Capesize

The Capesize market surrendered all of last week's gains, extending its decline despite a firmer finish to the week. The BCI 182 5TC fell $2,796 from Monday's opening level, although it recovered $296 on Friday to close at $45,731.

Sentiment softened across all key regions with weakness evident in both basins during the early part of the week as tonnage availability continued to build particularly in the East.

The North Atlantic was less supported week-on-week. Activity on the Brazil to Qingdao route remained relatively limited, while the loading window has now fully rolled into the second half of October. The C3 index declined from $40.659 to $37.65, equating to earnings of approximately $41,814 on the China/Brazil or West Africa round voyage. In the Pacific, a burst of fixing activity emerged midweek on the West Australia to Qingdao route, driven by both operators and miners. Sentiment gradually improved with the C5 index climbing to $14.425 after several Newcastlemaxes fixed for slightly later loading dates.

Panamax-Kamsarmax

Sentiment across both the Atlantic and Pacific was mixed this week as participants searched for clearer market direction. In the Atlantic, improving demand from the US Gulf and a tightening October position list in EC South America provided support, although activity was often described as position driven, and bid-offer spreads remained wide.

Notable fixtures included an 81,000-dwt open Gibraltar fixing a transatlantic round at $25,000 and another fixing basis delivery EC South America at $31,000. A 77,000-dwt fixed basis delivery WC India for an EC South America fronthaul at $23,750, while a 78,000-dwt and an 82,000-dwt fixed similar business at $20,500 and $25,000 respectively. In the Pacific, sentiment softened ahead of China's Golden Week holidays, with Indonesian demand remaining subdued.

A 79,000-dwt fixed Indonesia to South China at $16,500 and an 82,000-dwt fixed Indonesia to South Korea at $20,000. Australian and North Pacific business continued to account for most activity, helping offset weaker demand elsewhere. A 96,000-dwt fixed a North Pacific round trip with coal at $20,000, while an 81,000-dwt secured $19,000 for a similar grains trip. Elsewhere, a 76,000-dwt fixed EC Australia to China at $20,000 and an 82,000-dwt fixed a similar run at $22,500.

Ultramax/Supramax

More disruption this week with Coaltrans and the start of Golden Week, but the Pacific market saw rate levels maintained in sporadic trading, with the North Pacific, backhaul and Indonesian coal all remaining active.

Period activity continued with a 63,000-dwt open Cebu fixed for 5 to 7 months in the low $23,000s, which was in line with last week’s market. The Indian Ocean was also steady with little change in direction with a 64,000-dwt fixed basis Port Elizabeth with manganese ore to China around $26,500 plus $265,000 ballast bonus.

The North American market was difficult to judge with a small bounce at the start of the week, but then rates softened in the second part, especially for fronthauls. A 64,000-dwt fixed a petcoke stem to WC India at $37,000/option EC India at $38,000, and a 61,000-dwt also fixed a petcoke stem to Iskenderun at $33,000-34,000. The Continent remained very firm after a huge jump last week, but rates did not push higher, and the Mediterranean was still short on demand, but the EC South American market gave Owners an alternative with many deciding to ballast. Despite a lack of tonnage in the south, rates held as the ballasters offset the imbalance.

Handysize

The market traded on a mixed note over the week, with sentiment largely positional across both basins. The Continent and Mediterranean remained the strongest areas, supported by fresh demand and fixtures concluded at healthy to firmer levels.

A 33,000-dwt was fixed via Cartagena to Colombia at $15,000. The US Gulf and South Atlantic began the week broadly balanced, but sentiment softened as activity and cargo enquiry slowed. Reported business included a 40,000-dwt placed on subjects from SW Pass to EC Mexico at $21,500 and another 40,000-dwt was placed on subjects from Upriver to North Brazil at $26,000. The Pacific remained subdued and directionally mixed, with regional holidays particularly in China limiting activity; nevertheless, some sources noted firmer rates as tonnage tightened. A 40,000-dwt vessel was reported fixed for a trip from CJK, with delivery on 6 October, to Southeast Asia at $21,500. Period enquiry remained evident, with a 35,000-dwt vessel reported fixed for a short period at $16,000.