Capesize

After a weak start to the week, the market gradually regained momentum, finishing on a much firmer footing by Friday. Early pressure was driven by subdued cargo volumes, particularly in the Atlantic, while easing bunker prices encouraged lower offers and contributed to softer rate levels.

Although Pacific miner activity remained relatively consistent throughout the week, the volume of enquiry was initially insufficient to prevent rates from drifting lower, with C5 fixing levels gradually retreating below $12.00. The South Atlantic proved to be the primary drag on sentiment during the first half of the week as C3 rates corrected sharply amid limited bidding interest and increasing owner willingness to concede on price.

However, confidence improved noticeably towards close as fresh cargoes emerged and fixture levels recovered towards the $34 mark, reversing much of the earlier decline. The Pacific also regained momentum, supported by stronger miner and operator activity, with bids returning to the mid-$12s region and some operator business approaching $13.00. Elsewhere, the North Atlantic remained relatively subdued throughout, with only sporadic transatlantic enquiry and limited fronthaul activity.

Panamax-Kamsarmax

Following a sluggish start to the week, market conditions improved progressively, with the P5TC posting notable gains towards the end of the week. Stronger demand, particularly in the Atlantic, combined with tight prompt vessel availability in the North Continent and Western Mediterranean, lifted sentiment and rates, with transatlantic rounds rising from $21,000 on an 82,000-dwt vessel early in the week to $23,000 on an 81,000-dwt vessel by week’s end.

East Coast South America fronthaul business followed a similar trajectory, with rates increasing from $18,500 for an 82,000-dwt vessel basis delivery Singapore to $22,000 for an 83,000-dwt vessel by the close of the week. In the Pacific, the market continued to build on signs of a rate floor, with stronger demand from key loading regions helping to absorb available tonnage and improve sentiment. This was reflected in North Pacific round voyages where an 82,000-dwt vessel fixed at $14,750 earlier in the week, compared with $18,000 achieved by a similar-sized vessel as the week drew to a close.

Ultramax/Supramax

Although the 11TC average dropped by more than $1,000 this week, the end of the week brought some optimism that the Atlantic market may have reached a bottom.

The US Gulf has been hit hard for the last two weeks, but towards the end of the week a 61,000-dwt fixed a fronthaul at $28,000 and a 63,000-dwt fixed grains to Egypt at the same level, but brokers suggested extenuating circumstances on both.

The Continent saw little scrap enquiry until later in the week, while the Mediterranean was busy but very positional and the South Atlantic suffered its usual summer lull with limited fronthaul demand. In Asia, there was a gradual softening in rates as oversupply of tonnage hindered owners, with a 63,000-dwt reported fixed basis Singapore delivery at $15,500 for a trip China, when similar tonnage had fixed at $18,000 last week and $20,000 the week before. Although period rates also suffered, they are still higher than spot rates, with a 64,000-dwt reported fixed for 4 to 6 months at $19,000, but this is down from $22-23,000 seen last week.

Handysize

The market softened over the week, with sentiment turning increasingly negative across both the Atlantic and Pacific basins. Across the Continent and Mediterranean, activity remained largely positional, with limited fresh enquiry. A 36,000-dwt open Casablanca 3-5 August was reported fixed for a trip via Safi to Abidjan at $15,500.

The South Atlantic and US Gulf also softened through the week as scarce fresh demand, minimal fixing activity, and a steady-to-growing tonnage count continued to weigh on sentiment. A 40,000-dwt was fixed for a trip delivery Recalada for fronthaul business at $22,500, while a 35,000-dwt was reported fixed from Rocky Point to the Continent with alumina at $16,500.

In Asia, conditions weakened as free tonnage increased, particularly in Southeast Asia and the North Pacific, while cargo volumes remained limited, charterers continued to test lower levels. A 34,000-dwt open Kandla was reported fixed for two laden legs at around $15,000. On the period front, activity also remained limited.