Capesize

The market remained under pressure through the week, with persistent Atlantic weakness outweighing a gradual recovery in the Pacific. The 5TC continued to edge lower, falling from $43,833 on Monday to $39,363 by Friday.

The Pacific showed greater resilience as fixing activity gathered pace, with close to 20 vessels reported on Wednesday alone. C5 was particularly busy throughout the week, with fixing activity exceptionally strong, yet the impact on rates remained relatively modest.

After starting the week at $13.95, C5 levels gradually improved into the upper $14s, although today’s fixtures at $14.20 and $14.15 suggested that this upward momentum had yet to establish itself on firmer ground. The Atlantic remained the weaker basin. South Brazil and West Africa to China continued to face downward pressure, with C3 rates falling from the low $37s at the start of the week to around $33 by Friday.

A lengthy ballaster list added to the imbalance, while demand increasingly centred on November dates. North Atlantic sentiment also softened, with weaker fixtures across both Fronthaul and backhaul business and limited activity weighing on the market.

Panamax-Kamsarmax

Market conditions improved steadily over the week following a quiet and cautious start. The P5TC edged lower early on before recovering those losses and ending the week higher overall. Initial sentiment was shaped by a wide bid-offer spread and uncertainty over market direction, with participants closely monitoring tonnage availability and demand.

As the week progressed, activity increased across both basins and confidence gradually returned. The Atlantic strengthened as the week developed, with increased transatlantic demand helping absorb tonnage and improve sentiment. A 76,000-dwt and a 75,000-dwt fixed delivery East Coast South America for transatlantic trips at $35,000 and $33,650 respectively. Activity from the US East Coast also increased, with an 81,000-dwt fixing basis delivery North Continent for a trip to South Korea at $33,500, with the scrubber benefit for the charterer.

The North Atlantic was described as particularly active, allowing owners to maintain firmer rate ideas and narrow the bid-offer spread. East Coast South America fronthaul business remained active, with prompt positions attracting the strongest interest, evidenced by an 82,000-dwt fixing delivery East Coast South America end October for a fronthaul trade at $22,650 plus a $1,265,000 ballast bonus. The Pacific followed a similar trajectory.

Activity was initially subdued due to regional holidays but improved as the week progressed, with Australia and the North Pacific providing most fresh enquiry. A 77,000-dwt fixed an East Coast Australia to Japan trip at $24,000, while an 83,000-dwt fixed $24,000 for a North Pacific round voyage and an 81,000-dwt fixed $21,000 for a similar trade.

Ultramax/Supramax

A largely uneventful week. Activity in the Atlantic slowed, but rates only softened slightly, from the Continent scrap numbers were still very strong with a 63,000-dwt fixed delivery Tyne for scrap to the East Mediterranean at $38,000.

In the US Gulf fronthaul rates dipped below transatlantic levels during the week, but the highlight earlier in the week was a 64,000-dwt fixed for coal to India at $38,000 basis a minimum guaranteed duration of 60 days. The Mediterranean was busier towards the end of the week, with cargoes having to compete against EC South America which has been enticing Owners to ballast, but rates there also came off compared to last week.

A 63,000-dwt fixed from Santos to South Korea with grains at $19,250 plus $925,000 ballast bonus, whilst a similar vessel fixed to Southeast Asia at $19,750 plus $975,000 ballast bonus. Despite more holiday disruption in Asia, market levels nudged up throughout the week, mainly driven by the North Pacific grains which saw a 61,000-dwt fixed from North China at $25,000 for a round voyage.

Backhaul business was steady and further south Indonesia and Vietnam provided fresh demand and improved rates. South Africa also recorded small improvements with a 64,000-dwt fixed basis Richards Bay delivery for a trip Pakistan/WC India at $27,000 plus $300,000 ballast bonus. Spot rates ensured continued period interest, with a 64,000-dwt open North China fixed for minimum 4 to about 6 months period at $23,500.

Handysize

The Handysize market ended the week on a mixed but broadly steady footing, with regional trends continuing to shape sentiment. The Continent and Mediterranean remained broadly balanced, with rates generally holding near last-done levels despite pockets of fresh demand. A 31,000-dwt vessel was reported fixed for a trip from Casablanca via Morocco to Bangladesh at $18,500.

The South Atlantic strengthened as the week progressed, supported by healthy cargo enquiry and tightening tonnage. By contrast, the US Gulf remained subdued, with rates softening amid limited demand and lengthy vessel availability. A 40,000-dwt vessel was fixed for a trip from Upriver to the Continent in the low $30,000s, while a 38,000-dwt vessel was fixed for a trip from Savannah to the UK-Continent with wood pellets at $21,000.

In the Pacific, regional holidays restricted activity, although rates remained largely steady and the market was generally well balanced. A 36,000-dwt vessel open Panjin on 7-8 October was fixed for a trip to Southeast Asia at $17,000.