Capesize

The market maintained a broadly positive trajectory throughout the week, with the BCI 5TC building on its opening level and rising from $42,105 to $48,399, as Atlantic strength and a firmer Pacific combined to underpin sentiment.

In the Pacific, initial gains were checked by a brief correction on Tuesday, but the market quickly regained momentum as sustained miner participation, together with operator-controlled cargoes, supported rates. The standout move came later in the week when C5 values surged above $16 for earlier arrivals, marking a significant recovery from the low $14s seen at the start of the week.

The Atlantic provided the main catalyst for the week's advance. The North Atlantic firmed notably, with both transatlantic and front-haul routes posting healthy gains as fresh demand emerged and higher fixtures were concluded. South Brazil and West Africa to China business also strengthened early in the week, with C3 climbing into the high $37s. While momentum appeared to stall on Thursday amid limited bidding activity, underlying tonnage tightness continued to provide support. Owners remained firm with offers above $38, while charterers largely favoured older or larger vessels. Reports of $38.50 being fixed on more than one occasion emerged on Friday, however, injecting renewed confidence into the market and lifting sentiment heading into the weekend.

Panamax-Kamsarmax

The market this week bounced back, with improvements everywhere. The North Atlantic went from minimal transatlantic enquiry to rates rising by almost $2,000 daily, with an 82,000-dwt fixed midweek at $20,500 delivery/redelivery Gibraltar via North Coast South America. Fronthaul in the North was already faring better, but also increased, with an 82,000-dwt open Liverpool fixed via the US Gulf to China at $32,750 at the start of the week (equivalent to low $29,000s BKI) which improved by around $1,000 daily by the weekend.

East Coast South America was very active for second half September dates and the P6 gained about $2,000 daily during the week with an 80,000-dwt fixed basis Singapore at $22,000 in the middle of the week. Despite the Atlantic making most of the headlines, rates in Asia for round voyages saw the biggest increases driven by North Pacific grains and Australian mineral demand, added to the improving East Coast South American market.

At the beginning of the week, an 82,000-dwt fixed from Kashima for a grains round voyage at $18,500, with a similar type fixed a few days later at $20,000, whilst larger types fixed coal from Australia with an 85,000-dwt fixed from Yeosu at $21,500 for a trip back to the Far East. The period market was active, albeit slightly tempered by the need for first employment, with a modern 82,000-dwt fixed for 2 years delivery China at $20,050 with the scrubber benefit shared between owners/charterers.

Ultramax/Supramax

A week of consolidation with little movement or direction to the market. North America began the week looking softer, but as the week went on, rates remained relatively flat with a 63,000-dwt fixed from Altamira with petcoke to Bahudopi at $31,000 and a 61,000-dwt fixed from the Mississippi to East Mediterranean with coal at the same level.

The Continent was steady in limited trading with a 61,000-dwt fixed at $21,500 for scrap from the Continent to East Mediterranean, but the Mediterranean market had a torrid week without much fresh demand and a lack of Black Sea grains.

The South Atlantic benefited from a bounce in Panamax rates with a 64,000-dwt fixed from East Coast South America to the Far East at $19,850 plus $985,000 ballast bonus but was fairly unchanged over the course of the week. In Asia rates increased very slowly during the week with a 63,000-dwt fixed from South Korea for North Pacific grains to Southeast Asia at $21,000, as grain activity supported the market in the North, but further South Indonesia saw a lot more cargoes to India and Bangladesh which also drew tonnage from the Indian Ocean.

South Africa looked flat with a 64,000-dwt agreeing $24,000 plus $240,000 ballast bonus from Port Elizabeth to China and the period market was more subdued with reported trades mostly concluded last week as charterers waited to see what direction the market would take.

Handysize

The Handysize market posted a modestly positive week overall, with the Baltic Handysize Timecharter average rising from 15,755 on Monday to 15,855 by close. Sentiment improved in several regions, although fixture volumes remained relatively limited and market participants often lacked sufficient fresh business to firmly establish direction.

The US Gulf remained the strongest talking point throughout the week. Brokers reported tightening tonnage availability, improving bid levels and increased cargo demand, contributing to a firmer tone. Fixture activity included a 32,000-dwt vessel fixing a grain voyage from the US Gulf to the UK Continent at $14,000 daily, while a modern 40,000-dwt vessel secured $21,000 daily for a trip from Altamira to Guayaquil.

Across the Atlantic, activity was mixed. East Coast South America benefited from improved cargo availability, with a 37,000-dwt vessel fixing a Pacific South America trip at $16,750 daily. In the North Atlantic, a 37,000-dwt vessel fixed a trip to West Africa at $16,500 daily. Sentiment softened towards the end of the week, particularly in the South Atlantic.

Asian markets showed gradual improvement, supported by limited prompt tonnage and continued cargo demand. Fixtures included 33,000 to 38,000-dwt vessels fixing regional and Pacific round voyages around the $15,000 daily level. Despite improving sentiment, overall activity remained light, leaving participants cautious about the sustainability of recent gains.