Capesize

The market exhibited a generally softer tone through the first half of the week, with the Pacific bearing the brunt of the weakness as prompt tonnage continued to outweigh fresh cargo demand.

C5 rates fell from the low $17s at the start of the week into the mid-$16s before sentiment began to stabilise towards the close. In contrast, the Atlantic proved increasingly resilient, with South Brazil and West Africa to China gaining momentum as fixing activity picked up, particularly in the latter part of the week. A series of C3 fixtures for October dates emerged in the low-to-mid $42s, with stronger levels approaching $43 as sustained fixing reduced both cargo availability and the number of ballasters.

The North Atlantic also recovered some ground, with firmer fronthaul fixtures reported, although trans-Atlantic activity remained relatively limited. Overall, the BCI 182 5TC ended the week at $52,315, down $1,307 from Monday's $53,622, although sentiment improved towards the close as Atlantic demand strengthened and Pacific rates appeared to find a floor.

Panamax-Kamsarmax

The Panamax market experienced a generally softer week, with sentiment under pressure across both the Atlantic and Pacific basins, reflected in the steady decline of the P5TC. Early in the week, participants adopted a cautious approach, resulting in limited activity and wide bid-offer spreads.

While fronthaul demand provided some support, overall momentum remained subdued. Notable Atlantic fixtures included an 82,000-dwt open in the North Continent fixing for a North Coast South America trip to China at $34,750 while an 82,000-dwt open in West Africa fixed a trans-Atlantic round at $23,500. As the week progressed, increased grain and mineral enquiry supported activity on both trans-Atlantic and fronthaul routes.

An 82,000-dwt vessel fixed basis delivery East Coast India for a fronthaul trip via East Coast South America at $24,000, while a 76,000-dwt vessel secured $20,500 for a similar trade. However, ample vessel availability continued to weigh on rates. In the Pacific, demand from Australia, Indonesia and the North Pacific remained evident, although expanding tonnage lists and slower cargo activity pressured fundamentals. Indian mineral import demand generated several fixtures, including an 84,000-dwt vessel fixing at $22,500 for a trip via Indonesia. Activity in the North Pacific also remained healthy, with a 78,000-dwt vessel fixing a grains cargo to the Singapore-Japan range at $20,500, while an 82,000-dwt vessel secured $19,000 for a similar trip. Period activity was also reported, with one 82,000-dwt vessel fixing for one year at $22,500 and another securing $17,000.

Ultramax/Supramax

Slow steady gains to the index again this week, with the Asian market posting the increases this week. The North Pacific was active with grains, potash and soda ash stems aplenty, supported from a busy backhaul market with several vessels fixed via the Gulf of Aden to the Mediterranean in the low $20,000s. Indonesian coal demand saw rates jump from a 60,000-dwt fixed delivery Chittagong via Indonesia to India at $19,500 on Monday, to several Ultramaxes fixed at $22,000 towards the end of the week, albeit with slightly larger deadweights.

The highlight from South Africa was a 58,000-dwt being covered at $26,750 plus $270,000 ballast bonus for a trip to Pakistan-India. The positive sentiment resulted in more period trades, with a 63,000-dwt fixed for 5 to 7 months at $23,000 and a 66,000-dwt fixed for 6 to 8 months at $23,500, with many of these trades involving backhaul business as first employment. In the Atlantic, the US Gulf remained flat with 63,000-dwt fixed at $33,000 to Vietnam.

The Mediterranean was active all week with small gains, but the Continent suddenly found itself bereft of tonnage after various fertilizer and grain stems were covered, so the scrap market scrambled for tonnage, with talk of rates being discussed in the mid to upper $30,000s for trips to Turkey on Ultramaxes.

Handysize

The Handysize market strengthened over the week, with the Atlantic remaining the main source of support again. The Continent and Mediterranean remained balanced to firm, underpinned by healthy scrap demand and several strong fixtures, including a 33,000-dwt was placed on subjects at $29,000 for a trip from Aalborg to the East Mediterranean.

The US Gulf maintained strong upward momentum as tight tonnage and healthy demand lifted rates, highlighted by a 40,000-dwt reported fixed from the Mississippi River to Turkey at $28,000. The South Atlantic also remained well supported, with a 38,000-dwt reported fixed from Vila do Conde to Norway at around $25,000. In contrast, the Pacific was largely steady to subdued, with limited fresh enquiry and rates generally holding around last-done levels. A 39,000-dwt open Yokohama was fixed via Japan to Malaysia with slag at the mid-$17,000s. Period activity remained evident, including a 40,000-dwt fixed for one year at $17,250.