The week in the Cape market has shown a mix of activity in both the Pacific and Atlantic regions. In the Pacific, the week began positively with two major players active in the market, contributing to a slight uptick in rates. Increased coal enquiries provided overall market support. However, as the week progressed, conditions stabilised, and activity became subdued. Towards the end of the week we witnessed increased activity, characterised by significant volume of cargo. This heightened market activity led to improved sentiment and a further increase in rates. In the Atlantic, the North Atlantic region saw tight conditions leading to improved fixtures. At the outset of the week, activity in the South Atlantic was sluggish, but it gradually gained momentum as the week unfolded. The C3 market had solid support, highlighted by the upward movement in rates from South Brazil and West Africa to the Far East. Overall, the week saw fluctuating market conditions, with the Pacific experiencing intermittent activity and the Atlantic showing signs of positivity.
A strong week for the Panamax sector with steady rises throughout the Atlantic and Asian markets although we seemed to have reach a period of consolidation as the week ended. From the Atlantic basin, we saw decent levels of both grain and mineral demand versus a limited tonnage list, creating the perfect storm for owners, reports of close to $30,000 achieved for quick duration trips via US east coast to India. South America focus appeared to be for the end of September arrival with a host of deals concluded. Asia was mostly NoPac centric, ably supported by solid mineral demand ex Australia and Indonesia enabling rates to climb from the doldrums of recent months, rates in the $15,000’s not uncommon for NoPac round trips, even in the $17,000’s for the real decent spec types with Japan delivery. A bunch of period deals concluded the highlight $14,650 agreed basis one year on an 82,000-dwt type delivery China.
A better week for the sector, with increased levels of enquiry from key areas. From the Atlantic, stronger numbers were recorded from the Continent-Mediterranean regions. The US Gulf remained evenly balanced, but some healthier numbers also appeared. Whilst from South America a tightening of prompt tonnage helped sustain levels. From Asia, increased enquiry from Indonesia both to China and India was seen and owners’ expectations across the region increased. Period cover was sort, a 58,000-dwt fixing delivery Los Angeles end September for three to five months trading at $12,000 plus $400,000 ballast bonus. From the Atlantic, a 58,000-dwt was fixed delivery Fos for a trip to China around the mid $20,000s. Whilst from US Gulf a 58,000-dwt was heard to have fixed a trip via US East Coast redelivery China at $20,000. In Asia, a 61,000-dwt open SE Asia was reported fixed for an Australian round voyage at $17,000. A 63,000-dwt open Chittagong was fixed for a log’s run via New Zealand redelivery WC India at $14,000.
Divided sentiment for the sector as healthier numbers were seen in the Atlantic, from Asia brokers generally described the week a fairly flat with cargo and tonnage levels remaining balanced. However, as the week closed some felt that there was a slight shift with a few more cargoes appearing from North Asia. In the Atlantic, better numbers were being achieved from the Continent-Mediterranean, a 35,000-dwt was heard fixed basis delivery Kalamata for a trip via Turkey to Durban with redelivery EC South America in the mid $15,000s. Further north, a 36,000-dwt was fixed delivery Continent for a trip to EC South America with fertiliser at $13,000. Elsewhere, a 38,000-dwt fixed delivery US East Coast for a trip to the Continent-United Kingdom with wood pellets in the upper $12,000s.
Source: The Baltic Exchange