Capesize

The market staged an impressive recovery over the course of the week, reversing Monday’s subdued sentiment to finish on a firmly bullish note.

What began with thin cargo volumes, cautious trading and limited miner participation gradually evolved into a broad-based rally, underpinned by improving activity and growing owner confidence across both the Pacific and Atlantic basins.

In the Pacific, the return of the major miners proved instrumental in shifting market momentum. While early-week trading remained rangebound, increased cargo enquiry and stronger operator participation steadily lifted C5 rates from the very low $10s, with successive fixtures concluded at progressively higher levels as the week advanced, reaching around $12.30 by week’s end.

The Atlantic also gathered momentum, with the South Brazil and West Africa markets strengthening progressively as C3 fixtures moved from the high $27s to test, and in some cases exceed, the $30 mark. Owners became increasingly confident, pushing offers higher as charterers competed for available tonnage, while firmer pricing for forward laycans reinforced expectations of continued strength.

Although North Atlantic activity remained relatively selective, improving demand on both transatlantic and front-haul routes contributed to firmer sentiment. The BCI 182 5TC gained just over $5,000 across the week to close at $37,181.

Panamax-Kamsarmax

The Atlantic and Pacific markets strengthened throughout the week, with the P5TC rising steadily. In the Atlantic, tight prompt tonnage in the North Continent and West Mediterranean underpinned rates, with an 82,000-dwt fixing a grains transatlantic round at $22,750 and a 78,000-dwt achieving $28,750 earlier in the week for a US East Coast to India trip. East Coast South America trips to the Far East experienced a two-tier market, with July-loading cargoes commanding a premium over August.

A 76,000-dwt open West Coast India 22 June achieved around $21,500, compared with a 75,000-dwt open Malaysia 30 June fixing at $20,000. In the Pacific, improving demand from Australia and the North Pacific, combined with a tightening pool of available vessels, supported sentiment.

An 81,000-dwt fixed a North Pacific round at $16,000, while a 76,000-dwt secured $15,500 for an East Coast Australia to China trip. Period activity remained limited, with an 81,000-dwt fixing for 6 to 9 months and an 82,000-dwt fixing for 2 to 3 laden legs, both at $19,750.

Ultramax/Supramax

The Atlantic market was largely steady to positional through the week, with activity varying by region. The North Atlantic found support from fresh T/A demand and improving USG enquiry, while tonnage remained broadly flat. US Gulf trips to Singapore-Japan were generally discussed in the low $30,000s on ultras, with US Gulf transatlantic demand also lending support.

The Continent-Mediterranean market was mixed, with the Mediterranean supported by backhaul and Red Sea interest, while the Continent lacked momentum from scrap cargoes. South Atlantic fundamentals remained balanced after a clear-out of cargoes and tonnage, though the bid/offer gap persisted for forward dates.

The Pacific market stayed muted overall. Far East sentiment held firmer on steady backhaul and NoPac demand, but SE Asia remained under pressure from a longer tonnage list and weak Indonesian coal activity. Period activity was limited, with levels broadly around last done.

Handysize

The market delivered a mixed but broadly steady performance over the week, with sentiment driven largely by positional dynamics across both basins. The Continent and Mediterranean remained largely balanced, with limited fresh activity and rates holding close to last-done levels.

In the Atlantic, the US Gulf continued to provide support, underpinned by a healthy level of activity and several fixtures concluded at firm levels, while the South Atlantic gradually lost momentum as cargo availability thinned and tonnage lists began to lengthen. A 38,000-dwt was reported placed on subjects for a trip from SW Pass to EC Mexico at $20,000. In Asia, the week started on a more positive footing, but sentiment softened as the period progressed, with growing tonnage availability and thinner cargo volumes putting pressure on rates. A 40,000-dwt open Busan 5-6 July was placed on subjects for a trip to Southeast Asia at $17,500. Period activity also emerged, highlighted by a 40,000-dwt reported fixed for 12 months at around $16,500.