Capesize

The Capesize market recovered steadily through the week, with improving sentiment across both basins lifting the BCI 182 5TC from $30,518 on Monday to $34,380 by Friday.

The Pacific led the initial recovery, supported by renewed operator demand, increased miner participation and talk of potential weather-related delays in China. C5 rates advanced from the low $12s to the $14.15–14.25 range by midweek. While activity eased towards Thursday, underlying support remained evident, with miners continuing to cover early-November requirements.

The South Brazil and West Africa to China markets also gathered momentum, with C3 rates advancing from the low $31s to the $34.00–34.50 range as bids for forward dates moved progressively higher amid limited offers. However, towards the close of the week, rumours of a $33.25 fixture for 15–20 November weighed on sentiment. Demand became increasingly concentrated on end-November and some November–December split dates. In contrast, the North Atlantic remained comparatively subdued, with limited transatlantic enquiry and a slight softening towards the end of the week, despite earlier activity on the Fronthaul route.

Panamax-Kamsarmax

The week was characterised by persistent downward pressure across both basins, with the P5TC declining consistently as the week progressed. The Atlantic remained the weaker region by a significant margin, as limited cargo replenishment, subdued grain and mineral demand, and an oversupply of tonnage continued to favour charterers.

Reflecting these conditions, an 82,000-dwt open in the North Continent fixed a transatlantic round at $22,500, while a 75,000-dwt secured a similar trip basis delivery East Coast South America at $33,000. Transatlantic activity steadily lost momentum, while fronthaul business came under increasing pressure as owners repeatedly reduced expectations to secure employment.

A 93,000-dwt fixed a US East Coast trip to India basis delivery passing Gibraltar at $31,000. Conditions in East Coast South America were particularly challenging, with abundant vessel availability and insufficient enquiry weighing heavily on rates. An 82,000-dwt fixed basis delivery Singapore for an East Coast South America fronthaul at $21,000 early in the week, although levels deteriorated noticeably as the week progressed.

The Pacific proved comparatively more resilient throughout the week. Healthy demand from Australia and broadly balanced conditions in Indonesia helped underpin sentiment, although North Pacific activity was more subdued. An 85,000-dwt fixed an East Coast Australia round at $24,000, while an 82,000-dwt secured a similar run at comparable levels. Elsewhere, an 85,000-dwt fixed a North Pacific round voyage at $26,000, while a 76,000-dwt fixed a short Indonesia trip at $21,500.

Ultramax/Supramax

A week of rather muted activity, however the index finished the week above last week’s close. Rates in the US Gulf softened as new enquiries were insufficient to satisfy a lengthening tonnage list, with rates varying during the week from $34,000 to $31,000 for a 64,000-dwt from US Gulf to the West Mediterranean with grains and longer trips to the Far East below these levels.

The south fared slightly better due to limited availability, but was lacking much direction, whilst the Continent and Mediterranean markets had quiet weeks. Asia was again the main driver, although NoPac grain trades slowed, the backhaul market took up the slack and rates climbed with a 63,000-dwt fixed from North China to West Africa at $27,500 and a 55,000-dwt fixed for clinker from North China to Chittagong at a strong $32,000. Due to the continued firm spot market, Operators were keen to take period tonnage to cover backhauls, with a 64,000-dwt open Busan fixed for minimum 4 to about 6 months at $24,250.

Handysize

The market strengthened modestly over the week. The South Atlantic was the strongest region, supported by healthy demand and tight prompt tonnage. Reported fixtures included a 38,000-dwt open Santos on 30 October, placed on subjects for a trip from Recalada to the West Coast of South America at $36,000. Meanwhile, the Continent and Mediterranean remained broadly balanced around last-done levels.

A 39,000-dwt was fixed for a trip from Antwerp to the US Gulf at $19,500. The US Gulf remained under pressure, as limited demand struggled to absorb a growing tonnage list. A 40,000-dwt open Houston on 21 October was fixed for a trip from Dos Bocas to India with petcoke at $19,000. The Pacific was generally positive despite periods of limited activity, with tight tonnage supporting firm backhaul and round-trip rates. A 40,000-dwt open CJK spot was fixed for a trip to the East Coast of India at $22,000. Period activity was also evident, highlighted by a 37,000-dwt fixed from Recalada for five to seven months, with worldwide redelivery, at $19,500.