlying tone despite uneven regional performance. A 38,000-dwt open Philippines fixed a trip via West Australia to the Far East at $17,000.