Capesize

The market endured a sustained and broad-based decline through the week, with the BCI 182 5TC falling from $37,618 at Monday’s close to $29,464 by Friday. Persistent selling pressure across both basins drove rates lower, with sentiment deteriorating as the week progressed.

The Pacific remained under pressure throughout, with limited miner participation and insufficient fresh enquiry to support rates. Despite a brief increase in C5 miner activity midweek, competition among owners intensified as bids retreated, with fixtures falling from $13.40 at the start of the week to $11.25 by Thursday. However, the return of two miners on Friday provided some support, prompting greater resistance from owners and allowing the C5 index to recover to close the week at $11.70.

The Atlantic also weakened, with increased fixing activity later in the week in the South Brazil and West Africa to China markets, albeit at progressively lower levels. C3 index-date business slipped towards $30, reflecting ample tonnage supply and limited buying appetite. The North Atlantic remained subdued, with weaker transatlantic and backhaul fixtures adding to the negative sentiment, while activity on the Fronthaul route remained limited.

Panamax-Kamsarmax

The week opened with a largely balanced Atlantic market, where a steady flow of mineral cargoes supported transatlantic activity, although sufficient vessel availability continued to limit any meaningful upside. A 75,000-dwt vessel was reported fixed for a US Gulf transatlantic trip at $21,500. Meanwhile, sentiment in the Pacific improved on active demand from Australia, Indonesia and the North Pacific, with reports of prompt tonnage tightening and firmer fixing levels.

A 76,000-dwt fixed an Indonesia trip to South China at $18,000, a 93,000-dwt fixing for a North Pacific round at $20,000, and an 82,000-dwt fixed for an Australia round trip at $19,000. By midweek, the divergence between the two basins became more pronounced. While Pacific demand remained supportive, Atlantic sentiment deteriorated as tonnage accumulated, particularly in the North Continent and South Atlantic. Charterers tested lower levels amid widening bid-offer spreads, limited grain demand and growing concerns over vessel oversupply. Although the Pacific remained comparatively resilient, easing East Coast Australia enquiry later in the week prompted suggestions that rates had reached a near-term ceiling. Period activity remained evident, particularly for laden legs and short period employment.

An 82,000-dwt fixed for two laden legs trading within the Atlantic at $27,000, a 94,000-dwt fixed two to three laden legs basis delivery in the Pacific at $24,000 and a 75,000-dwt fixed for five to seven months at $19,000. With the exception of Monday, the P5TC declined throughout the week, with the steepest losses recorded towards the end of the week.

Ultramax/Supramax

The index saw slow gains throughout the week driven mainly by the Asian market. The US Gulf started on a steady footing with a 63,000-dwt fixed US Gulf to China with petcoke at $34,000, but rates later softened as surplus tonnage took effect.

The south fared better with a 63,000-dwt fixed Santos to Ain Sukhna with sugar redelivery Port Said at $36,000 and fronthaul levels flat around $19,250 plus $925,000 ballast bonus, which was in line with last week. The Continent, however, peaked last week against scrap demand, but levels remain strong albeit lower and the Mediterranean finally saw more activity with a 63,000-dwt fixed passing Canakkale to West Africa with clinker at $22,000.

The North Pacific witnessed slow and steady gains continuing from last week and a newbuilding 63,000-dwt fixed from Kunsan via NoPac to Indonesia at $25,000 and backhauls also increased with another similar newbuilding fixed ex yard Zhoushan at $29,250 for a trip to the Mediterranean, whilst a 63,000-dwt fixed from North China to West Africa at $24,000. Southeast Asia was also more active and rates to India saw the most improvement, however there was very few period trades rumoured throughout the week, despite the continued strength.

Handysize

The Handysize market delivered a mixed performance across the regions this week. The Continent and Mediterranean remained stable, supported by a healthy cargo book. A 37,000-dwt open Hereke 10–12 October was fixed passing Canakkale via Iskenderun to the North Coast of South America at $11,000. In the South Atlantic, market fundamentals remained strong, particularly for larger vessels, indicating continued support. A 36,000-dwt was placed on subjects for a trip from Santos to the West Coast of South America at $31,500, and a 39,000-dwt was said to have fixed at $32,000 for EC South America to the Continent.

By contrast, the US Gulf remained sluggish, with limited activity and a continuing downward trend driven by an oversupply of tonnage. A 35,000-dwt was reported fixed from SW Pass to the West Coast of Central America with grains at $17,500. Meanwhile, the Pacific firmed amid tight tonnage and healthy demand from the North Pacific and Australia. A 37,000-dwt vessel open Port Kelang 11–13 October was fixed via Australia to China at $16,000.