Capesize

The market staged an impressive late-week recovery to finish on a significantly firmer footing, with improving sentiment driven primarily by renewed strength in the Pacific.

Having come under pressure through the early part of the week, the market reversed course, with the BCI 182 5TC climbing sharply to close at $37,631, up from $36,756 at the start of the week.

The turnaround was led by a resurgent C5 market, where rates rallied from around $10.80 on Wednesday to fixtures being concluded at $12.50 by Friday, supported by healthy cargo volumes, sustained miner activity, and a more confident owner stance. The Atlantic remained the weaker basin for much of the week, with limited fresh enquiry and a wide gap between charterers’ bids and owners’ expectations restricting trading activity. However, conditions improved into the close, with sentiment becoming noticeably more constructive. While fixtures remained limited, C3 bids strengthened to around $31.00, with owners holding firm in the $32.50-$33.00 range, suggesting the market may finally be finding a floor after several sessions of heavy pressure.

Although an increasing number of ballasters heading west continues to temper the medium-term outlook, the stronger finish on both sides of the market leaves sentiment entering the new week on a considerably more positive note.

Panamax-Kamsarmax

The week saw a clear divergence between Atlantic and Pacific markets. In the Atlantic, sentiment remained positive despite fluctuating activity, with an 81,000-dwt fixing for a transatlantic round at $21,000 and another 83,000-dwt at $20,750.

Tight prompt tonnage in the North Continent and West Mediterranean supported rates, with some fixtures achieving premiums for earlier windows, such as an 85,000-dwt fixing for $22,500 for a transatlantic round. Overall, supply and demand appeared balanced, with steady enquiry for both transatlantic and fronthaul routes.

Conversely, the Pacific market weakened. Limited cargo volumes, subdued demand from Australia and the North Pacific, and a growing surplus of prompt tonnage pressured rates, with an 82,000-dwt fixing a North Pacific round at $21,750 early in the week falling to around $17,000 later. Period activity was seen early on, with an 82,000-dwt fixing for one year at $17,800, alongside shorter cover including a 96,000-dwt fixing for two laden legs at $23,250 and a 76,000-dwt fixing at $18,250.

Ultramax/Supramax

The Index climbed on a daily basis this week driven by the strengthening Atlantic market, whilst the Asian market remained fairly static. North America was very active especially on early positions as Charterers looked to cover prior to the upcoming holidays with 63,000-dwts fixing at around $32,000 for trips to the Far East and similar vessels fixed into the Mediterranean at around $33,000.

The Continent saw pockets of activity with a 63,000-dwt fixed for scrap at $25,750 to the East Mediterranean whilst the East Mediterranean market itself saw consistent strong demand throughout the week including very strong fronthaul fixtures of $24,500/$25,000 delivery East Mediterranean for trips via EC South America to the Far East. Asia was more subdued although rates largely remained unchanged with a 64,000-dwt covered at $25,000 delivery CJK for a trip to West Africa, and a large number of fixtures reported from South Africa at the start of the week. Period interest remained and there was a report of a 64,000-dwt new building delivery ex yard November/December being fixed at $17,500 for three years.

Handysize

Overall, the Handy market trended firmer over the week, supported by continued gains in the South Atlantic and US Gulf, while the Continent and Mediterranean remained steady and Asia stayed broadly balanced. In the Continent and Mediterranean, activity remained relatively muted, with charterers keeping bids close to last-done levels; a 37,000-dwt vessel was reported fixed from the Baltic to the West Mediterranean at $13,500. The South Atlantic and US Gulf continued to firm, supported by stronger bids and improving confidence.

A 35,000-dwt was reported fixed from Recalada to Fortaleza at $25,000, while a 36,000-dwt open Puerto Cabello on 20-21 June was placed on subjects from SW Pass to the UK-Continent at $23,500. Asia remained broadly balanced, with fixtures including a 40,000-dwt fixing two laden legs in the $19,000s and a 31,000-dwt placed on subjects from North Vietnam to the Arabian Gulf in the $20,000s. Period activity also emerged, with a 40,000-dwt vessel fixed from Coatzacoalcos for 4 to 6 months at $18,500.